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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
hours per response: 20.6
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number
811-06567
Invesco Van Kampen Municipal Opportunity Trust
(Exact name of registrant as specified in charter)
1555 Peachtree Street, N.E., Atlanta, Georgia 30309
(Address of principal executive offices) (Zip code)
Colin Meadows 1555 Peachtree Street, N.E., Atlanta, Georgia 30309
(Name and address of agent for service)
Registrants telephone number, including area code: (
713) 626-1919
Date of fiscal year end:
2/28
Date of reporting period:
2/28/11
Item 1. Reports to Stockholders.
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Annual Report to Shareholders
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February 28, 2011
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Invesco Van Kampen Municipal
Opportunity Trust
NYSE: VMO
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2
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Performance Summary
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2
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Management Discussion
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4
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Supplemental Information
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5
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Dividend Reinvestment Plan
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6
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Schedule of Investments
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20
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Financial Statements
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23
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Notes to Financial Statements
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30
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Financial Highlights
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31
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Auditors Report
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32
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Tax Information
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T-1
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Trustees and Officers
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Managements Discussion of Trust Performance
Performance summary
Please note that the fiscal year-end for Invesco Van Kampen Municipal Opportunity Trust has changed
to February 28. Therefore, the period covered by this report is from October 31, 2010, the date of
the last annual report, through February 28, 2011, the Trusts new fiscal year-end.
The Trusts return can be calculated based on either the market price or the net asset value (NAV)
of its shares. NAV per share is determined by dividing the value of the Trusts portfolio
securities, cash and other assets, less all liabilities and preferred shares, by the total number
of common shares outstanding. Market price reflects the supply and demand for Trust shares. As a
result, the two returns can differ, as they did during the reporting period. Main contributors to
return on an NAV basis included our exposure to state general obligation (GO) bonds and local GO
bonds.
Performance
Cumulative total returns, 10/31/10 to 2/28/11
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Trust at NAV
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-7.72
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%
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Trust at Market Value
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-11.43
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Barclays Capital Municipal Bond Index
▼
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-3.09
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Market Price Premium to NAV as of 2/28/11
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0.48
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▼
Lipper Inc.
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.
How we invest
We seek to provide investors with a high level of current income exempt from federal income tax,
primarily through investment in a diversified portfolio of investment grade municipal securities.
We seek to achieve the Trusts investment objective by investing primarily in municipal securities
that are rated BBB or higher by Standard & Poors (S&P) or Baa or higher by Moodys at the time of
purchase. Municipal securities include long-term obligations (municipal
bonds), short-term municipal notes, participation certificates, municipal leases and tax-exempt
commercial paper. The Trust also may invest in securities rated BB/Ba or B by S&P, Moodys or Fitch
as well as unrated securities that we determine to be of comparable or higher quality. From time to
time, we may invest in municipal securities that pay interest that is subject to the federal
alternative minimum tax.
Top Five Fixed Income Holdings
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1.
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New Jersey (State of)
Economic Development Authority
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8.2
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%
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2.
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North Carolina (State of) Municipal Power
Agency No. 1 (Indexed Caps)
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5.5
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3.
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Port Authority of New York & New Jersey
(Consolidated 144th)
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3.5
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4.
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Chicago (City of)
(OHare International Airport)
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2.6
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5.
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Chicago (City of)
(OHare International Airport)
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2.4
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Portfolio Composition
By credit sector, based on total investments
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Revenue Bonds
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91.1
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%
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General Obligation Bonds
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4.3
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Other
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2.5
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Pre-refunded Bonds
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2.1
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Total Net Assets
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Applicable to Common Shares
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$420.6 million
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Total Number of Holdings
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357
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The Trusts holdings are subject to change, and there is no assurance that the Trust will continue
to hold any particular security.
We employ a bottom-up, research-driven approach to identify securities that have attractive
risk/reward characteristics for the sectors in which we invest. We also integrate macroeconomic
analysis and forecasting into our evaluation and ranking of various sectors and individual
securities. Finally, we employ leverage in an effort to enhance the Trusts income and total
return.
Sell decisions are based on:
n
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A deterioration or likely deterioration of an individual issuers capacity to meet its debt
obligations on a timely basis.
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n
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A deterioration or likely deterioration of the broader fundamentals of a particular industry or
sector.
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n
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Opportunities in the secondary or primary market to purchase a security with better relative value.
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Market conditions and your Trust
In the U.S. and most of the developed world, a gradual and somewhat lackluster recovery continued,
with central banks keeping interest rates at low levels and with few of them withdrawing their
quantitative easing measures. This helped private sector companies improve their balance sheets and
earnings following the global financial crisis that began to dissipate in early 2009. However,
investor skepticism of global governments abilities to retire huge amounts of debt without
affecting economic growth rates caused sovereign debt distress (especially for eurozone countries)
and became a focal point of investor concern.
In the U.S., economic recovery was present, although the pace was modest as stubbornly high
unemployment and export weakness continued to weigh on the economy. Real gross domestic product,
the broadest measure of overall U.S. economic activity, increased at an annual rate of 3.1% in the
fourth quarter of 2010, a marked improvement from the 2.6% decrease in 2009.
1
The U.S.
Federal Reserve (the Fed) maintained a very accommodative monetary policy throughout the reporting
period, with the federal funds target rate unchanged in a range of zero to 0.25%.
2
The
Fed recently de-
2
Invesco Van Kampen Municipal Opportunity Trust
scribed its view of the U.S. economy by stating: The Committee will maintain the target range for
the federal funds rate at 0 to
1
/
4
percent and continues to anticipate that economic conditions,
including low rates of resource utilization, subdued inflation trends, and stable inflation
expectations, are likely to warrant exceptionally low levels for the federal funds rate for an
extended period.
2
During the four-month period covered by this report, municipal bond
mutual funds experienced extensive net outflows. Market volatility was heightened across the
municipal asset class as U.S. Treasury yields increased, and the market was flooded with new
issuance during the last two months of 2010 in anticipation of the Build America Bond (BAB) program
ending. These factors contributed to rising investor fears regarding the health of municipal
finances leading to redemptions and lower municipal bond prices.
In terms of yield curve positioning, the Trusts exposure to the 12 to 20year part of the curve
and the long portion of the curve (20+ years) detracted from returns as yields increased during
most of the reporting period. Some of our yield curve and duration positioning was obtained through
the use of inverse
floating rate securities. Inverse floating rate securities are instruments which have an inverse
relationship to a referenced interest rate. Inverse floating rate securities can be a more
efficient means by which to manage duration, yield curve exposure, credit exposure and potentially
can enhance yield.
Sector performance was driven by quality spread widening for most of the reporting period before
tightening in February, largely a result of increased volatility and higher tax-exempt issuance. As
a result, BBB-rated and lower credit quality sectors underperformed and detracted from Trust
performance as we held exposure to these market segments.
At a sector level, our exposure to state and local GO bonds contributed to performance for the
reporting period. Our utility and higher education exposure also contributed to returns. Detractors
for the reporting period included our health care and tobacco exposure.
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|
We employ leverage in an effort to enhance the Trusts income and total return. Leverage simply
magnifies the performance of the Trust, either up or down, and can be implemented in several ways.
The Trust achieves a leveraged position through both borrowings and the use of financial
instruments, which include auction rate preferred shares. During the reporting period, the use of
leverage detracted from returns.
|
As stated earlier, the Trust trades at a market price and also has an NAV. For most of the
reporting period the Trust traded at a premium to its underlying NAV. The Trust traded at discount
for a short period in mid-November. Following mid-November, the Trust once again traded at a
premium, the widest being in early December before narrowing and trading at a slight premium for
the remainder of the reporting period.
Thank you for investing in Invesco Van Kampen Municipal Opportunity Trust and for sharing our
long-term investment horizon.
1 Bureau of Economic Analysis
2 U.S. Federal Reserve
The views and opinions expressed in managements discussion of Trust performance are those of
Invesco Advisers, Inc. These views and opinions are subject to change at any time based on factors
such as market and economic conditions. These views and opinions may not be relied upon as
investment advice or recommendations, or as an offer for a particular security. The information is
not a complete analysis of every aspect of any market, country, industry, security or the Trust.
Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no
representation or warranty as to their completeness or accuracy. Although historical performance is
no guarantee of future results, these insights may help you understand our investment management
philosophy.
See important Trust and, if applicable, index disclosures later in this report.
Thomas Byron
Portfolio manager, is manager of Invesco Van Kampen Municipal Opportunity Trust. Mr. Byron joined
Invesco in 2010. He was associated with the Trusts previous investment adviser or its investment
advisory affiliates in an investment management capacity from 1981 to 2010 and began managing the
Trust in 2009. Mr. Byron earned a B.S. in finance from Marquette University and an M.B.A. in
finance from DePaul University.
Robert Stryker
Chartered Financial Analyst, portfolio manager, is manager of Invesco Van Kampen Municipal
Opportunity Trust. Mr. Stryker joined Invesco in 2010. He was associated with the Trusts previous
investment adviser or its investment advisory affiliates in an investment management capacity from
1994 to 2010 and began managing the Trust in 2009. Mr. Stryker earned a B.S. in finance from the
University of Illinois, Chicago.
Robert Wimmel
Portfolio manager, is manager of Invesco Van Kampen Municipal Opportunity Trust. Mr. Wimmel joined
Invesco in 2010. He was associated with the Trusts previous investment adviser or its investment
advisory affiliates in an investment management capacity from 1996 to 2010 and began managing the
Trust in 2001. Mr. Wimmel earned a B.A. in anthropology from the University of Cincinnati and an
M.A. in economics from the University of Illinois, Chicago.
3
Invesco Van Kampen Municipal Opportunity Trust
Invesco Van Kampen Municipal Opportunity Trusts investment objective is to provide a high level of
current income exempt from federal income tax, consistent with preservation of capital.
n
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|
Unless otherwise stated, information presented in this report is as of February 28, 2011, and is
based on total net assets applicable to common shares.
|
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n
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Unless otherwise noted, all data provided by Invesco.
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n
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To access your Trusts reports, visit invesco.com/fundreports.
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Principal risks of investing in the Trust
n
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The prices of securities held by the Trust may decline in response to market risks.
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n
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Other risks are described and defined later in this report.
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About indexes used in this report
n
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The
Barclays Capital Municipal Bond Index
is an unmanaged index considered representative of the
tax-exempt bond market.
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n
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The Trust is not managed to track the performance of any particular index, including the
index(es) defined here, and consequently, the performance of the Trust may deviate significantly
from the performance of the index(es).
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n
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|
A direct investment cannot be made in an index. Unless otherwise indicated, index results include
reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if
applicable, reflects fund expenses; performance of a market index does not.
|
Other information
n
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|
The Chartered Financial Analyst
®
(CFA
®
) designation is globally recognized
and attests to a charterholders success in a rigorous and comprehensive study program in the
field of investment management and research analysis.
|
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n
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|
The returns shown in managements discussion of Trust performance are based on net asset values
calculated for shareholder transactions. Generally accepted accounting principles require
adjustments to be made to the net assets of the Trust at period end for financial reporting
purposes, and as such, the net asset values for shareholder transactions and the returns based on
those net asset values may differ from the net asset values and returns reported in the Financial
Highlights.
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NOT FDIC INSURED
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MAY LOSE VALUE
|
NO BANK GUARANTEE
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NYSE Symbol
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VMO
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4
Invesco Van Kampen Municipal Opportunity Trust
Dividend Reinvestment Plan
The dividend reinvestment plan (the Plan) offers you a prompt and simple way to reinvest your
dividends and capital gains distributions (Distributions) into additional shares of your Trust.
Under the Plan, the money you earn from Distributions will be reinvested automatically in more
shares of your Trust, allowing you to potentially increase your investment over time.
Plan benefits
n
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Add to your account
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You may increase the amount of shares in your Trust easily and automatically with the Plan.
|
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n
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Low transaction costs
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Shareholders who participate in the Plan are able to buy shares at below-market prices when the
Trust is trading at a premium to its net asset value (NAV). In addition, transaction costs are low
because when new shares are issued by a Trust, there is no fee, and when shares are bought in
blocks on the open market, the per share fee is shared among all Participants.
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n
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Convenience
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You will receive a detailed account statement from Computershare Trust Company, N.A. (the Agent)
which administers the Plan. The statement shows your total Distributions, date of investment,
shares acquired, and price per share, as well as the total number of shares in your reinvestment
account. You can also access your account via the Internet. To do this, please go to
invesco.com/us.
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n
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Safekeeping
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|
The Agent will hold the shares it has acquired for you in safekeeping.
|
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 Van Kampen Closed-End Funds, Computershare Trust Company, N.A., P.O. Box 43078, Providence,
RI 02940-3078. Please include your Trust name and account number and ensure that all shareholders
listed on the account sign these written instructions. Your participation in the Plan will begin
with the next Distribution payable after the Agent receives your authorization, as long as they
receive it before the record date, which is generally 10 business days before such Distributions
are paid. If your authorization arrives after such record date, your participation in the Plan will
begin with the following Distributions.
How the Plan works
If you choose to participate in the Plan, your Distributions will be promptly reinvested for you,
automatically increasing your shares. If the Trust is trading at a share price that is equal to its
NAV, youll pay that amount for your reinvested shares. However, if the Trust is trading above or
below NAV, the price is determined by one of two ways:
|
1.
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Premium: If the Trust is trading at a premium a market price that is higher than its NAV
youll pay either the NAV or 95 percent of the market price, whichever is greater. When the Trust
trades at a premium, youll pay less for your reinvested shares than an investor purchasing shares
on the stock exchange. Keep in mind, a portion of your price reduction may be taxable because you
are receiving shares at less than market price.
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2.
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Discount: If the Trust is trading at a discount a market price that is lower than NAV
youll pay the market price for your reinvested shares.
|
Costs of the Plan
There is no direct charge to you for reinvesting Distributions because the Plans fees are paid by
your Trust. If your Trust is trading at or above its NAV, your new shares are issued directly by
the Trust and there are no brokerage charges or fees. However, if your Trust is trading at a
discount, the shares are purchased on the open market, and you will pay your portion of per share
fees. These per share fees are typically less than the standard brokerage charges for individual
transactions because shares are purchased for all Participants in blocks, resulting in lower fees
for each individual Participant. Any service or per share fees are added to the purchase price. Per
share fees include any applicable brokerage commissions the Agent is required to pay.
Tax implications
The automatic reinvestment of Distributions does not relieve you of any income tax that may be due
on Distributions. You will receive tax information annually to help you prepare your federal income
tax return.
Invesco does not offer tax advice. The tax information contained herein is general and is not
exhaustive by nature. It was not intended or written to be used, and it cannot be used, by any
taxpayer for avoiding penalties that may be imposed on the taxpayer under U.S. federal tax laws.
Federal and state tax laws are complex and constantly changing. Shareholders should always consult
a legal or tax adviser for information concerning their individual situation.
How to withdraw from the Plan
You may withdraw from the Plan at any time by calling 800 341 2929, visiting invesco.com/us or by
writing to Invesco Van Kampen Closed-End Funds, Computershare Trust Company, N.A., P.O. Box 43078,
Providence, RI 02940-3078. Simply indicate that you would like to withdraw from the Plan, and be
sure to include your Trust name and account number. Also, ensure that all shareholders listed on
the account have signed these written instructions. If you withdraw, you have three options with
regard to the shares held in the Plan:
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1.
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If you opt to continue to hold your non-certificated whole shares (Investment Plan Book
Shares), they will be held by the Agent electronically as Direct Registration Book-Shares
(Book-Entry Shares) and fractional shares will be sold at the then-current market price. Proceeds
will be sent via check to your address of record after deducting applicable fees.
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2.
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If you opt to sell your shares through the Agent, we will sell all full and fractional shares
and send the proceeds via check to your address of record after deducting a $2.50 per share fee and
applicable per share fee. Per share fees include any applicable brokerage commissions the Agent is
required to pay.
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3.
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You may sell your shares through your financial adviser through the Direct Registration System
(DRS). DRS is a service within the securities industry that allows Trust shares to be held in your
name in electronic format. You retain full ownership of your shares, without having to hold a stock
certificate. You should contact your financial adviser to learn more about any restrictions or
fees that may apply.
|
To obtain a complete copy of the Dividend Reinvestment Plan, please call our Client Services
department at 800 341 2929 or visit invesco.com/us.
5
Invesco Van Kampen Municipal Opportunity Trust
Schedule
of Investments
February 28,
2011
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Principal
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Interest
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Maturity
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Amount
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Rate
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Date
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(000)
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|
Value
|
|
Municipal Obligations173.97%
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Alabama1.83%
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Bessemer Governmental Utility Services Corp.;
Series 2008 A, Ref. Water Supply RB
(INSAGL)
(a)(b)
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5.00
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%
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06/01/39
|
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$
|
1,975
|
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$
|
1,871,945
|
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|
Birmingham (City of) Airport Authority; Series 2010,
Airport RB
(INSAGM)
(b)
|
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5.25
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%
|
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07/01/30
|
|
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1,500
|
|
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1,515,900
|
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Health Care Authority for Baptist Health (The);
Series 2009 A,
RB
(c)(d)
|
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6.13
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%
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05/15/12
|
|
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1,250
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|
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1,298,650
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Huntsville-Redstone Village (City of) Special Care Facilities
Financing Authority; 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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1,600
|
|
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1,138,176
|
|
|
Mobile Industrial Development Board (Mobile Energy Services
Co.); Series 1995, Ref. Solid Waste Disposal
RB
(e)
|
|
|
6.95
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%
|
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01/01/20
|
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5
|
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0
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Selma (City of) Industrial Development Board (Gulf Opportunity
Zone); Series 2009 A, RB
|
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6.25
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%
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11/01/33
|
|
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1,825
|
|
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1,876,428
|
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7,701,099
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Alaska0.32%
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|
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Northern Tobacco Securitization Corp.; Series 2006 A,
Tobacco Settlement Asset-Backed RB
|
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5.00
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%
|
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06/01/46
|
|
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2,300
|
|
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1,360,519
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Arizona4.83%
|
|
|
|
|
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|
|
|
|
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Arizona (State of) Capital Facilities Finance Corp. (Arizona
State University); Series 2000, Student Housing RB
|
|
|
6.25
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%
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|
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09/01/32
|
|
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1,425
|
|
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|
1,308,549
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|
Arizona (State of) Transportation Board;
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|
|
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|
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Series 2008 B, Highway
RB
(a)
|
|
|
5.00
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%
|
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07/01/25
|
|
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1,575
|
|
|
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1,661,452
|
|
|
Series 2008 B, Highway
RB
(a)
|
|
|
5.00
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%
|
|
|
07/01/26
|
|
|
|
2,365
|
|
|
|
2,474,973
|
|
|
Glendale (City of) Industrial Development Authority (Midwestern
University);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2010, RB
|
|
|
5.00
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%
|
|
|
05/15/35
|
|
|
|
500
|
|
|
|
445,290
|
|
|
Series 2010, RB
|
|
|
5.13
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%
|
|
|
05/15/40
|
|
|
|
1,000
|
|
|
|
914,600
|
|
|
Goodyear (City of) McDowell Road Commercial Corridor Improvement
District; Series 2007, Special Assessment Bonds
(INSAMBAC)
(b)
|
|
|
5.25
|
%
|
|
|
01/01/32
|
|
|
|
1,775
|
|
|
|
1,670,949
|
|
|
Maricopa (County of) Industrial Development Authority (Catholic
Healthcare West); Series 2009 C, Health
Facilities RB
(c)(d)
|
|
|
5.00
|
%
|
|
|
07/01/14
|
|
|
|
2,050
|
|
|
|
2,197,251
|
|
|
Maricopa (County of) Pollution Control Corp. (Arizona Public
Service Co.Palo Verde); Series 2009 B, Ref.
PCR
(c)(d)
|
|
|
5.50
|
%
|
|
|
05/01/12
|
|
|
|
1,125
|
|
|
|
1,159,785
|
|
|
Maricopa (County of) Stadium District; Series 2002, Ref. RB
(INSAMBAC)
(b)
|
|
|
5.38
|
%
|
|
|
06/01/19
|
|
|
|
1,500
|
|
|
|
1,558,545
|
|
|
Navajo (County of) Pollution Control Corp.;
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2009 C,
RB
(c)(d)
|
|
|
5.50
|
%
|
|
|
06/01/14
|
|
|
|
575
|
|
|
|
617,573
|
|
|
Series 2009 E,
RB
(c)(d)
|
|
|
5.75
|
%
|
|
|
06/01/16
|
|
|
|
675
|
|
|
|
736,924
|
|
|
Phoenix (City of) Industrial Development Authority (Career
Success Schools);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2009, Education RB
|
|
|
7.00
|
%
|
|
|
01/01/39
|
|
|
|
595
|
|
|
|
567,684
|
|
|
Series 2009, Education RB
|
|
|
7.13
|
%
|
|
|
01/01/45
|
|
|
|
570
|
|
|
|
548,026
|
|
|
Pima (County of) Industrial Development Authority (Global Water
Resources LLC); Series 2007, Water &
Wastewater RB
(f)
|
|
|
6.55
|
%
|
|
|
12/01/37
|
|
|
|
2,100
|
|
|
|
1,817,025
|
|
|
Salt River Project Agricultural Improvement & Power
District; Series 2009 A, Electric System
RB
(a)
|
|
|
5.00
|
%
|
|
|
01/01/28
|
|
|
|
1,930
|
|
|
|
2,017,062
|
|
|
University Medical Center Corp.; Series 2005, Hospital RB
|
|
|
5.00
|
%
|
|
|
07/01/35
|
*
|
|
|
705
|
|
|
|
608,055
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20,303,743
|
|
|
California15.42%
|
|
|
|
|
|
|
|
|
|
|
|
|
Anaheim (City of) Public Financing Authority (Public
Improvements); Series 1997 C, Sub. Lease CAB RB
(INSAGM)
(b)(g)
|
|
|
0.00
|
%
|
|
|
09/01/20
|
|
|
|
2,630
|
|
|
|
1,548,386
|
|
|
Bay Area Governments Association (California Redevelopment
Agency Pool); Series 2004 A, Tax Allocation RB
(INSSGI)
(b)
|
|
|
5.25
|
%
|
|
|
09/01/29
|
|
|
|
2,400
|
|
|
|
1,908,912
|
|
|
Bay Area Toll Authority (San Francisco Bay Area);
Series 2008 F-1, Toll Bridge
RB
(a)
|
|
|
5.00
|
%
|
|
|
04/01/39
|
|
|
|
4,000
|
|
|
|
3,794,720
|
|
|
Beverly Hills (City of) Unified School District California
(Election of 2008); Series 2009, Unlimited Tax CAB GO
Bonds
(g)
|
|
|
0.00
|
%
|
|
|
08/01/28
|
|
|
|
750
|
|
|
|
265,470
|
|
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
6 Invesco
Van Kampen Municipal Opportunity Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
Interest
|
|
Maturity
|
|
Amount
|
|
|
|
|
Rate
|
|
Date
|
|
(000)
|
|
Value
|
|
California(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
California (State of) Department of Water Resources (Central
Valley);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2008 AE, Water
RB
(a)
|
|
|
5.00
|
%
|
|
|
12/01/24
|
|
|
$
|
725
|
|
|
$
|
779,549
|
|
|
Series 2008 AE, Water
RB
(a)
|
|
|
5.00
|
%
|
|
|
12/01/25
|
|
|
|
900
|
|
|
|
959,490
|
|
|
Series 2008 AE, Water
RB
(a)
|
|
|
5.00
|
%
|
|
|
12/01/26
|
|
|
|
900
|
|
|
|
952,380
|
|
|
Series 2008 AE, Water
RB
(a)
|
|
|
5.00
|
%
|
|
|
12/01/27
|
|
|
|
525
|
|
|
|
551,513
|
|
|
Series 2008 AE, Water
RB
(a)
|
|
|
5.00
|
%
|
|
|
12/01/28
|
|
|
|
900
|
|
|
|
941,436
|
|
|
California (State of) Health Facilities Financing Authority
(Catholic Health Care West) Series 2009 A, RB
|
|
|
6.00
|
%
|
|
|
07/01/34
|
|
|
|
1,000
|
|
|
|
1,013,650
|
|
|
California (State of) Housing Finance Agency (Home Mortgage);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series G 2007,
RB
(f)
|
|
|
5.05
|
%
|
|
|
02/01/29
|
|
|
|
2,255
|
|
|
|
2,108,470
|
|
|
Series K 2008,
RB
(f)
|
|
|
5.30
|
%
|
|
|
08/01/23
|
|
|
|
2,900
|
|
|
|
2,721,418
|
|
|
Series K 2008,
RB
(f)
|
|
|
5.45
|
%
|
|
|
08/01/28
|
|
|
|
3,400
|
|
|
|
3,315,510
|
|
|
California (State of) Housing Finance Agency (Home Mortgage);
Series 2007 G,
RB
(f)
|
|
|
4.95
|
%
|
|
|
08/01/23
|
|
|
|
4,200
|
|
|
|
3,872,778
|
|
|
California (State of) Pollution Control Financing Authority
(Waste Management Inc.); Series 2002 B, Solid Waste
Disposal
RB
(f)
|
|
|
5.00
|
%
|
|
|
07/01/27
|
|
|
|
2,000
|
|
|
|
1,902,480
|
|
|
California (State of) Public Works Board (Department of Mental
Health Coalinga State Hospital); Series 2004 A,
Lease RB
|
|
|
5.00
|
%
|
|
|
06/01/25
|
|
|
|
2,000
|
|
|
|
1,897,160
|
|
|
California (State of) Statewide Communities Development
Authority (Adventist Health System/West);
Series 2005 A, Health Facility RB
|
|
|
5.00
|
%
|
|
|
03/01/30
|
|
|
|
5,000
|
|
|
|
4,569,800
|
|
|
California (State of) Statewide Communities Development
Authority (Kaiser Permanente); Series 2009 A, RB
|
|
|
5.00
|
%
|
|
|
04/01/19
|
|
|
|
1,250
|
|
|
|
1,312,700
|
|
|
California (State of);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2009, Various Purpose GO Bonds
|
|
|
5.75
|
%
|
|
|
04/01/31
|
|
|
|
1,150
|
|
|
|
1,188,594
|
|
|
Series 2009 A, Ref. Economic Recovery GO Bonds
|
|
|
5.25
|
%
|
|
|
07/01/21
|
|
|
|
1,800
|
|
|
|
2,005,416
|
|
|
Daly (City of) Housing Development Finance Agency (Franciscan
Mobile Home Park Acquisition); Series 2007 C, Third
Tier Ref. RB
|
|
|
6.50
|
%
|
|
|
12/15/47
|
|
|
|
410
|
|
|
|
335,724
|
|
|
Foothill/Eastern Transportation Corridor Agency;
Series 1999, Ref. Toll Road
CAB RB
(g)
|
|
|
0.00
|
%
|
|
|
01/15/25
|
|
|
|
5,000
|
|
|
|
1,704,550
|
|
|
Golden State Tobacco Securitization Corp.;
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2007
A-1,
Sr.
Tobacco Settlement Asset-Backed RB
|
|
|
4.50
|
%
|
|
|
06/01/27
|
|
|
|
770
|
|
|
|
554,385
|
|
|
Series 2007
A-1,
Sr.
Tobacco Settlement Asset-Backed RB
|
|
|
5.75
|
%
|
|
|
06/01/47
|
|
|
|
4,160
|
|
|
|
2,777,882
|
|
|
M-S-R Public Power Agency (San Juan); Series 2008 M,
VRD RB (LOCDexia Credit
Local)
(h)(i)
|
|
|
0.23
|
%
|
|
|
07/01/22
|
|
|
|
4,500
|
|
|
|
4,500,000
|
|
|
Morongo Band of Mission Indians (Enterprise Casino);
Series 2008,
RB
(j)
|
|
|
5.50
|
%
|
|
|
03/01/18
|
|
|
|
130
|
|
|
|
122,543
|
|
|
Northern California Tobacco Securitization Authority (Sacramento
County Tobacco Securitization Corp.); Series 2005
A-1,
Tobacco
Settlement Asset-Backed RB
|
|
|
5.38
|
%
|
|
|
06/01/38
|
|
|
|
2,400
|
|
|
|
1,647,960
|
|
|
Palomar Pomerado Health Care District; Series 2009, COP
|
|
|
6.75
|
%
|
|
|
11/01/39
|
|
|
|
1,050
|
|
|
|
1,041,968
|
|
|
Sacramento (County of); Series 2010, Sr. Airport System RB
|
|
|
5.00
|
%
|
|
|
07/01/40
|
|
|
|
2,100
|
|
|
|
1,886,031
|
|
|
San Francisco City & County Airports Commission;
Series 2008
A-4,
Ref.
RB
(c)(d)(f)
|
|
|
6.50
|
%
|
|
|
05/01/12
|
|
|
|
1,150
|
|
|
|
1,220,863
|
|
|
Southern California Tobacco Securitization Authority (San Diego
County Tobacco Asset Securitization Corp.);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2006
A-1,
Sr.
Tobacco Settlement Asset-Backed RB
|
|
|
5.00
|
%
|
|
|
06/01/37
|
|
|
|
3,000
|
|
|
|
1,956,960
|
|
|
Series 2006
A-1,
Sr.
Tobacco Settlement Asset-Backed RB
|
|
|
5.13
|
%
|
|
|
06/01/46
|
|
|
|
10,000
|
|
|
|
6,122,100
|
|
|
Turlock (City of) (Emanuel Medical Center, Inc.);
Series 2004, Health Facilities COP
|
|
|
5.38
|
%
|
|
|
10/15/34
|
|
|
|
1,600
|
|
|
|
1,317,424
|
|
|
Vernon (City of); Series 2009 A, Electric System RB
|
|
|
5.13
|
%
|
|
|
08/01/21
|
|
|
|
2,000
|
|
|
|
2,057,940
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
64,856,162
|
|
|
Colorado3.59%
|
|
|
|
|
|
|
|
|
|
|
|
|
Colorado (State of) Health Facilities Authority (Catholic
Health); Series 2006 C5, RB
(INSAGM)
(a)(b)
|
|
|
5.00
|
%
|
|
|
09/01/36
|
|
|
|
4,475
|
|
|
|
4,196,297
|
|
|
Colorado (State of) Health Facilities Authority (Evangelical
Lutheran); Series 2005, RB
|
|
|
5.00
|
%
|
|
|
06/01/35
|
|
|
|
3,700
|
|
|
|
3,339,065
|
|
|
Colorado (State of) Health Facilities Authority (Portercare
Adventist Health); Series 2001, Hospital
RB
(k)
|
|
|
6.50
|
%
|
|
|
11/15/11
|
|
|
|
1,000
|
|
|
|
1,052,700
|
|
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
7 Invesco
Van Kampen Municipal Opportunity Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
Interest
|
|
Maturity
|
|
Amount
|
|
|
|
|
Rate
|
|
Date
|
|
(000)
|
|
Value
|
|
Colorado(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Colorado (State of) Health Facilities Authority (Volunteers of
America Care);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2007 A, RB
|
|
|
5.25
|
%
|
|
|
07/01/27
|
|
|
$
|
500
|
|
|
$
|
408,405
|
|
|
Series 2007 A, RB
|
|
|
5.30
|
%
|
|
|
07/01/37
|
|
|
|
375
|
|
|
|
271,106
|
|
|
Colorado (State of) Housing & Finance Authority;
Series 1997 B-2, Insured MFH Mortgage RB
(INSFHA)
(b)(f)
|
|
|
5.80
|
%
|
|
|
10/01/28
|
|
|
|
645
|
|
|
|
645,142
|
|
|
Highlands Ranch Metropolitan District No. 2;
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 1996, Unlimited Tax GO
Bonds
(l)
|
|
|
6.50
|
%
|
|
|
06/15/11
|
|
|
|
530
|
|
|
|
539,747
|
|
|
Series 1996, Unlimited Tax GO Bonds
(INSAGM)
(b)
|
|
|
6.50
|
%
|
|
|
06/15/11
|
|
|
|
470
|
|
|
|
478,545
|
|
|
Montezuma (County of) Hospital District (Health Facilities
Enterprise); Series 2007, Ref. Hospital RB
|
|
|
5.90
|
%
|
|
|
10/01/37
|
|
|
|
910
|
|
|
|
712,712
|
|
|
Regional Transportation District (Denver Transit Partners Eagle
P3);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2010, Private Activity RB
|
|
|
6.00
|
%
|
|
|
01/15/34
|
|
|
|
1,050
|
|
|
|
987,829
|
|
|
Series 2010, Private Activity RB
|
|
|
6.50
|
%
|
|
|
01/15/30
|
|
|
|
1,300
|
|
|
|
1,312,597
|
|
|
Salida Hospital District; Series 2006, Hospital RB
|
|
|
5.25
|
%
|
|
|
10/01/36
|
|
|
|
1,499
|
|
|
|
1,152,206
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15,096,351
|
|
|
Connecticut1.53%
|
|
|
|
|
|
|
|
|
|
|
|
|
Connecticut (State of) (Bradley International Airport);
Series 2000 A, Special Obligation Parking RB
(INSACA)
(b)(f)
|
|
|
6.60
|
%
|
|
|
07/01/24
|
|
|
|
3,800
|
|
|
|
3,597,080
|
|
|
Connecticut (State of) Housing Finance Authority;
Series 2010 D 2, Sub. Housing Mortgage Finance Program
RB
(f)
|
|
|
5.00
|
%
|
|
|
05/15/31
|
|
|
|
1,550
|
|
|
|
1,490,759
|
|
|
Hamden (Town of) (Whitney Center); Series 2009 B,
Facility Entrance Fee Principal Redemption RB
|
|
|
6.13
|
%
|
|
|
01/01/14
|
|
|
|
1,350
|
|
|
|
1,354,766
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,442,605
|
|
|
District of Columbia4.99%
|
|
|
|
|
|
|
|
|
|
|
|
|
District of Columbia (Gonzaga College High School);
Series 2002, RB
(INSAGM)
(b)
|
|
|
5.25
|
%
|
|
|
07/01/32
|
|
|
|
2,500
|
|
|
|
2,337,050
|
|
|
District of Columbia (Sibley Memorial Hospital);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2009, Hospital RB
|
|
|
6.38
|
%
|
|
|
10/01/34
|
|
|
|
2,215
|
|
|
|
2,300,078
|
|
|
Series 2009, Hospital RB
|
|
|
6.50
|
%
|
|
|
10/01/29
|
|
|
|
700
|
|
|
|
741,475
|
|
|
District of Columbia Water & Sewer Authority;
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2007 A, Public Utility RB
(INSAGM/NATL/FGIC)
(b)
|
|
|
5.50
|
%
|
|
|
10/01/41
|
|
|
|
8,000
|
|
|
|
8,255,840
|
|
|
Series 2008 A, Ref. Public Utility Sub. Lien RB
(INSAGL)
(a)(b)
|
|
|
5.00
|
%
|
|
|
10/01/29
|
|
|
|
700
|
|
|
|
718,417
|
|
|
Series 2008 A, Ref. Public Utility Sub. Lien RB
(INSAGL)
(a)(b)
|
|
|
5.00
|
%
|
|
|
10/01/34
|
|
|
|
1,425
|
|
|
|
1,427,166
|
|
|
Metropolitan Washington Airports Authority;
Series 2002 A, Airport System RB
(INSNATL/FGIC)
(b)(f)
|
|
|
5.25
|
%
|
|
|
10/01/32
|
|
|
|
5,350
|
|
|
|
5,211,542
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20,991,568
|
|
|
Florida11.88%
|
|
|
|
|
|
|
|
|
|
|
|
|
Alachua (County of) (North Florida Retirement Village);
Series 2007, IDR
|
|
|
5.88
|
%
|
|
|
11/15/36
|
|
|
|
1,000
|
|
|
|
752,220
|
|
|
Brevard (County of) Health Facilities Authority (Buena Vida
Estates, Inc.); Series 2008, Residential Care Facility RB
|
|
|
6.75
|
%
|
|
|
01/01/37
|
|
|
|
1,220
|
|
|
|
1,088,813
|
|
|
Citizens Property Insurance Corp. (High Risk Account);
Series 2010
A-1,
Sr.
Sec. RB
|
|
|
5.25
|
%
|
|
|
06/01/17
|
|
|
|
2,090
|
|
|
|
2,184,384
|
|
|
Escambia (County of) Health Facilities Authority (Florida Health
Care Facility Loan Veterans Health Administration Program);
Series 2000, Health Facilities RB
(INSAMBAC)
(b)
|
|
|
5.95
|
%
|
|
|
07/01/20
|
|
|
|
350
|
|
|
|
356,850
|
|
|
Florida (State of) Department of Transportation;
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2008 A, Ref. Turnpike
RB
(a)
|
|
|
5.00
|
%
|
|
|
07/01/26
|
|
|
|
2,540
|
|
|
|
2,598,572
|
|
|
Series 2008 A, Ref. Turnpike
RB
(a)
|
|
|
5.00
|
%
|
|
|
07/01/27
|
|
|
|
2,580
|
|
|
|
2,621,822
|
|
|
Series 2008 A, Ref. Turnpike
RB
(a)
|
|
|
5.00
|
%
|
|
|
07/01/28
|
|
|
|
2,805
|
|
|
|
2,836,584
|
|
|
Series 2008 A, Ref. Turnpike
RB
(a)
|
|
|
5.00
|
%
|
|
|
07/01/32
|
|
|
|
2,500
|
|
|
|
2,506,700
|
|
|
Florida (State of) Seminole Indian Tribe;
Series 2007 A, Special Obligation
RB
(j)
|
|
|
5.75
|
%
|
|
|
10/01/22
|
|
|
|
750
|
|
|
|
708,600
|
|
|
Hillsborough (County of) Aviation Authority;
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2008 A, RB
(INSAGL)
(a)(b)(f)
|
|
|
5.38
|
%
|
|
|
10/01/33
|
|
|
|
900
|
|
|
|
862,497
|
|
|
Series 2008 A, RB
(INSAGL)
(a)(b)(f)
|
|
|
5.50
|
%
|
|
|
10/01/38
|
|
|
|
2,000
|
|
|
|
1,879,900
|
|
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
8 Invesco
Van Kampen Municipal Opportunity Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
Interest
|
|
Maturity
|
|
Amount
|
|
|
|
|
Rate
|
|
Date
|
|
(000)
|
|
Value
|
|
Florida(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hillsborough (County of) Industrial Development Authority (Tampa
Electric Co.);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2006, Ref. PCR
(INSAMBAC)
(b)(c)(d)
|
|
|
5.00
|
%
|
|
|
03/15/12
|
|
|
$
|
700
|
|
|
$
|
723,870
|
|
|
Series 2007 B, Ref.
PCR
(c)(d)
|
|
|
5.15
|
%
|
|
|
09/01/13
|
|
|
|
775
|
|
|
|
829,669
|
|
|
Main Street Community Development District;
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2008 A, Capital Improvement Special Assessment
RB
(j)
|
|
|
6.80
|
%
|
|
|
05/01/38
|
|
|
|
665
|
|
|
|
501,756
|
|
|
Series 2008 B, Capital Improvement Special Assessment
RB
(j)
|
|
|
6.90
|
%
|
|
|
05/01/17
|
|
|
|
400
|
|
|
|
362,372
|
|
|
Miami-Dade (County of) Expressway Authority;
Series 2010 A, Ref. Toll System RB
|
|
|
5.00
|
%
|
|
|
07/01/40
|
|
|
|
2,000
|
|
|
|
1,819,940
|
|
|
Miami-Dade (County of) Health Facilities Authority (Miami
Childrens Hospital); Series 2010 A, Ref.
Hospital RB
|
|
|
6.13
|
%
|
|
|
08/01/42
|
|
|
|
595
|
|
|
|
594,554
|
|
|
Miami-Dade (County of) Miami International Airport;
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2002, Aviation RB
(INSAGC/FGIC)
(b)(f)
|
|
|
5.38
|
%
|
|
|
10/01/27
|
|
|
|
2,100
|
|
|
|
2,106,237
|
|
|
Series 2002, Aviation RB
(INSAGC/FGIC)
(b)(f)
|
|
|
5.38
|
%
|
|
|
10/01/32
|
|
|
|
2,500
|
|
|
|
2,410,800
|
|
|
Midtown Miami Community Development District;
Series 2004 A, Special Assessment RB
|
|
|
6.00
|
%
|
|
|
05/01/24
|
|
|
|
545
|
|
|
|
511,444
|
|
|
Orange (County of) Health Facilities Authority (Orlando Lutheran
Towers, Inc.); Series 2007, First Mortgage RB
|
|
|
5.50
|
%
|
|
|
07/01/32
|
|
|
|
1,525
|
|
|
|
1,228,814
|
|
|
Overoaks Community Development District;
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2004 A, Capital Improvement Special Assessment
RB
(e)
|
|
|
6.13
|
%
|
|
|
05/01/35
|
|
|
|
120
|
|
|
|
1
|
|
|
Series 2010
A-1,
Capital
Improvement RB
|
|
|
6.13
|
%
|
|
|
05/01/35
|
|
|
|
55
|
|
|
|
50,376
|
|
|
Series 2010
A-2,
Capital
Improvement
RB
(m)
|
|
|
6.13
|
%
|
|
|
05/01/35
|
|
|
|
125
|
|
|
|
72,778
|
|
|
Series 2010 B, Capital Improvement
RB
(m)
|
|
|
5.13
|
%
|
|
|
05/01/17
|
|
|
|
280
|
|
|
|
229,177
|
|
|
Palm Beach (County of) Health Facilities Authority (The
Waterford); Series 2007, RB
|
|
|
5.88
|
%
|
|
|
11/15/37
|
|
|
|
1,000
|
|
|
|
888,880
|
|
|
Palm Beach (County of) Solid Waste Authority; Series 2009,
Improvement RB
(INSBHAC)
(a)(b)
|
|
|
5.50
|
%
|
|
|
10/01/23
|
|
|
|
2,400
|
|
|
|
2,591,544
|
|
|
Port St. Lucie (City of) (Southwest Annexation District
No. 1); Series 2007 B, Special Assessment RB
(INSNATL)
(b)
|
|
|
5.00
|
%
|
|
|
07/01/40
|
|
|
|
5,500
|
|
|
|
4,482,775
|
|
|
Putnam (County of) Development Authority (Seminole Electric
Cooperative); Series 2007 A, Ref. PCR
(INSAMBAC)
(b)(c)(d)
|
|
|
5.35
|
%
|
|
|
05/01/18
|
|
|
|
2,900
|
|
|
|
3,027,658
|
|
|
Reunion East Community Development District; Series 2005,
Special Assessment
RB
(e)
|
|
|
5.80
|
%
|
|
|
05/01/36
|
|
|
|
490
|
|
|
|
239,267
|
|
|
Seven Oaks Community Development District II (Pasco County);
Series 2004 A, Special Assessment RB
|
|
|
5.88
|
%
|
|
|
05/01/35
|
|
|
|
855
|
|
|
|
608,469
|
|
|
Sterling Hill Community Development (Hernando County);
Series 2003 A, Capital Improvement RB
|
|
|
6.20
|
%
|
|
|
05/01/35
|
|
|
|
750
|
|
|
|
639,615
|
|
|
South Miami (City of) Health Facilities Authority (Baptist
Health South Florida Obligated Group); Series 2007,
Hospital
RB
(a)
|
|
|
5.00
|
%
|
|
|
08/15/32
|
|
|
|
7,510
|
|
|
|
6,889,674
|
|
|
Tolomato Community Development District; Series 2007,
Special Assessment RB
|
|
|
6.65
|
%
|
|
|
05/01/40
|
|
|
|
1,140
|
|
|
|
767,049
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
49,973,661
|
|
|
Georgia5.99%
|
|
|
|
|
|
|
|
|
|
|
|
|
Atlanta (City of) (Beltline);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2009 B, Tax Allocation RB
|
|
|
6.75
|
%
|
|
|
01/01/20
|
|
|
|
620
|
|
|
|
621,792
|
|
|
Series 2009 B, Tax Allocation RB
|
|
|
6.75
|
%
|
|
|
01/01/20
|
|
|
|
345
|
|
|
|
345,997
|
|
|
Series 2009 B, Tax Allocation RB
|
|
|
7.38
|
%
|
|
|
01/01/31
|
|
|
|
190
|
|
|
|
187,539
|
|
|
Atlanta (City of);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2000 B, Airport General Ref. RB
(INSNATL/FGIC)
(b)(f)
|
|
|
5.63
|
%
|
|
|
01/01/30
|
|
|
|
1,000
|
|
|
|
1,000,890
|
|
|
Series 2004 C, Airport Passenger Facility
Charge & Sub. Lien General RB
(INSAGM)
(a)(b)
|
|
|
5.00
|
%
|
|
|
01/01/33
|
|
|
|
5,000
|
|
|
|
4,927,800
|
|
|
Series 2009 A, Water & Wastewater RB
|
|
|
6.00
|
%
|
|
|
11/01/27
|
|
|
|
1,150
|
|
|
|
1,226,302
|
|
|
Series 2009 A, Water & Wastewater RB
|
|
|
6.00
|
%
|
|
|
11/01/28
|
|
|
|
1,250
|
|
|
|
1,324,825
|
|
|
Series 2009 A, Water & Wastewater RB
|
|
|
6.00
|
%
|
|
|
11/01/29
|
|
|
|
1,150
|
|
|
|
1,211,433
|
|
|
Georgia (State of) Municipal Electric Authority;
Series 1997 A, RB
(INSNATL/IBC)
(b)
|
|
|
6.50
|
%
|
|
|
01/01/20
|
|
|
|
7,000
|
|
|
|
8,180,620
|
|
|
Monroe (County of) Development Authority (Oglethorpe Power Corp.
Scherer); Series 1992 A, PCR
|
|
|
6.80
|
%
|
|
|
01/01/12
|
|
|
|
3,770
|
|
|
|
3,930,150
|
|
|
Oconee (County of) Industrial Development Authority (OIIT);
Series 2003, RB
(INSSGI)
(b)
|
|
|
5.25
|
%
|
|
|
07/01/25
|
|
|
|
1,000
|
|
|
|
1,007,150
|
|
|
Putnam (County of) Development Authority (Georgia Power Co.);
Series 1996, PCR
|
|
|
5.10
|
%
|
|
|
06/01/23
|
|
|
|
1,200
|
|
|
|
1,213,620
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
25,178,118
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
9 Invesco
Van Kampen Municipal Opportunity Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
Interest
|
|
Maturity
|
|
Amount
|
|
|
|
|
Rate
|
|
Date
|
|
(000)
|
|
Value
|
|
Hawaii0.42%
|
|
|
|
|
|
|
|
|
|
|
|
|
Hawaii (State of); Series 2010 A, Airport System RB
|
|
|
5.00
|
%
|
|
|
07/01/39
|
|
|
$
|
1,875
|
|
|
$
|
1,751,213
|
|
|
Idaho0.86%
|
|
|
|
|
|
|
|
|
|
|
|
|
Idaho (State of) Health Facilities Authority (St. Lukes
Health System);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2008 A, RB
|
|
|
6.50
|
%
|
|
|
11/01/23
|
|
|
|
750
|
|
|
|
825,930
|
|
|
Series 2008 A, RB
|
|
|
6.75
|
%
|
|
|
11/01/37
|
|
|
|
1,000
|
|
|
|
1,070,850
|
|
|
Idaho (State of) Health Facilities Authority (Valley Vista Care
Corp.); Series 2007, Ref. RB
|
|
|
6.13
|
%
|
|
|
11/15/27
|
|
|
|
775
|
|
|
|
634,942
|
|
|
Regents of the University of Idaho (The); Series 2011, Ref.
General
RB
(c)(d)
|
|
|
5.25
|
%
|
|
|
04/01/21
|
|
|
|
1,010
|
|
|
|
1,094,739
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,626,461
|
|
|
Illinois17.83%
|
|
|
|
|
|
|
|
|
|
|
|
|
Bartlett (Village of) (Quarry Redevelopment); Series 2007,
Ref. Sr. Lien Tax Allocation RB
|
|
|
5.60
|
%
|
|
|
01/01/23
|
|
|
|
1,250
|
|
|
|
1,022,150
|
|
|
Bolingbrook (Village of); Series 1999 B, Unlimited Tax
CAB GO Bonds
(INSNATL)
(b)(g)
|
|
|
0.00
|
%
|
|
|
01/01/30
|
|
|
|
1,365
|
|
|
|
405,269
|
|
|
Bourbonnais (Village of) (Olivet Nazarene University);
Series 2010, IDR
|
|
|
5.50
|
%
|
|
|
11/01/40
|
|
|
|
675
|
|
|
|
633,737
|
|
|
Chicago (City of) (OHare International Airport);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2002 A, Ref. General Airport Third Lien RB
(INSNATL)
(b)(f)
|
|
|
5.38
|
%
|
|
|
01/01/32
|
|
|
|
3,150
|
|
|
|
2,904,993
|
|
|
Series 2005 A, Airport RB
(INSAGC/NATL)
(a)(b)
|
|
|
5.25
|
%
|
|
|
01/01/24
|
|
|
|
10,900
|
|
|
|
11,090,096
|
|
|
Series 2005 A, Airport RB
(INSAGC/NATL)
(a)(b)
|
|
|
5.25
|
%
|
|
|
01/01/25
|
|
|
|
10,000
|
|
|
|
10,118,500
|
|
|
Series 2005 A, Airport RB
(INSAGC/NATL)
(a)(b)
|
|
|
5.25
|
%
|
|
|
01/01/26
|
|
|
|
3,855
|
|
|
|
3,885,840
|
|
|
Chicago (City of) Board of Education;
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2008 C, Ref. Unlimited Tax GO Bonds
(INSAGM)
(a)(b)
|
|
|
5.00
|
%
|
|
|
12/01/27
|
|
|
|
2,600
|
|
|
|
2,498,522
|
|
|
Series 2008 C, Ref. Unlimited Tax GO Bonds
(INSAGM)
(b)
|
|
|
5.00
|
%
|
|
|
12/01/27
|
|
|
|
4,000
|
|
|
|
3,843,880
|
|
|
Chicago (City of); Series 2008 A, Unlimited Tax GO
Bonds
(INSAGL)
(a)(b)
|
|
|
5.25
|
%
|
|
|
01/01/25
|
|
|
|
1,450
|
|
|
|
1,439,343
|
|
|
Granite City (City of) (Waste Management, Inc.);
Series 2002, Disposal
RB
(c)(d)(f)
|
|
|
3.50
|
%
|
|
|
05/01/13
|
|
|
|
800
|
|
|
|
798,392
|
|
|
Illinois (State of) Finance Authority (Christian Homes, Inc.
Obligated Group); Series 2007 A, Ref. RB
|
|
|
5.75
|
%
|
|
|
05/15/26
|
|
|
|
2,300
|
|
|
|
2,019,515
|
|
|
Illinois (State of) Finance Authority (Kish Health System
Obligated Group); Series 2008, Ref. RB
|
|
|
5.50
|
%
|
|
|
10/01/22
|
|
|
|
1,100
|
|
|
|
1,122,847
|
|
|
Illinois (State of) Finance Authority (Northwestern Memorial
Hospital);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2009 A,
RB
(a)
|
|
|
5.38
|
%
|
|
|
08/15/24
|
|
|
|
2,200
|
|
|
|
2,326,280
|
|
|
Series 2009 A,
RB
(a)
|
|
|
5.75
|
%
|
|
|
08/15/30
|
|
|
|
1,400
|
|
|
|
1,436,722
|
|
|
Illinois (State of) Finance Authority (OSF Healthcare System);
Series 2007 A, RB
|
|
|
5.75
|
%
|
|
|
11/15/37
|
|
|
|
2,500
|
|
|
|
2,323,100
|
|
|
Illinois (State of) Finance Authority (Park Place of Elmhurst);
Series 2010 D-2, TEMPS RB
|
|
|
7.00
|
%
|
|
|
11/15/15
|
|
|
|
1,600
|
|
|
|
1,567,232
|
|
|
Illinois (State of) Finance Authority (Riverside Health System);
Series 2009, RB
|
|
|
6.25
|
%
|
|
|
11/15/35
|
|
|
|
1,150
|
|
|
|
1,167,606
|
|
|
Illinois (State of) Finance Authority (Roosevelt University);
Series 2007, RB
|
|
|
5.50
|
%
|
|
|
04/01/37
|
|
|
|
1,000
|
|
|
|
893,440
|
|
|
Illinois (State of) Finance Authority (Rush University Medical
Center Obligated Group); Series 2009 A, RB
|
|
|
7.25
|
%
|
|
|
11/01/38
|
|
|
|
1,800
|
|
|
|
1,916,082
|
|
|
Illinois (State of) Finance Authority (Sherman Health Systems);
Series 2007 A, RB
|
|
|
5.50
|
%
|
|
|
08/01/37
|
|
|
|
5,500
|
|
|
|
4,645,520
|
|
|
Illinois (State of) Metropolitan Pier & Exposition
Authority (McCormick Place Expansion);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2002 A, Dedicated State Tax RB
(INSNATL)
(b)
|
|
|
5.25
|
%
|
|
|
06/15/42
|
|
|
|
6,000
|
|
|
|
5,553,960
|
|
|
Series 2010 A, Dedicated State Tax RB
|
|
|
5.50
|
%
|
|
|
06/15/50
|
|
|
|
2,100
|
|
|
|
1,931,622
|
|
|
Illinois (State of) Regional Transportation Authority;
Series 1994 B, RB
(INSAMBAC)
(b)
|
|
|
8.00
|
%
|
|
|
06/01/17
|
|
|
|
5,000
|
|
|
|
6,125,100
|
|
|
Will-Kankakee Regional Development Authority (Senior Estates
Supportive Living); Series 2007, MFH
RB
(f)
|
|
|
7.00
|
%
|
|
|
12/01/42
|
|
|
|
475
|
|
|
|
410,818
|
|
|
Railsplitter Tobacco Settlement Authority; Series 2010,
Tobacco Settlement RB
|
|
|
5.50
|
%
|
|
|
06/01/23
|
|
|
|
3,025
|
|
|
|
2,899,795
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
74,980,361
|
|
|
Indiana2.27%
|
|
|
|
|
|
|
|
|
|
|
|
|
Allen (County of) Juvenile Justice Center Building Corp.;
Series 2001, First Mortgage
RB
(k)
|
|
|
5.50
|
%
|
|
|
01/01/12
|
|
|
|
1,000
|
|
|
|
1,052,460
|
|
|
Crown Point (City of) (Wittenberg Village); Series 2009
C-1, TEMPS Economic Development RB
|
|
|
7.25
|
%
|
|
|
11/15/14
|
|
|
|
650
|
|
|
|
641,622
|
|
|
Indiana (State of) Finance Authority (Deaconess Hospital
Obligated Group); Series 2009 A, Hospital RB
|
|
|
6.75
|
%
|
|
|
03/01/39
|
|
|
|
1,360
|
|
|
|
1,442,715
|
|
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
10 Invesco
Van Kampen Municipal Opportunity Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
Interest
|
|
Maturity
|
|
Amount
|
|
|
|
|
Rate
|
|
Date
|
|
(000)
|
|
Value
|
|
Indiana(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Indiana (State of) Finance Authority (Howard Regional Health
System); Series 2005, VRD Hospital RB
(LOCHarris N.A.)
(h)(i)
|
|
|
0.23
|
%
|
|
|
01/01/35
|
|
|
$
|
300
|
|
|
$
|
300,000
|
|
|
Indiana (State of) Finance Authority (Indianapolis
Power & Light Company); Series 2009 A, Ref.
Environmental Facilities RB
|
|
|
4.90
|
%
|
|
|
01/01/16
|
|
|
|
1,525
|
|
|
|
1,634,358
|
|
|
Indiana (State of) Finance Authority; Series 1999, Ref.
Exempt Facilities
RB
(f)
|
|
|
5.95
|
%
|
|
|
08/01/30
|
|
|
|
2,500
|
|
|
|
2,427,100
|
|
|
Indiana (State of) Health Facility Financing Authority (Columbus
Regional Hospital); Series 1993, Ref. RB
(INSAGM)
(b)
|
|
|
7.00
|
%
|
|
|
08/15/15
|
|
|
|
1,525
|
|
|
|
1,700,878
|
|
|
Vigo (County of) Hospital Authority (Union Hospital, Inc.);
Series 2007, Hospital
RB
(j)
|
|
|
5.75
|
%
|
|
|
09/01/42
|
|
|
|
500
|
|
|
|
368,580
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,567,713
|
|
|
Iowa0.69%
|
|
|
|
|
|
|
|
|
|
|
|
|
Des Moines (City of); Series 2000 A, Public Parking
System RB
(INSNATL/FGIC)
(b)
|
|
|
5.75
|
%
|
|
|
06/01/17
|
|
|
|
1,890
|
|
|
|
1,897,220
|
|
|
Iowa (State of) Tobacco Settlement Authority;
Series 2005 C, Tobacco Settlement Asset-Backed RB
|
|
|
5.50
|
%
|
|
|
06/01/42
|
|
|
|
1,500
|
|
|
|
993,390
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,890,610
|
|
|
Kansas0.71%
|
|
|
|
|
|
|
|
|
|
|
|
|
Kansas (State of) Development Finance Authority (Adventist
Health System); Series 2009, Hospital RB
|
|
|
5.75
|
%
|
|
|
11/15/38
|
|
|
|
2,400
|
|
|
|
2,439,216
|
|
|
Olathe (City of) (Catholic Care Campus, Inc.);
Series 2006 A, Senior Living Facility RB
|
|
|
6.00
|
%
|
|
|
11/15/38
|
|
|
|
675
|
|
|
|
558,131
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,997,347
|
|
|
Kentucky2.34%
|
|
|
|
|
|
|
|
|
|
|
|
|
Kentucky (State of) Economic Development Finance Authority
(Louisville Arena Authority, Inc.); Series 2008
A-1,
Sub. RB
(INSAGC)
(b)
|
|
|
5.75
|
%
|
|
|
12/01/28
|
|
|
|
1,400
|
|
|
|
1,466,178
|
|
|
Kentucky (State of) Economic Development Finance Authority
(Owensboro Medical Health System, Inc.);
Series 2010 A, Hospital Facilities RB
|
|
|
6.50
|
%
|
|
|
03/01/45
|
|
|
|
1,500
|
|
|
|
1,432,995
|
|
|
Kentucky (State of) Property & Building Commission
(No. 93);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2009, Ref. RB
(INSAGL)
(b)
|
|
|
5.25
|
%
|
|
|
02/01/24
|
|
|
|
1,510
|
|
|
|
1,605,945
|
|
|
Series 2009, Ref. RB
(INSAGL)
(b)
|
|
|
5.25
|
%
|
|
|
02/01/25
|
|
|
|
1,710
|
|
|
|
1,802,101
|
|
|
Louisville/Jefferson (County of) Metropolitan Government (Norton
Healthcare, Inc.); Series 2006, Health System RB
|
|
|
5.25
|
%
|
|
|
10/01/36
|
|
|
|
4,000
|
|
|
|
3,543,320
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,850,539
|
|
|
Louisiana3.66%
|
|
|
|
|
|
|
|
|
|
|
|
|
East Baton Rouge (Parish of) (Exxon Corp.); Series 1993,
Ref. VRD
PCR
(h)
|
|
|
0.16
|
%
|
|
|
03/01/22
|
|
|
|
5,500
|
|
|
|
5,500,000
|
|
|
Lakeshore Villages Master Community Development District;
Series 2007, Special Assessment
RB
(e)
|
|
|
5.25
|
%
|
|
|
07/01/17
|
|
|
|
989
|
|
|
|
520,402
|
|
|
Louisiana (State of) Citizens Property Insurance Corp.;
Series 2009 C-2, Assessment RB
(INSAGL)
(b)
|
|
|
6.75
|
%
|
|
|
06/01/26
|
|
|
|
1,900
|
|
|
|
2,165,582
|
|
|
Louisiana (State of) Energy & Power Authority;
Series 2000, Ref. Power Project RB
(INSAGM)
(b)
|
|
|
5.75
|
%
|
|
|
01/01/12
|
|
|
|
3,000
|
|
|
|
3,130,140
|
|
|
Louisiana (State of) Public Facilities Authority (Entergy
Louisiana LLC); Series 2010, RB
|
|
|
5.00
|
%
|
|
|
06/01/30
|
|
|
|
1,050
|
|
|
|
1,033,337
|
|
|
Louisiana (State of) Rapides Finance Authority (Cleco Power
LLC); Series 2007,
RB
(c)(d)(f)
|
|
|
5.25
|
%
|
|
|
03/01/13
|
|
|
|
1,850
|
|
|
|
1,933,120
|
|
|
St. John the Baptist (Parish of) (Marathon Oil Corp.);
Series 2007 A, RB
|
|
|
5.13
|
%
|
|
|
06/01/37
|
|
|
|
1,200
|
|
|
|
1,109,580
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15,392,161
|
|
|
Maryland0.89%
|
|
|
|
|
|
|
|
|
|
|
|
|
Maryland (State of) Economic Development Corp. (Terminal);
Series 2010 B, RB
|
|
|
5.75
|
%
|
|
|
06/01/35
|
|
|
|
940
|
|
|
|
848,914
|
|
|
Maryland (State of) Economic Development Corp. (Transportation
Facilities); Series 2010 A, Economic
Development RB
|
|
|
5.38
|
%
|
|
|
06/01/25
|
|
|
|
665
|
|
|
|
611,428
|
|
|
Maryland (State of) Health & Higher Educational
Facilities Authority (Mercy Medical Center);
Series 2007 A, RB
|
|
|
5.50
|
%
|
|
|
07/01/42
|
|
|
|
1,915
|
|
|
|
1,650,807
|
|
|
Prince Georges (County of) (National Harbor);
Series 2004, Special Obligation RB
|
|
|
5.20
|
%
|
|
|
07/01/34
|
|
|
|
750
|
|
|
|
633,637
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,744,786
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
11 Invesco
Van Kampen Municipal Opportunity Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
Interest
|
|
Maturity
|
|
Amount
|
|
|
|
|
Rate
|
|
Date
|
|
(000)
|
|
Value
|
|
Massachusetts2.14%
|
|
|
|
|
|
|
|
|
|
|
|
|
Massachusetts (State of) Bay Transportation Authority;
Series 1993 A, Ref. General Transportation System RB
|
|
|
5.50
|
%
|
|
|
03/01/12
|
|
|
$
|
385
|
|
|
$
|
404,654
|
|
|
Massachusetts (State of) Development Finance Agency (Linden
Ponds Inc.);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2007 A, RB
|
|
|
5.75
|
%
|
|
|
11/15/35
|
|
|
|
400
|
|
|
|
227,960
|
|
|
Series 2007 A, RB
|
|
|
5.75
|
%
|
|
|
11/15/42
|
|
|
|
475
|
|
|
|
256,453
|
|
|
Massachusetts (State of) Development Finance Agency (SEAMASS
System); Series 2001 A, Resource Recovery RB
(INSNATL)
(b)
|
|
|
5.63
|
%
|
|
|
01/01/16
|
|
|
|
3,000
|
|
|
|
3,067,650
|
|
|
Massachusetts (State of) Development Finance Agency;
Series 2009 B-2, Senior Living Facility RB
|
|
|
6.25
|
%
|
|
|
06/01/14
|
|
|
|
960
|
|
|
|
943,440
|
|
|
Massachusetts (State of) Health & Educational
Facilities Authority (Berklee College of Music);
Series 2007 A, RB
|
|
|
5.00
|
%
|
|
|
10/01/32
|
|
|
|
1,650
|
|
|
|
1,611,588
|
|
|
Massachusetts (State of) Health & Educational
Facilities Authority (Capital Asset Program);
Series 1985 E, VRD RB (LOCFleet National
Bank)
(h)(i)
|
|
|
0.20
|
%
|
|
|
01/01/35
|
|
|
|
1,000
|
|
|
|
1,000,000
|
|
|
Massachusetts (State of) Health & Educational
Facilities Authority (Partner HealthCare System);
Series 2001 C,
RB
(k)
|
|
|
5.75
|
%
|
|
|
07/01/11
|
|
|
|
965
|
|
|
|
992,560
|
|
|
Massachusetts (State of) Health & Educational
Facilities Authority (Saint Memorial Medical Center);
Series 1993 A, RB
|
|
|
6.00
|
%
|
|
|
10/01/23
|
|
|
|
640
|
|
|
|
513,888
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,018,193
|
|
|
Michigan1.55%
|
|
|
|
|
|
|
|
|
|
|
|
|
Detroit (City of);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2001 C-1, Ref. Sewage Disposal System Sr. Lien RB
(INSAGM)
(b)
|
|
|
7.00
|
%
|
|
|
07/01/27
|
|
|
|
2,100
|
|
|
|
2,419,011
|
|
|
Series 2006 C, Ref. Water Supply System Second Lien RB
(INSAGM)
(b)
|
|
|
5.00
|
%
|
|
|
07/01/26
|
|
|
|
1,000
|
|
|
|
967,680
|
|
|
Eastern Michigan University Board of Regents;
Series 2009 B, Ref. VRD General RB (LOCJPMorgan
Chase
Bank, N.A.)
(h)(i)
|
|
|
0.24
|
%
|
|
|
03/01/49
|
|
|
|
1,800
|
|
|
|
1,800,000
|
|
|
Michigan (State of) Kent Hospital Finance Authority (Spectrum
Health System);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2008 A,
RB
(c)(d)
|
|
|
5.25
|
%
|
|
|
01/15/14
|
|
|
|
800
|
|
|
|
871,208
|
|
|
Series 2008 A,
RB
(c)(d)
|
|
|
5.50
|
%
|
|
|
01/15/15
|
|
|
|
400
|
|
|
|
446,304
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,504,203
|
|
|
Minnesota0.83%
|
|
|
|
|
|
|
|
|
|
|
|
|
Chaska (City of); Series 2000 A, Electric RB
|
|
|
6.10
|
%
|
|
|
10/01/30
|
|
|
|
10
|
|
|
|
10,009
|
|
|
Chisago (City of) (CDL Homes LLC); Series 2007, Health Care
Facilities RB
|
|
|
6.00
|
%
|
|
|
08/01/42
|
|
|
|
425
|
|
|
|
373,668
|
|
|
Minneapolis (City of) (Fairview Health Services);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2008 A, Healthcare System RB
|
|
|
6.38
|
%
|
|
|
11/15/23
|
|
|
|
1,700
|
|
|
|
1,877,684
|
|
|
Series 2008 A, Healthcare System RB
|
|
|
6.63
|
%
|
|
|
11/15/28
|
|
|
|
1,150
|
|
|
|
1,241,563
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,502,924
|
|
|
Mississippi0.36%
|
|
|
|
|
|
|
|
|
|
|
|
|
Mississippi (State of) Business Finance Corp. (Chevron U.S.A.
Inc.);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2007 B, VRD Gulf Opportunity Zone
IDR
(h)
|
|
|
0.17
|
%
|
|
|
12/01/30
|
|
|
|
1,000
|
|
|
|
1,000,000
|
|
|
Series 2007 C, VRD Gulf Opportunity Zone
IDR
(h)
|
|
|
0.17
|
%
|
|
|
12/01/30
|
|
|
|
500
|
|
|
|
500,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,500,000
|
|
|
Missouri2.08%
|
|
|
|
|
|
|
|
|
|
|
|
|
Cape Girardeau (County of) Industrial Development Authority
(Southeast Missouri Hospital Association);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2002, Healthcare Facilities
RB
(k)
|
|
|
5.50
|
%
|
|
|
06/01/12
|
|
|
|
1,800
|
|
|
|
1,908,450
|
|
|
Series 2002, Healthcare Facilities RB
|
|
|
5.50
|
%
|
|
|
06/01/22
|
|
|
|
350
|
|
|
|
350,651
|
|
|
Kirkwood (City of) Industrial Development Authority (Aberdeen
Heights); Series 2010 C-1, TEMPS Retirement Community IDR
|
|
|
7.50
|
%
|
|
|
11/15/16
|
|
|
|
1,500
|
|
|
|
1,509,045
|
|
|
Maryland Heights (City of) (South Heights Redevelopment);
Series 2007 A, Ref. Tax Allocation RB
|
|
|
5.50
|
%
|
|
|
09/01/18
|
|
|
|
730
|
|
|
|
686,748
|
|
|
Missouri (State of) Health & Educational Facilities
Authority (Senior Living Facilities-Lutheran);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2005 A, Sr. RB
|
|
|
5.38
|
%
|
|
|
02/01/35
|
|
|
|
1,375
|
|
|
|
1,245,516
|
|
|
Series 2010, RB
|
|
|
5.50
|
%
|
|
|
02/01/42
|
|
|
|
950
|
|
|
|
820,639
|
|
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
12 Invesco
Van Kampen Municipal Opportunity Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
Interest
|
|
Maturity
|
|
Amount
|
|
|
|
|
Rate
|
|
Date
|
|
(000)
|
|
Value
|
|
Missouri(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
St. Louis (City of) Industrial Development Authority
(Loughborough Commons Redevelopment); Series 2007, Ref. Tax
Allocation RB
|
|
|
5.75
|
%
|
|
|
11/01/27
|
|
|
$
|
575
|
|
|
$
|
507,949
|
|
|
St. Louis (County of) Industrial Development Authority (St.
Andrews Resources for Seniors);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2007 A, Senior Living Facilities RB
|
|
|
6.38
|
%
|
|
|
12/01/30
|
|
|
|
615
|
|
|
|
522,252
|
|
|
Series 2007 A, Senior Living Facilities RB
|
|
|
6.38
|
%
|
|
|
12/01/41
|
|
|
|
1,450
|
|
|
|
1,179,821
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,731,071
|
|
|
Nebraska0.07%
|
|
|
|
|
|
|
|
|
|
|
|
|
Nebraska (State of) Educational Finance Authority (Creighton
University); Series 2005 B, Ref. VRD
RB
(h)
|
|
|
0.27
|
%
|
|
|
12/15/12
|
|
|
|
300
|
|
|
|
300,000
|
|
|
Nevada2.11%
|
|
|
|
|
|
|
|
|
|
|
|
|
Clark (County of) (Southwest Gas Corp.);
Series 2004 A, IDR
(INSAMBAC)
(b)(f)
|
|
|
5.25
|
%
|
|
|
07/01/34
|
|
|
|
6,000
|
|
|
|
5,362,200
|
|
|
Reno (City of) (Renown Regional Medical Center);
Series 2007 A, Hospital RB
|
|
|
5.25
|
%
|
|
|
06/01/37
|
|
|
|
4,250
|
|
|
|
3,506,293
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,868,493
|
|
|
New Hampshire0.49%
|
|
|
|
|
|
|
|
|
|
|
|
|
New Hampshire (State of) Business Finance Authority (Pennichuck
Water Works, Inc.); Series 1997, Water Facility RB
(INSAMBAC)
(b)(f)
|
|
|
6.30
|
%
|
|
|
05/01/22
|
|
|
|
850
|
|
|
|
851,062
|
|
|
New Hampshire (State of) Business Finance Authority (United
Illuminating Co.);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2009,
PCR
(c)(d)(f)
|
|
|
7.13
|
%
|
|
|
02/01/12
|
|
|
|
675
|
|
|
|
700,988
|
|
|
Series 2009 A, Ref.
PCR
(c)(d)(f)
|
|
|
6.88
|
%
|
|
|
02/01/12
|
|
|
|
480
|
|
|
|
499,522
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,051,572
|
|
|
New Jersey9.47%
|
|
|
|
|
|
|
|
|
|
|
|
|
New Jersey (State of) Economic Development Authority (Provident
Group-Montclair Properties LLCMontclair State University
Student Housing); Series 2010 A, RB
|
|
|
5.88
|
%
|
|
|
06/01/42
|
|
|
|
1,500
|
|
|
|
1,376,985
|
|
|
New Jersey (State of) Economic Development Authority;
Series 1992, RB
(INSNATL)
(b)
|
|
|
5.90
|
%
|
|
|
03/15/21
|
|
|
|
30,000
|
|
|
|
34,535,100
|
|
|
Tobacco Settlement Financing Corp.; Series 2007 1A, RB
|
|
|
5.00
|
%
|
|
|
06/01/41
|
|
|
|
6,485
|
|
|
|
3,899,560
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
39,811,645
|
|
|
New Mexico1.02%
|
|
|
|
|
|
|
|
|
|
|
|
|
Farmington (City of) (Public Service Co. of New Mexico San
Juan); Series 2010 C, Ref. PCR
|
|
|
5.90
|
%
|
|
|
06/01/40
|
|
|
|
1,900
|
|
|
|
1,807,299
|
|
|
New Mexico (State of) Hospital Equipment Loan Council
(Presbyterian Health Care Services); Series 2008 A,
Hospital RB
(a)
|
|
|
6.38
|
%
|
|
|
08/01/32
|
|
|
|
1,250
|
|
|
|
1,319,763
|
|
|
University of New Mexico (The Regents of);
Series 2002 A, Sub. Lien RB
|
|
|
5.25
|
%
|
|
|
06/01/21
|
|
|
|
1,125
|
|
|
|
1,173,308
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,300,370
|
|
|
New York9.87%
|
|
|
|
|
|
|
|
|
|
|
|
|
Brooklyn (City of) Arena Local Development Corp. (Barclays
Center);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2009, RB
|
|
|
6.25
|
%
|
|
|
07/15/40
|
|
|
|
1,270
|
|
|
|
1,243,152
|
|
|
Series 2009, RB
|
|
|
6.38
|
%
|
|
|
07/15/43
|
|
|
|
530
|
|
|
|
526,290
|
|
|
New York (City of) Industrial Development Agency (7 World Trade
Center, LLC); Series 2005 B, Liberty RB
|
|
|
6.75
|
%
|
|
|
03/01/15
|
|
|
|
2,000
|
|
|
|
2,002,380
|
|
|
New York (City of) Industrial Development Agency (YMCA of
Greater New York); Series 1997, Civic Facility RB
|
|
|
5.80
|
%
|
|
|
08/01/16
|
|
|
|
975
|
|
|
|
977,126
|
|
|
New York (City of); Series 2008 I-1, Unlimited Tax GO
Bonds
(a)
|
|
|
5.00
|
%
|
|
|
02/01/26
|
|
|
|
5,500
|
|
|
|
5,663,515
|
|
|
New York (State of) Dormitory Authority (City University System
Consolidated);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 1993 A, RB
|
|
|
5.75
|
%
|
|
|
07/01/13
|
|
|
|
2,005
|
|
|
|
2,108,658
|
|
|
Series 1995 A, RB
|
|
|
5.63
|
%
|
|
|
07/01/16
|
|
|
|
3,100
|
|
|
|
3,380,550
|
|
|
New York (State of) Dormitory Authority (Upstate Community
Colleges); Series 2004 B, RB
|
|
|
5.25
|
%
|
|
|
07/01/20
|
|
|
|
1,500
|
|
|
|
1,588,350
|
|
|
New York (State of) Dormitory Authority;
Series 1990 B, RB
|
|
|
7.50
|
%
|
|
|
05/15/11
|
|
|
|
590
|
|
|
|
598,809
|
|
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
13 Invesco
Van Kampen Municipal Opportunity Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
Interest
|
|
Maturity
|
|
Amount
|
|
|
|
|
Rate
|
|
Date
|
|
(000)
|
|
Value
|
|
New York(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New York (State of) Thruway Authority;
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2009 A, Personal Income Tax
RB
(a)
|
|
|
5.00
|
%
|
|
|
03/15/26
|
|
|
$
|
1,700
|
|
|
$
|
1,792,616
|
|
|
Series 2009 A, Personal Income Tax
RB
(a)
|
|
|
5.00
|
%
|
|
|
03/15/27
|
|
|
|
1,900
|
|
|
|
1,992,929
|
|
|
Series 2009 A, Personal Income Tax
RB
(a)
|
|
|
5.00
|
%
|
|
|
03/15/28
|
|
|
|
1,000
|
|
|
|
1,041,990
|
|
|
New York (City of) Transitional Finance Authority;
Series 2009
S-3,
Building Aid RB
|
|
|
5.25
|
%
|
|
|
01/15/39
|
|
|
|
1,800
|
|
|
|
1,815,498
|
|
|
Port Authority of New York & New Jersey (Consolidated
One Hundred Forty-Fourth); Series 2006,
RB
(a)
|
|
|
5.00
|
%
|
|
|
10/01/35
|
|
|
|
15,000
|
|
|
|
14,863,050
|
|
|
Port Authority of New York & New Jersey (JFK
International Air Terminal, LLC); Series 2010, Special
Obligation RB
|
|
|
6.00
|
%
|
|
|
12/01/36
|
|
|
|
1,950
|
|
|
|
1,917,162
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
41,512,075
|
|
|
North Carolina5.60%
|
|
|
|
|
|
|
|
|
|
|
|
|
North Carolina (State of) Medical Care Commission
(Southminister); Series 2007 A, First Mortgage
Retirement Facilities RB
|
|
|
5.75
|
%
|
|
|
10/01/37
|
|
|
|
705
|
|
|
|
586,630
|
|
|
North Carolina (State of) Municipal Power Agency No. 1
(Indexed Caps); Series 1992, Electric RB
(INSNATL)
(b)
|
|
|
6.00
|
%
|
|
|
01/01/12
|
|
|
|
22,000
|
|
|
|
22,974,600
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23,561,230
|
|
|
North Dakota0.22%
|
|
|
|
|
|
|
|
|
|
|
|
|
McLean (County of) (Great River Energy);
Series 2010 B, Solid Waste Facilities RB
|
|
|
5.15
|
%
|
|
|
07/01/40
|
|
|
|
1,000
|
|
|
|
931,380
|
|
|
Ohio6.97%
|
|
|
|
|
|
|
|
|
|
|
|
|
Cuyahoga (County of) (Eliza Jennings Senior Care Network);
Series 2007 A, Health Care & Independent
Living Facilities RB
|
|
|
5.75
|
%
|
|
|
05/15/27
|
|
|
|
400
|
|
|
|
346,184
|
|
|
Lorain (County of) (Catholic Healthcare Partners);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2002, Hospital RB
|
|
|
5.38
|
%
|
|
|
10/01/30
|
|
|
|
500
|
|
|
|
484,955
|
|
|
Series 2003 C-1, Ref. Hospital RB
(INSAGM)
(a)(b)
|
|
|
5.00
|
%
|
|
|
04/01/24
|
|
|
|
3,000
|
|
|
|
3,043,230
|
|
|
Series 2006 A, Hospital RB
(INSAGM)
(a)(b)
|
|
|
5.00
|
%
|
|
|
02/01/24
|
|
|
|
2,750
|
|
|
|
2,790,095
|
|
|
Series 2006 B, Hospital RB
(INSAGM)
(a)(b)
|
|
|
5.00
|
%
|
|
|
02/01/24
|
|
|
|
2,775
|
|
|
|
2,815,487
|
|
|
Lucas (County of) (Promedica Healthcare);
Series 2011 A, Hospital RB
|
|
|
5.75
|
%
|
|
|
11/15/31
|
|
|
|
1,000
|
|
|
|
1,002,280
|
|
|
Montgomery (County of) (Catholic Health); Series 2006 C-1,
RB
(INSAGM)
(a)(b)
|
|
|
5.00
|
%
|
|
|
10/01/41
|
|
|
|
1,625
|
|
|
|
1,492,936
|
|
|
Montgomery (County of) (Miami Valley Hospital);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2009 A, RB
|
|
|
6.00
|
%
|
|
|
11/15/28
|
|
|
|
1,475
|
|
|
|
1,520,268
|
|
|
Series 2009 A, RB
|
|
|
6.25
|
%
|
|
|
11/15/39
|
|
|
|
925
|
|
|
|
950,419
|
|
|
Ohio (State of) Air Quality Development Authority (FirstEnergy
Generation Corp.);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2006, Ref.
PCR
(c)(d)
|
|
|
2.25
|
%
|
|
|
06/03/13
|
|
|
|
3,000
|
|
|
|
2,957,130
|
|
|
Series 2009 C, Ref. PCR
|
|
|
5.63
|
%
|
|
|
06/01/18
|
|
|
|
2,600
|
|
|
|
2,776,566
|
|
|
Ohio (State of) Air Quality Development Authority (Ohio Power
Co. Galvin); Series 2010 A, Ref.
RB
(c)(d)(f)
|
|
|
2.88
|
%
|
|
|
08/01/14
|
|
|
|
2,000
|
|
|
|
1,993,700
|
|
|
Ohio (State of) Higher Educational Facility Commission (Summa
Health System); Series 2010, Hospital Facilities RB
|
|
|
5.75
|
%
|
|
|
11/15/35
|
|
|
|
1,480
|
|
|
|
1,347,584
|
|
|
Ohio (State of) Higher Educational Facility Commission
(University Hospitals Health System, Inc.);
Series 2009 A, RB
|
|
|
6.75
|
%
|
|
|
01/15/39
|
|
|
|
1,900
|
|
|
|
1,953,808
|
|
|
Ohio (State of) Housing Finance Agency (Mortgage-Backed
Securities Program);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2008 D, Residential Mortgage RB
(INSGNMA/FNMA/FHLMC)
(a)(b)(f)
|
|
|
5.30
|
%
|
|
|
09/01/28
|
|
|
|
776
|
|
|
|
777,342
|
|
|
Series 2008 D, Residential Mortgage RB
(INSGNMA/FNMA/FHLMC)
(a)(b)(f)
|
|
|
5.40
|
%
|
|
|
03/01/33
|
|
|
|
616
|
|
|
|
609,741
|
|
|
Series 2008 F, Residential Mortgage RB
(INSGNMA/FNMA/FHLMC)
(a)(b)
|
|
|
5.50
|
%
|
|
|
09/01/39
|
|
|
|
1,417
|
|
|
|
1,437,547
|
|
|
Ohio (State of) Water Development Authority (FirstEnergy Nuclear
Generation Corp.); Series 2009 A, Ref.
PCR
(c)(d)
|
|
|
5.88
|
%
|
|
|
06/01/16
|
|
|
|
950
|
|
|
|
1,023,293
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
29,322,565
|
|
|
Oklahoma0.85%
|
|
|
|
|
|
|
|
|
|
|
|
|
Chickasaw Nation (City of); Series 2007, Health System
RB
(j)
|
|
|
6.25
|
%
|
|
|
12/01/32
|
|
|
|
1,375
|
|
|
|
1,425,229
|
|
|
McAlester Public Works Authority; Series 2002, Utility
System CAB RB
(INSAGM)
(b)(g)
|
|
|
0.00
|
%
|
|
|
02/01/34
|
|
|
|
3,970
|
|
|
|
1,162,455
|
|
|
Tulsa (County of) Industrial Authority (Montereau, Inc);
Series 2010 A, Senior Living Community RB
|
|
|
7.13
|
%
|
|
|
11/01/30
|
|
|
|
1,000
|
|
|
|
978,980
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,566,664
|
|
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
14 Invesco
Van Kampen Municipal Opportunity Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
Interest
|
|
Maturity
|
|
Amount
|
|
|
|
|
Rate
|
|
Date
|
|
(000)
|
|
Value
|
|
Oklahoma(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
Pennsylvania3.72%
|
|
|
|
|
|
|
|
|
|
|
|
|
Delaware River Port Authority; Series 2010 D, RB
|
|
|
5.00
|
%
|
|
|
01/01/35
|
|
|
$
|
950
|
|
|
$
|
936,918
|
|
|
Franklin (County of) Industrial Development Authority
(Chambersburg Hospital); Series 2010, RB
|
|
|
5.38
|
%
|
|
|
07/01/42
|
|
|
|
1,800
|
|
|
|
1,646,460
|
|
|
Pennsylvania (State of) Turnpike Commission;
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2010 B2, Sub.
CAB RB
(g)(m)
|
|
|
5.75
|
%
|
|
|
12/01/28
|
|
|
|
2,100
|
|
|
|
1,615,656
|
|
|
Series 2010 B2, Sub.
CAB RB
(g)(m)
|
|
|
6.00
|
%
|
|
|
12/01/34
|
|
|
|
1,300
|
|
|
|
990,418
|
|
|
Philadelphia (City of), Pennsylvania Authority for Industrial
Development (NewCourtland Elder Services); Series 2003, VRD
RB (LOCPNC Bank,
N.A.)
(h)(i)
|
|
|
0.20
|
%
|
|
|
03/01/27
|
|
|
|
2,080
|
|
|
|
2,080,000
|
|
|
Susquehanna Area Regional Airport Authority;
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2003 A, Airport System RB
(INSAMBAC)
(b)(f)
|
|
|
5.38
|
%
|
|
|
01/01/21
|
|
|
|
3,000
|
|
|
|
3,009,150
|
|
|
Series 2003 A, Airport System RB
(INSAMBAC)
(b)(f)
|
|
|
5.38
|
%
|
|
|
01/01/22
|
|
|
|
5,415
|
|
|
|
5,383,864
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15,662,466
|
|
|
Puerto Rico3.17%
|
|
|
|
|
|
|
|
|
|
|
|
|
Puerto Rico (Commonwealth of) Electric Power Authority;
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2010 CCC, Power RB
|
|
|
5.25
|
%
|
|
|
07/01/27
|
|
|
|
2,100
|
|
|
|
2,026,164
|
|
|
Series 2010 XX, Power RB
|
|
|
5.25
|
%
|
|
|
07/01/40
|
|
|
|
1,900
|
|
|
|
1,657,237
|
|
|
Puerto Rico (Commonwealth of) Sales Tax Financing Corp.;
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2009 A, First Sub. Sales Tax
RB
(c)(d)(k)
|
|
|
5.00
|
%
|
|
|
08/01/11
|
|
|
|
2,675
|
|
|
|
2,728,018
|
|
|
Series 2010 A, First Sub. Sales Tax RB
|
|
|
5.38
|
%
|
|
|
08/01/39
|
|
|
|
1,900
|
|
|
|
1,758,298
|
|
|
Series 2010 A, First Sub. Sales Tax RB
|
|
|
5.50
|
%
|
|
|
08/01/42
|
|
|
|
2,100
|
|
|
|
1,971,879
|
|
|
Series 2010 C, First Sub. Sales Tax RB
|
|
|
5.25
|
%
|
|
|
08/01/41
|
|
|
|
3,500
|
|
|
|
3,166,310
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13,307,906
|
|
|
South Carolina4.98%
|
|
|
|
|
|
|
|
|
|
|
|
|
Charleston (County of) Educational Excellence Finance Corp.
(Charleston County School District);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2005,
RB
(a)
|
|
|
5.25
|
%
|
|
|
12/01/25
|
|
|
|
2,500
|
|
|
|
2,561,050
|
|
|
Series 2005,
RB
(a)
|
|
|
5.25
|
%
|
|
|
12/01/26
|
|
|
|
7,500
|
|
|
|
7,644,675
|
|
|
South Carolina (State of) Jobs-Economic Development Authority
(Electric & Gas Co.);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2002 A, IDR
(INSAMBAC)
(b)
|
|
|
5.20
|
%
|
|
|
11/01/27
|
|
|
|
5,000
|
|
|
|
5,009,950
|
|
|
Series 2002 B, IDR
(INSAMBAC)
(b)(f)
|
|
|
5.45
|
%
|
|
|
11/01/32
|
|
|
|
3,750
|
|
|
|
3,486,337
|
|
|
South Carolina (State of) Jobs-Economic Development Authority
(Palmetto Health Alliance); Series 2003 A, Ref.
Hospital Facilities RB
|
|
|
6.25
|
%
|
|
|
08/01/31
|
|
|
|
1,840
|
|
|
|
1,840,294
|
|
|
South Carolina (State of) Jobs-Economic Development Authority
(Woodlands at Furman); Series 2007 A, RB
|
|
|
6.00
|
%
|
|
|
11/15/27
|
|
|
|
725
|
|
|
|
414,715
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20,957,021
|
|
|
Tennessee1.71%
|
|
|
|
|
|
|
|
|
|
|
|
|
Chattanooga (City of) Health Educational & Housing
Facility Board (CDFI Phase I, LLC);
Series 2005 A, Ref. Sr. RB
|
|
|
5.13
|
%
|
|
|
10/01/35
|
|
|
|
1,750
|
|
|
|
1,441,668
|
|
|
Elizabethton (City of) Health & Educational Facilities
Board; Series 2000 B, Ref. & Improvement First
Mortgage
RB
(k)
|
|
|
8.00
|
%
|
|
|
07/01/12
|
|
|
|
2,000
|
|
|
|
2,214,260
|
|
|
Johnson City (City of) Health & Educational Facilities
Board (Mountain States Health Alliance);
Series 2000 A, Ref. First Mortgage Hospital
RB
(k)
|
|
|
7.50
|
%
|
|
|
07/01/12
|
|
|
|
1,000
|
|
|
|
1,100,840
|
|
|
Shelby (County of) Health Educational & Housing
Facilities Board (Methodist Healthcare);
Series 2004 B, RB
(INSAGM)
(a)(b)
|
|
|
5.25
|
%
|
|
|
09/01/27
|
|
|
|
2,400
|
|
|
|
2,432,976
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,189,744
|
|
|
Texas24.52%
|
|
|
|
|
|
|
|
|
|
|
|
|
Alliance Airport Authority, Inc. (Federal Express Corp.);
Series 2006, Ref. Special Facilities
RB
(f)
|
|
|
4.85
|
%
|
|
|
04/01/21
|
|
|
|
1,450
|
|
|
|
1,444,678
|
|
|
Dallas (City of) Civic Center Convention Complex;
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2009, Ref. & Improvement RB
(INSAGL)
(b)
|
|
|
5.00
|
%
|
|
|
08/15/18
|
|
|
|
1,150
|
|
|
|
1,243,599
|
|
|
Series 2009, Ref. & Improvement RB
(INSAGL)
(b)
|
|
|
5.00
|
%
|
|
|
08/15/19
|
|
|
|
1,350
|
|
|
|
1,449,508
|
|
|
Dallas (County of) Flood Control District No. 1;
Series 2002, Ref. Unlimited Tax GO Bonds
|
|
|
6.75
|
%
|
|
|
04/01/16
|
|
|
|
615
|
|
|
|
650,233
|
|
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
15 Invesco
Van Kampen Municipal Opportunity Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
Interest
|
|
Maturity
|
|
Amount
|
|
|
|
|
Rate
|
|
Date
|
|
(000)
|
|
Value
|
|
Texas(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dallas-Fort Worth (Cities of) International Airport
Facilities Improvement Corp.;
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2000 A, Joint Airport RB
(INSNATL/FGIC)
(b)(f)
|
|
|
5.75
|
%
|
|
|
11/01/30
|
|
|
$
|
4,000
|
|
|
$
|
4,002,560
|
|
|
Series 2001 A, Ref. & Improvement Airport RB
(INSBHAC/FGIC)
(b)(f)
|
|
|
5.50
|
%
|
|
|
11/01/31
|
|
|
|
5,500
|
|
|
|
5,435,980
|
|
|
Series 2002 C, Joint Airport RB
(INSNATL)
(b)(f)
|
|
|
5.75
|
%
|
|
|
11/01/18
|
|
|
|
650
|
|
|
|
652,294
|
|
|
Series 2002 C, Joint Airport RB
(INSNATL)
(b)(f)
|
|
|
6.00
|
%
|
|
|
11/01/23
|
|
|
|
1,225
|
|
|
|
1,229,594
|
|
|
Series 2003 A, Joint Airport RB
(INSAGM)
(b)(f)
|
|
|
5.50
|
%
|
|
|
11/01/21
|
|
|
|
8,000
|
|
|
|
8,307,440
|
|
|
El Paso (County of) Hospital District; Series 2008 A,
Limited Tax GO Bonds
(INSAGL)
(a)(b)
|
|
|
5.00
|
%
|
|
|
08/15/37
|
|
|
|
4,850
|
|
|
|
4,687,622
|
|
|
Harris (County of) (Toll Road); Series 2009 A, Sr.
Lien RB
(a)
|
|
|
5.00
|
%
|
|
|
08/15/32
|
|
|
|
1,930
|
|
|
|
1,937,238
|
|
|
Harris (County of) Health Facilities Development Corp. (Baylor
College of Medicine); Series 2007 B, VRD Hospital RB
(LOC: JPMorgan Chase
Bank)
(h)(i)
|
|
|
0.19
|
%
|
|
|
11/15/47
|
|
|
|
900
|
|
|
|
900,000
|
|
|
Harris (County of) Health Facilities Development Corp. (Memorial
Hermann Healthcare System);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2001 A, Hospital
RB
(k)
|
|
|
6.38
|
%
|
|
|
06/01/11
|
|
|
|
2,000
|
|
|
|
2,050,880
|
|
|
Series 2008 B, Ref. Hospital RB
|
|
|
7.25
|
%
|
|
|
12/01/35
|
|
|
|
750
|
|
|
|
814,642
|
|
|
Harris (County of) Industrial Development Corp. (Deer Park
Refining Limited Partnership); Series 2006, Solid Waste
Disposal RB
|
|
|
5.00
|
%
|
|
|
02/01/23
|
|
|
|
950
|
|
|
|
955,282
|
|
|
Houston (City of);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2000 A, Sub. Lien Airport System RB
(INSAGM)
(b)(f)
|
|
|
5.63
|
%
|
|
|
07/01/30
|
|
|
|
3,000
|
|
|
|
2,999,760
|
|
|
Series 2002, Sub. Lien Airport System RB
(INSAGM)
(b)
|
|
|
5.50
|
%
|
|
|
07/01/20
|
|
|
|
2,000
|
|
|
|
2,103,360
|
|
|
Series 2002 A, Sub. Lien Airport System RB
(INSAGM)
(b)(f)
|
|
|
5.13
|
%
|
|
|
07/01/32
|
|
|
|
10,000
|
|
|
|
9,347,100
|
|
|
Series 2007 A, Ref. Utility System RB
(INSAGM)
(a)(b)
|
|
|
5.00
|
%
|
|
|
11/15/36
|
|
|
|
7,825
|
|
|
|
7,762,870
|
|
|
Judson Independent School District (School Building);
Series 2008, Unlimited Tax GO Bonds
(INSAGL)
(a)(b)
|
|
|
5.00
|
%
|
|
|
02/01/37
|
|
|
|
3,030
|
|
|
|
2,963,128
|
|
|
Lower Colorado River Authority; Series 2010 A, Ref. RB
|
|
|
5.00
|
%
|
|
|
05/15/40
|
|
|
|
1,500
|
|
|
|
1,395,570
|
|
|
Lufkin (City of) Health Facilities Development Corp. (Memorial
Health System of East Texas); Series 2007, Health System RB
|
|
|
5.50
|
%
|
|
|
02/15/37
|
|
|
|
1,250
|
|
|
|
1,037,312
|
|
|
Matagorda (County of) Navigation District No. 1
(CenterPoint Energy Houston Electric, LLC); Series 2004,
Ref. Collateralized
RB
(c)(d)
|
|
|
5.60
|
%
|
|
|
03/01/27
|
|
|
|
1,000
|
|
|
|
983,920
|
|
|
McLennan (County of) Public Facility Corp.; Series 2009, RB
|
|
|
6.63
|
%
|
|
|
06/01/35
|
|
|
|
1,125
|
|
|
|
1,186,144
|
|
|
North Central Texas Health Facility Development Corp.
(Childrens Medical Center of Dallas); Series 2002, RB
(INSAMBAC)
(b)
|
|
|
5.25
|
%
|
|
|
08/15/32
|
|
|
|
5,900
|
|
|
|
5,802,945
|
|
|
North Texas Tollway Authority;
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2008 B, Ref. First Tier System RB
|
|
|
6.00
|
%
|
|
|
01/01/26
|
|
|
|
1,000
|
|
|
|
1,046,650
|
|
|
Series 2008 B, Ref. First Tier System RB
|
|
|
6.00
|
%
|
|
|
01/01/27
|
|
|
|
1,000
|
|
|
|
1,045,480
|
|
|
Series 2008 B, Ref. First Tier System RB
|
|
|
5.63
|
%
|
|
|
01/01/28
|
|
|
|
1,000
|
|
|
|
1,024,710
|
|
|
Series 2008 F, Ref. Second Tier System RB
|
|
|
5.75
|
%
|
|
|
01/01/33
|
|
|
|
2,650
|
|
|
|
2,560,324
|
|
|
Series 2008 L-2, Ref. First Tier System
RB
(c)(d)
|
|
|
6.00
|
%
|
|
|
01/01/13
|
|
|
|
1,350
|
|
|
|
1,453,113
|
|
|
Tarrant (County of) Cultural Education Facilities Finance Corp.
(Buckingham Senior Living Community, Inc.);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2007, Retirement Facility RB
|
|
|
5.63
|
%
|
|
|
11/15/27
|
|
|
|
1,000
|
|
|
|
871,880
|
|
|
Series 2007, Retirement Facility RB
|
|
|
5.75
|
%
|
|
|
11/15/37
|
|
|
|
2,600
|
|
|
|
2,160,262
|
|
|
Tarrant (County of) Cultural Education Facilities Finance Corp.
(Buckner Retirement Services, Inc.); Series 2007,
Retirement Facility RB
|
|
|
5.25
|
%
|
|
|
11/15/37
|
|
|
|
4,000
|
|
|
|
3,554,200
|
|
|
Tarrant (County of) Cultural Education Facilities Finance Corp.
(C.C. Young Memorial Home);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2007, Retirement Facility RB
|
|
|
5.75
|
%
|
|
|
02/15/25
|
|
|
|
400
|
|
|
|
327,436
|
|
|
Series 2009 B-2, Retirement Facility RB
|
|
|
6.50
|
%
|
|
|
02/15/14
|
|
|
|
1,150
|
|
|
|
1,116,937
|
|
|
Tarrant (County of) Cultural Education Facilities Finance Corp.
(CHRISTUS Health); Series 2008 A, Ref. RB
(INSAGL)
(b)
|
|
|
6.25
|
%
|
|
|
07/01/28
|
|
|
|
3,000
|
|
|
|
3,136,620
|
|
|
Texas (State of) (Transportation CommissionMobility Fund);
Series 2008, Unlimited Tax GO
Bonds
(a)
|
|
|
5.00
|
%
|
|
|
04/01/28
|
|
|
|
5,400
|
|
|
|
5,647,212
|
|
|
Texas (State of) Gulf Coast Waste Disposal Authority (Waste
Management); Series 2006 D,
RB
(f)
|
|
|
4.55
|
%
|
|
|
04/01/12
|
|
|
|
1,000
|
|
|
|
1,009,680
|
|
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
16 Invesco
Van Kampen Municipal Opportunity Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
Interest
|
|
Maturity
|
|
Amount
|
|
|
|
|
Rate
|
|
Date
|
|
(000)
|
|
Value
|
|
Texas(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Texas (State of) Private Activity Surface Transportation Corp.
(North Transit Express Mobility); Series 2009,
Sr. Lien RB
|
|
|
6.88
|
%
|
|
|
12/31/39
|
|
|
$
|
1,430
|
|
|
$
|
1,447,832
|
|
|
Texas A&M University Board of Regents;
Series 2009 A, Financing System RB
|
|
|
5.00
|
%
|
|
|
05/15/29
|
|
|
|
3,000
|
|
|
|
3,138,540
|
|
|
Tyler (City of) Health Facilities Development Corp. (East Texas
Medical Center Regional Healthcare System);
Series 2007 A, Ref. & Improvement Hospital RB
|
|
|
5.38
|
%
|
|
|
11/01/37
|
|
|
|
2,750
|
|
|
|
2,235,750
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
103,120,285
|
|
|
Utah0.66%
|
|
|
|
|
|
|
|
|
|
|
|
|
Utah (State of) Charter School Finance Authority (Summit
Academy); Series 2007 A, Charter School RB
|
|
|
5.80
|
%
|
|
|
06/15/38
|
|
|
|
730
|
|
|
|
585,197
|
|
|
Utah (State of) Mountain Regional Water Special Service
District; Series 2003, Ref. Water RB
(INSNATL)
(b)
|
|
|
5.00
|
%
|
|
|
12/15/33
|
|
|
|
2,380
|
|
|
|
2,197,192
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,782,389
|
|
|
Virgin Islands0.40%
|
|
|
|
|
|
|
|
|
|
|
|
|
Virgin Islands Public Finance Authority (Matching Fund Loan
Note); Series 2010 A, Sr. Lien Working Capital RB
|
|
|
5.00
|
%
|
|
|
10/01/25
|
|
|
|
1,700
|
|
|
|
1,677,747
|
|
|
Virginia0.46%
|
|
|
|
|
|
|
|
|
|
|
|
|
Peninsula Town Center Community Development Authority;
Series 2007, Special Obligations RB
|
|
|
6.35
|
%
|
|
|
09/01/28
|
|
|
|
743
|
|
|
|
692,565
|
|
|
White Oak Village Shops Community Development Authority;
Series 2007, Special Assessment RB
|
|
|
5.30
|
%
|
|
|
03/01/17
|
|
|
|
1,228
|
|
|
|
1,231,119
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,923,684
|
|
|
Washington6.74%
|
|
|
|
|
|
|
|
|
|
|
|
|
Bellevue (City of) Convention Center Authority (Compound
Interest); Series 1994, Ref. Special Obligation CAB RB
(INSNATL)
(b)(g)
|
|
|
0.00
|
%
|
|
|
02/01/25
|
|
|
|
9,850
|
|
|
|
4,759,520
|
|
|
Chelan (County of) Public Utility District No 1 (Hydro);
Series 2001, Consolidated RB
(INSBHAC/NATL)
(a)(b)(c)(f)
|
|
|
5.60
|
%
|
|
|
01/01/36
|
|
|
|
7,500
|
|
|
|
7,337,025
|
|
|
Energy Northwest (Columbia Generating Station);
Series 2001 A, Ref. Electric RB
(INSAGM)
(b)
|
|
|
5.50
|
%
|
|
|
07/01/16
|
|
|
|
5,000
|
|
|
|
5,128,900
|
|
|
Energy Northwest (Washington State Public Power Supply System
Nuclear); Series 1993 C, CAB RB
(INSNATL/IBC)
(b)(g)
|
|
|
0.00
|
%
|
|
|
07/01/14
|
|
|
|
5,125
|
|
|
|
4,798,435
|
|
|
Kalispel Tribe Indians; Series 2008, Priority District
Washington RB
|
|
|
6.63
|
%
|
|
|
01/01/28
|
|
|
|
1,250
|
|
|
|
1,081,450
|
|
|
Spokane (City of) Public Facilities District; Series 2003,
RB
(INSNATL)
(b)
|
|
|
5.25
|
%
|
|
|
09/01/33
|
|
|
|
3,000
|
|
|
|
2,961,000
|
|
|
Washington (State of) Health Care Facilities Authority (Swedish
Health Services); Series 2011 A, Health Care
Facilities Authority RB
|
|
|
6.25
|
%
|
|
|
11/15/41
|
|
|
|
950
|
|
|
|
950,598
|
|
|
Washington (State of) Housing Finance Commission (Custodial
Receipts Wesley Homes); Series 2008, Non-Profit
RB
(j)
|
|
|
6.00
|
%
|
|
|
01/01/27
|
|
|
|
1,440
|
|
|
|
1,307,131
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
28,324,059
|
|
|
West Virginia1.20%
|
|
|
|
|
|
|
|
|
|
|
|
|
Ohio (County of) (Fort Henry Centre Financing District);
Series 2007 A, Tax Allocation RB
|
|
|
5.85
|
%
|
|
|
06/01/34
|
|
|
|
500
|
|
|
|
428,275
|
|
|
Pleasants (County of) (County Commission Allegheny);
Series 2007 F, Ref. PCR
|
|
|
5.25
|
%
|
|
|
10/15/37
|
|
|
|
855
|
|
|
|
760,873
|
|
|
West Virginia (State of) Hospital Finance Authority (Thomas
Health System, Inc.);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2008, Hospital RB
|
|
|
6.00
|
%
|
|
|
10/01/20
|
|
|
|
1,000
|
|
|
|
973,680
|
|
|
Series 2008, Hospital RB
|
|
|
6.25
|
%
|
|
|
10/01/23
|
|
|
|
1,025
|
|
|
|
976,487
|
|
|
West Virginia (State of) Hospital Finance Authority (West
Virginia United Health System Obligated Group);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2009 C, Ref. & Improvement Hospital RB
|
|
|
5.50
|
%
|
|
|
06/01/34
|
|
|
|
1,000
|
|
|
|
988,270
|
|
|
Series 2009 C, Ref. & Improvement Hospital RB
|
|
|
5.50
|
%
|
|
|
06/01/39
|
|
|
|
955
|
|
|
|
925,643
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,053,228
|
|
|
Wisconsin2.39%
|
|
|
|
|
|
|
|
|
|
|
|
|
Southeast Wisconsin Professional Baseball Park District;
Series 1998 A, Ref. Sales Tax
RB
(k)(i)
|
|
|
5.50
|
%
|
|
|
12/15/20
|
|
|
|
1,500
|
|
|
|
1,745,580
|
|
|
Superior (City of) (Superior Water, Light & Power
Company);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2007 A, Ref. Collateralized Utility
RB
(f)
|
|
|
5.38
|
%
|
|
|
11/01/21
|
|
|
|
425
|
|
|
|
428,876
|
|
|
Series 2007 B, Collateralized Utility
RB
(f)
|
|
|
5.75
|
%
|
|
|
11/01/37
|
|
|
|
385
|
|
|
|
362,978
|
|
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
17 Invesco
Van Kampen Municipal Opportunity Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
Interest
|
|
Maturity
|
|
Amount
|
|
|
|
|
Rate
|
|
Date
|
|
(000)
|
|
Value
|
|
Wisconsin(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wisconsin (State of) Health & Educational Facilities
Authority (Aurora Health Care, Inc.); Series 2009 B,
RB
(c)(d)
|
|
|
4.75
|
%
|
|
|
08/15/14
|
|
|
$
|
1,000
|
|
|
$
|
1,057,830
|
|
|
Wisconsin (State of) Health & Educational Facilities
Authority (Prohealth Care, Inc. Obligated Group);
Series 2009, RB
|
|
|
6.63
|
%
|
|
|
02/15/39
|
|
|
|
1,270
|
|
|
|
1,331,912
|
|
|
Wisconsin (State of) Housing & Economic Development
Authority;
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2008 A, Home Ownership
RB
(a)(f)
|
|
|
5.30
|
%
|
|
|
09/01/23
|
|
|
|
2,400
|
|
|
|
2,458,296
|
|
|
Series 2008 A, Home Ownership
RB
(a)(f)
|
|
|
5.50
|
%
|
|
|
09/01/28
|
|
|
|
1,635
|
|
|
|
1,645,644
|
|
|
Wisconsin (State of); Series 2009 A, General
Appropriation RB
|
|
|
5.38
|
%
|
|
|
05/01/25
|
|
|
|
950
|
|
|
|
1,018,486
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,049,602
|
|
|
Wyoming0.34%
|
|
|
|
|
|
|
|
|
|
|
|
|
Sweetwater (County of) (Idaho Power Co.); Series 2006, Ref.
PCR
|
|
|
5.25
|
%
|
|
|
07/15/26
|
|
|
|
1,100
|
|
|
|
1,137,235
|
|
|
Uinta (County) (Chevron U.S.A. Inc.); Series 1993, Ref. VRD
PCR
(h)
|
|
|
0.17
|
%
|
|
|
08/15/20
|
|
|
|
300
|
|
|
|
300,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,437,235
|
|
|
TOTAL
INVESTMENTS
(n)
173.97%
(Cost $747,380,880)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
731,672,768
|
|
|
FLOATING RATE NOTE OBLIGATIONS(23.99%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes with interest rates ranging from 0.26% to 0.41% at
02/28/11
and
contractual maturities of collateral ranging from
09/01/23
to
10/01/41
(See
Note 1J)
(o)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(100,895,000
|
)
|
|
PREFERRED SHARES(52.55%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(221,000,000
|
)
|
|
OTHER ASSETS LESS LIABILITIES2.57%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,797,468
|
|
|
NET ASSETS APPLICABLE TO COMMON SHARES100.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
420,575,236
|
|
|
Investment Abbreviations:
|
|
|
ACA
|
|
ACA Financial Guaranty Corp.
|
AGC
|
|
Assured Guaranty Corp.
|
AGL
|
|
Assured Guaranty Ltd.
|
AGM
|
|
Assured Guaranty Municipal Corp.
|
AMBAC
|
|
American Municipal Bond Assurance Corp.*
|
BHAC
|
|
Berkshire Hathaway Assurance Corp.
|
CAB
|
|
Capital Appreciation Bond
|
COP
|
|
Certificates of Participation
|
FGIC
|
|
Financial Guaranty Insurance Co.
|
FHA
|
|
Federal Housing Administration
|
FHLMC
|
|
Federal Home Loan Mortgage Corp.
|
FNMA
|
|
Federal National Mortgage Association
|
GNMA
|
|
Government National Mortgage Association
|
GO
|
|
General Obligation
|
IBC
|
|
International Bancshares Corp.
|
IDR
|
|
Industrial Development Revenue Bonds
|
INS
|
|
Insurer
|
LOC
|
|
Letter of Credit
|
MFH
|
|
Multi-Family Housing
|
NATL
|
|
National Public Finance Guarantee Corp.
|
PCR
|
|
Pollution Control Revenue Bonds
|
RB
|
|
Revenue Bonds
|
Ref.
|
|
Refunding
|
SGI
|
|
Syncora Guarantee, Inc.
|
Sec.
|
|
Secured
|
Sr.
|
|
Senior
|
Sub.
|
|
Subordinated
|
TEMPS
|
|
Tax-Exempt Mandatory Paydown Securities
|
VRD
|
|
Variable Rate Demand
|
Notes to Schedule of Investments:
|
|
|
(a)
|
|
Underlying security related to
Dealer Trusts entered into by the Trust. See Note 1J.
|
(b)
|
|
Principal
and/or
interest payments are secured by the bond insurance company
listed.
|
(c)
|
|
Interest or dividend rate is
redetermined periodically. Rate shown is the rate in effect on
February 28, 2011.
|
(d)
|
|
Security has an irrevocable call by
the issuer or mandatory put by the holder. Maturity date
reflects such call or put.
|
(e)
|
|
Defaulted security. Currently, the
issuer is partially or fully in default with respect to interest
payments. The aggregate value of these securities at
February 28, 2011 was $759,670, which represented 0.18% of
the Trusts Net Assets.
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
18 Invesco
Van Kampen Municipal Opportunity Trust
|
|
|
(f)
|
|
Security subject to the alternative
minimum tax.
|
(g)
|
|
Zero coupon bond issued at a
discount.
|
(h)
|
|
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 February 28, 2011.
|
(i)
|
|
Principal and interest payments are
fully enhanced by a letter of credit from the bank listed or a
predecessor bank, branch or subsidiary.
|
(j)
|
|
Security purchased or received in a
transaction exempt from registration under the Securities Act of
1933, as amended. The security may be resold pursuant to an
exemption from registration under the 1933 Act, typically to
qualified institutional buyers. The aggregate value of these
securities at February 28, 2011 was $4,796,211, which
represented 1.00% of the Trusts Net Assets.
|
(k)
|
|
Advance refunded.
|
(l)
|
|
Advance refunded; secured by an
escrow fund of U.S. Government obligations or other highly
rated collateral.
|
(m)
|
|
Step coupon bond. The interest rate
represents the coupon rate at which the bond will accrue at a
specified future date.
|
(n)
|
|
This table provides a listing of
those entities that have either issued, guaranteed, backed or
otherwise enhanced the credit quality of more than 5% of the
securities held in the portfolio. In instances where the entity
has guaranteed, backed or otherwise enhanced the credit quality
of a security, it is not primarily responsible for the
issuers obligations but may be called upon to satisfy the
issuers obligations.
|
|
|
|
|
|
Entities
|
|
Percentage
|
|
National Public Finance Guarantee Corp.
|
|
|
20.71
|
%
|
|
Assured Guaranty Municipal Corp.
|
|
|
11.92
|
|
|
American Municipal Bond Assurance Corp.*
|
|
|
5.79
|
|
|
|
|
|
(o)
|
|
Floating rate note obligations
related to securities held. The interest rates shown reflect the
rates in effect at February 28, 2011. At February 28,
2011, the Trusts investments with a value of $169,574,773
are held by Dealer Trusts and serve as collateral for the
$100,895,000 in the floating rate note obligations outstanding
at that date.
|
*
|
|
AMBAC filed for bankruptcy on
November 8, 2010.
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
19 Invesco
Van Kampen Municipal Opportunity Trust
Statement
of Assets and Liabilities
February 28,
2011
|
|
|
|
|
Assets:
|
Investments, at value (Cost $747,380,880)
|
|
$
|
731,672,768
|
|
|
Receivable for:
|
|
|
|
|
Investments sold
|
|
|
5,393,813
|
|
|
Interest
|
|
|
11,273,181
|
|
|
Trust expenses absorbed
|
|
|
8,846
|
|
|
Total assets
|
|
|
748,348,608
|
|
|
Liabilities:
|
Floating rate note obligations
|
|
|
100,895,000
|
|
|
Payable for:
|
|
|
|
|
Investments purchased
|
|
|
923,381
|
|
|
Amount due custodian
|
|
|
4,649,756
|
|
|
Income distributions preferred and common shares
|
|
|
20,106
|
|
|
Accrued fees to affiliates
|
|
|
366
|
|
|
Accrued other operating expenses
|
|
|
284,763
|
|
|
Total liabilities
|
|
|
106,773,372
|
|
|
Preferred shares ($0.01 par value, authorized 100,000,000
shares, 8,840 issued with liquidation preference of $25,000 per
share)
|
|
|
221,000,000
|
|
|
Net assets applicable to common shares
|
|
$
|
420,575,236
|
|
|
Net assets applicable to common shares consist of:
|
Shares of beneficial interest common shares
|
|
$
|
503,375,822
|
|
|
Undistributed net investment income
|
|
|
13,213,563
|
|
|
Undistributed net realized gain (loss)
|
|
|
(80,306,037
|
)
|
|
Unrealized appreciation (depreciation)
|
|
|
(15,708,112
|
)
|
|
|
|
$
|
420,575,236
|
|
|
Shares outstanding, $0.01 par value per common share with an
unlimited number of shares authorized:
|
Common shares outstanding
|
|
|
33,787,408
|
|
|
Net asset value per common share
|
|
$
|
12.45
|
|
|
Market value per common share
|
|
$
|
12.51
|
|
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
20 Invesco
Van Kampen Municipal Opportunity Trust
Statement
of Operations
For
the period November 1, 2010 to February 28, 2011 and
the year ended October 31, 2010
|
|
|
|
|
|
|
|
|
|
|
For the four
|
|
|
|
|
months ended
|
|
For the year
ended
|
|
|
February 28,
|
|
October 31,
|
|
|
2011
|
|
2010
|
|
Investment income:
|
|
|
|
|
Interest
|
|
$
|
13,287,488
|
|
|
$
|
41,535,490
|
|
|
Expenses:
|
|
|
|
|
Advisory fees
|
|
|
1,355,930
|
|
|
|
4,318,515
|
|
|
Administrative services fees
|
|
|
52,027
|
|
|
|
173,751
|
|
|
Custodian fees
|
|
|
16,647
|
|
|
|
41,151
|
|
|
Interest, facilities and maintenance fees
|
|
|
367,507
|
|
|
|
1,347,007
|
|
|
Transfer agent fees
|
|
|
6,085
|
|
|
|
73,471
|
|
|
Trustees and officers fees and benefits
|
|
|
26,854
|
|
|
|
98,149
|
|
|
Professional fees
|
|
|
100,366
|
|
|
|
115,458
|
|
|
Other
|
|
|
4,481
|
|
|
|
152,529
|
|
|
Total expenses
|
|
|
1,929,897
|
|
|
|
6,320,031
|
|
|
Less: Fees waived
and/or
expenses reimbursed
|
|
|
(64,217
|
)
|
|
|
(454,127
|
)
|
|
Net expenses
|
|
|
1,865,680
|
|
|
|
5,865,904
|
|
|
Net investment income
|
|
|
11,421,808
|
|
|
|
35,669,586
|
|
|
Realized and unrealized gain (loss):
|
|
|
|
|
Net realized gain (loss) from investment securities
|
|
|
(3,736,562
|
)
|
|
|
(3,190,457
|
)
|
|
Change in net unrealized appreciation (depreciation) of
investment securities
|
|
|
(43,358,235
|
)
|
|
|
29,917,103
|
|
|
Net realized and unrealized gain (loss)
|
|
|
(47,094,797
|
)
|
|
|
26,726,646
|
|
|
Distributions to preferred shareholders from net investment
income
|
|
|
(163,939
|
)
|
|
|
(477,264
|
)
|
|
Net increase (decrease) in net assets applicable to common
shares resulting from operations
|
|
$
|
(35,836,928
|
)
|
|
$
|
61,918,968
|
|
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
21 Invesco
Van Kampen Municipal Opportunity Trust
Statement
of Changes in Net Assets
For
the period November 1, 2010 to February 28, 2011 and
the years ended October 31, 2010 and 2009
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the four
|
|
|
|
|
|
|
months ended
|
|
For the year
ended
|
|
For the year
ended
|
|
|
February 28,
|
|
October 31,
|
|
October 31,
|
|
|
2011
|
|
2010
|
|
2009
|
|
Operations:
|
|
|
|
|
|
|
|
|
Net investment income
|
|
$
|
11,421,808
|
|
|
$
|
35,669,586
|
|
|
$
|
38,545,491
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gain (loss)
|
|
|
(3,736,562
|
)
|
|
|
(3,190,457
|
)
|
|
|
(28,879,319
|
)
|
|
Change in net unrealized appreciation (depreciation)
|
|
|
(43,358,235
|
)
|
|
|
29,917,103
|
|
|
|
106,472,582
|
|
|
Distributions to preferred shareholders from net investment
income
|
|
|
(163,939
|
)
|
|
|
(477,264
|
)
|
|
|
(1,540,687
|
)
|
|
Net increase (decrease) in net assets applicable to common
shares resulting from operations
|
|
|
(35,836,928
|
)
|
|
|
61,918,968
|
|
|
|
114,598,067
|
|
|
Distributions to common shareholders from net investment income
|
|
|
(11,618,103
|
)
|
|
|
(34,639,103
|
)
|
|
|
(29,673,283
|
)
|
|
Net increase (decrease) in net assets applicable to common
shares resulting from investment activities
|
|
|
(47,455,031
|
)
|
|
|
27,279,865
|
|
|
|
84,924,784
|
|
|
Share transactionsnet:
|
|
|
|
|
|
|
|
|
Increase from transactions in common shares of beneficial
interest
|
|
|
291,974
|
|
|
|
1,088,395
|
|
|
|
771,627
|
|
|
Net increase (decrease) in net assets
|
|
|
(47,163,057
|
)
|
|
|
28,368,260
|
|
|
|
85,696,411
|
|
|
Net assets applicable to common shares:
|
|
|
|
|
|
|
|
|
Beginning of period
|
|
|
467,738,293
|
|
|
|
439,370,033
|
|
|
|
353,673,622
|
|
|
End of period (includes undistributed net investment income of
$13,213,563, $13,868,568, and $13,362,731, respectively)
|
|
$
|
420,575,236
|
|
|
$
|
467,738,293
|
|
|
$
|
439,370,033
|
|
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
22 Invesco
Van Kampen Municipal Opportunity Trust
Statement
of Cash Flows
For
the period November 1, 2010 to February 28, 2011 and
the year ended October 31, 2010
|
|
|
|
|
|
|
|
|
|
|
For the four
|
|
|
|
|
months ended
|
|
For the year
ended
|
|
|
February 28,
|
|
October 31,
|
|
|
2011
|
|
2010
|
Net increase (decrease) in net assets applicable to common
shares resulting from operations
|
|
$
|
(35,836,928
|
)
|
|
$
|
61,918,968
|
|
|
Adjustments to reconcile the net increase (decrease) in net
assets applicable to common shares from operations to net cash
provided by operating activities:
|
|
|
|
|
Purchases of investments
|
|
|
(28,528,667
|
)
|
|
|
(76,645,667
|
)
|
|
Proceeds from sales of investments
|
|
|
22,593,004
|
|
|
|
113,891,004
|
|
|
Net (purchases) sales of short-term investments
|
|
|
0
|
|
|
|
3,900,000
|
|
|
Amortization of premium
|
|
|
351,249
|
|
|
|
1,154,928
|
|
|
Accretion of discount
|
|
|
(314,755
|
)
|
|
|
(1,116,204
|
)
|
|
Net realized loss on investments
|
|
|
3,736,562
|
|
|
|
3,190,457
|
|
|
Change in unrealized (appreciation) depreciation
|
|
|
43,358,235
|
|
|
|
(29,917,103
|
)
|
|
Decrease in interest receivable and other assets
|
|
|
985,115
|
|
|
|
953,272
|
|
|
Increase in trust expenses absorbed
|
|
|
(8,846
|
)
|
|
|
0
|
|
|
(Increase) decrease in accrued expenses and other payables
|
|
|
(333,393
|
)
|
|
|
67,887
|
|
|
(Increase) decrease in fund shares repurchase payable
|
|
|
0
|
|
|
|
(4,000
|
)
|
|
Increase (decrease) in trustees deferred compensation and
retirement plans
|
|
|
0
|
|
|
|
(740,534
|
)
|
|
Total adjustments
|
|
|
41,838,504
|
|
|
|
14,734,040
|
|
|
Net cash provided by operating activities
|
|
|
6,001,576
|
|
|
|
76,653,008
|
|
|
Cash flows provided by (used in) financing activities:
|
|
|
|
|
Dividends paid to common shareholders from net investment income
|
|
|
(11,330,413
|
)
|
|
|
(33,547,592
|
)
|
|
Net proceeds from and repayments of floating rate note
obligations
|
|
|
(1,215,000
|
)
|
|
|
(7,330,000
|
)
|
|
Retirement of preferred shares
|
|
|
0
|
|
|
|
(34,000,000
|
)
|
|
Increase in custodian bank payable
|
|
|
4,649,756
|
|
|
|
0
|
|
|
Net cash provided by (used in) financing activities
|
|
|
(7,895,657
|
)
|
|
|
(74,877,592
|
)
|
|
Net increase (decrease) in cash
|
|
|
(1,894,081
|
)
|
|
|
1,775,416
|
|
|
Cash at the beginning of the period
|
|
|
1,894,081
|
|
|
|
118,665
|
|
|
Cash at the end of the period
|
|
$
|
|
|
|
$
|
1,894,081
|
|
|
Supplemental disclosures of cash flow information
|
|
|
|
|
Cash paid during the period for interest, facilities and
maintenance fees
|
|
$
|
367,507
|
|
|
$
|
962,415
|
|
|
|
|
|
For the year ended October 31,
2010, facilities and maintenance fees were excluded.
|
Notes
to Financial Statements
February 28,
2011
NOTE 1Significant
Accounting Policies
Invesco Van Kampen Municipal Opportunity Trust (the
Trust) is registered under the Investment Company
Act of 1940, as amended (the 1940 Act), as a
diversified, closed-end management investment company. Effective
June 1, 2010, the Trusts name changed from Van Kampen
Municipal Opportunity Trust to Invesco Van Kampen Municipal
Opportunity Trust.
On February 28, 2011, the Trusts fiscal
year-end changed from October 31 to February 28.
The Trusts investment objective is to seek to
provide a high level of current income exempt from federal
income tax, consistent with preservation of capital.
The following is a summary of the significant
accounting policies followed by the Trust in the preparation of
its financial statements.
|
|
|
A.
|
|
Security
Valuations
Securities, including
restricted securities, are valued according to the following
policy.
|
23 Invesco
Van Kampen Municipal Opportunity Trust
|
|
|
|
|
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 net gains (losses) on
securities per share in the Financial Highlights. Transaction
costs are included in the calculation of the Trusts net
asset value and, accordingly, they reduce the Trusts total
returns. These transaction costs are not considered operating
expenses and are not reflected in net investment income reported
in the Statement of Operations and Statement of Changes in Net
Assets, or the net investment income per share and ratios of
expenses and net investment income reported in the Financial
Highlights, nor are they limited by any expense limitation
arrangements between the Trust and the investment adviser.
|
C.
|
|
Country
Determination
For the purposes of making
investment selection decisions and presentation in the Schedule
of Investments, the investment adviser may determine the country
in which an issuer is located
and/or
credit risk exposure based on various factors. These factors
include the laws of the country under which the issuer is
organized, where the issuer maintains a principal office, the
country in which the issuer derives 50% or more of its total
revenues and the country that has the primary market for the
issuers securities, as well as other criteria. Among the
other criteria that may be evaluated for making this
determination are the country in which the issuer maintains 50%
or more of its assets, the type of security, financial
guarantees and enhancements, the nature of the collateral and
the sponsor organization. Country of issuer
and/or
credit risk exposure has been determined to be the United States
of America, unless otherwise noted.
|
D.
|
|
Distributions
The Trust declares and pays monthly dividends from net
investment income to common shareholders. Distributions from net
realized capital gain, if any, are generally paid annually and
are distributed on a pro rata basis to common and preferred
shareholders. The Trust may elect to treat a portion of the
proceeds from redemptions as distributions for federal income
tax purposes.
|
E.
|
|
Federal Income
Taxes
The Trust intends to comply with
the requirements of Subchapter M of the Internal Revenue
Code necessary to qualify as a regulated investment company and
to distribute substantially all of the Trusts taxable
earnings to shareholders. As such, the Trust will not be subject
to federal income taxes on otherwise taxable income (including
net realized capital gain) that is distributed to shareholders.
Therefore, no provision for federal income taxes is recorded in
the financial statements. In addition, the Trust intends to
invest in such municipal securities to allow it to qualify to
pay shareholders
exempt-interest
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.
|
|
Securities
Purchased on a When-Issued and Delayed Delivery
Basis
The Trust may purchase and sell
interests in portfolio securities on a when-issued and delayed
delivery basis, with payment and delivery scheduled for a future
date. No income accrues to the Trust on such interests or
securities in connection with such transactions prior to the
date the Trust actually takes delivery of such interests or
securities. These transactions are subject to market
fluctuations and are subject to the risk that the value at
delivery may be more or less than the trade date purchase
|
24 Invesco
Van Kampen Municipal Opportunity Trust
|
|
|
|
|
price. Although the Trust will generally purchase these
securities with the intention of acquiring such securities, they
may sell such securities prior to the settlement date.
|
I.
|
|
Cash and Cash
Equivalents
For the purposes of the
Statement of Cash Flows the Trust defines Cash and Cash
Equivalents as cash (including foreign currency), money market
funds and other investments held in lieu of cash and excludes
investments made with cash collateral received.
|
J.
|
|
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 Funds investment
assets, and the related floating rate notes reflected as Trust
liabilities under the caption
Floating rate note
obligations
on the Statement of Assets and Liabilities. The
Trust records the interest income from the fixed rate bonds
under the caption
Interest
and records the expenses
related to floating rate obligations and any administrative
expenses of the Dealer Trusts as a component of
Interest,
facilities and maintenance fees
, on the Statement of
Operations.
|
|
|
The Trust generally invests in inverse
floating rate securities that include embedded leverage, thus
exposing the Trust to greater risks and increased costs. The
primary risks associated with inverse floating rate securities
are varying degrees of liquidity and the changes in the value of
such securities in response to changes in market rates of
interest to a greater extent than the value of an equal
principal amount of a fixed rate security having similar credit
quality, redemption provisions and maturity which may cause the
Trusts net asset value to be more volatile than if it had
not invested in inverse floating rate securities. In certain
instances, the short-term floating rate interests created by the
special purpose trust may not be able to be sold to third
parties or, in the case of holders tendering (or putting) such
interests for repayment of principal, may not be able to be
remarketed to third parties. In such cases, the special purpose
trust holding the long-term fixed rate bonds may be collapsed.
In the case of RIBs or TOBs created by the contribution of
long-term fixed income bonds by the Trust, the Trust will then
be required to repay the principal amount of the tendered
securities. During times of market volatility, illiquidity or
uncertainty, the Trust could be required to sell other portfolio
holdings at a disadvantageous time to raise cash to meet that
obligation.
|
K.
|
|
Other
Risks
The value of, payment of interest
on, repayment of principal for and the ability to sell a
municipal security may be affected by constitutional amendments,
legislative enactments, executive orders, administrative
regulations, voter initiatives and the economics of the regions
in which the issuers are located.
|
|
|
Since many municipal securities are
issued to finance similar projects, especially those relating to
education, health care, transportation and utilities, conditions
in those sectors can affect the overall municipal securities
market and the 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.
|
L.
|
|
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 Auction Rate
Preferred Shares and 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 0.55% of the Trusts
average daily net assets including current preferred shares and
leverage entered into to retire preferred shares of the Trust.
Prior to June 1, 2010, Van Kampen Asset Management
(VKAM) had voluntarily agreed to waive investment
advisory fees equal to 0.10% of the average daily net assets
including current preferred shares and leverage. For the period
November 1, 2009 to May 31, 2010, the Trust paid an
advisory fee of $2,497,895 to VKAM based on the annual rate and
the Trusts average daily net assets as discussed above.
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 Trimark 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 provides 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 1.03%. In determining the Advisers obligation to waive
advisory fees
and/or
reimburse expenses, the following expenses are not taken into
account, and could cause the Trusts expenses to exceed the
limit reflected above: (1) interest, facilities and
maintenance
25 Invesco
Van Kampen Municipal Opportunity Trust
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.
Prior to June 1, 2010, VKAM voluntarily waived
$454,127 of advisory fees of the Trust.
For the period November 1, 2010 to
February 28, 2011 and the year ended October 31, 2010,
the Adviser waived advisory fees of $64,217 and $0, respectively.
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. Prior to
June 1, 2010, under separate accounting services and chief
compliance officer (CCO) employment agreements, Van
Kampen Investments Inc. (VKII) provided accounting
services and the CCO provided compliance services to the Trust.
Pursuant to such agreements, the Trust paid $33,911 to VKII. For
the period November 1, 2010 to February 28, 2011 and
the year ended October 31, 2010, expenses incurred under
these agreements are shown in the Statement of Operations as
administrative services fees.
Prior to June 1, 2010, under a legal services
agreement, VKII provided legal services to the Trust. Pursuant
to such agreement, the Trust paid $16,705 to VKII.
Certain officers and trustees of the Trust are
officers and directors of Invesco.
NOTE 3Additional
Valuation Information
GAAP defines fair value as the price that would be received to
sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the measurement date,
under current market conditions. GAAP establishes a hierarchy
that prioritizes the inputs to valuation methods giving the
highest priority to readily available unadjusted quoted prices
in an active market for identical assets (Level 1) and
the lowest priority to significant unobservable inputs
(Level 3) generally when market prices are not readily
available or are unreliable. Based on the valuation inputs, the
securities or other investments are tiered into one of three
levels. Changes in valuation methods may result in transfers in
or out of an investments assigned level:
|
|
|
|
Level 1
|
Prices are determined using quoted prices in an active market
for identical assets.
|
|
Level 2
|
Prices are determined using other significant observable inputs.
Observable inputs are inputs that other market participants may
use in pricing a security. These may include quoted prices for
similar securities, interest rates, prepayment speeds, credit
risk, yield curves, loss severities, default rates, discount
rates, volatilities and others.
|
|
Level 3
|
Prices are determined using significant unobservable inputs. In
situations where quoted prices or observable inputs are
unavailable (for example, when there is little or no market
activity for an investment at the end of the period),
unobservable inputs may be used. Unobservable inputs reflect the
Trusts own assumptions about the factors market
participants would use in determining fair value of the
securities or instruments and would be based on the best
available information.
|
The following is a summary of the tiered valuation
input levels, as of February 28, 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 period ended February 28, 2011,
there were no significant transfers between investment levels.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
Municipal Obligations
|
|
$
|
|
|
|
$
|
731,672,768
|
|
|
$
|
|
|
|
$
|
731,672,768
|
|
|
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.
For the period November 1, 2010 to
February 28, 2011 and the year ended October 31, 2010,
the Trust paid legal fees of $33,310 and $32,495, respectively
for services rendered by Skadden, Arps, Slate,
Meagher & Flom LLP, as legal counsel to the Trust. A
member of that firm is a Trustee of the Trust.
Prior to June 1, 2010, the Trust provided
retirement plans for its independent trustees. Such plans were
terminated and the amount owed to the trustees were distributed.
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
& 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 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 period ended February 28,
2011 were $102,175,600 and 0.72%, respectively.
26 Invesco
Van Kampen Municipal Opportunity Trust
NOTE 6Distributions
to Shareholders and Tax Components of Net Assets
Tax Character
of Distributions to Shareholders Paid For the period
November 1, 2010 to February 28, 2011 and the years ended
October 31, 2010 and 2009:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Four months
ended
|
|
Year ended
|
|
Year ended
|
|
|
February 28,
|
|
October 31,
|
|
October 31,
|
|
|
2011
|
|
2010
|
|
2009
|
|
Ordinary income
|
|
$
|
-0-
|
|
|
$
|
284,450
|
|
|
$
|
370,030
|
|
|
Tax-exempt income
|
|
|
11,782,043
|
|
|
|
34,831,917
|
|
|
|
31,267,312
|
|
|
Total distributions
|
|
$
|
11,782,043
|
|
|
$
|
35,116,367
|
|
|
$
|
31,637,342
|
|
|
Tax Components
of Net Assets at Period-End:
|
|
|
|
|
|
|
February 28,
|
|
|
2011
|
|
Undistributed ordinary income
|
|
$
|
12,548,454
|
|
|
Net unrealized appreciation (depreciation)
investments
|
|
|
(14,514,752
|
)
|
|
Capital loss carryforward
|
|
|
(80,834,288
|
)
|
|
Shares of beneficial interest common shares
|
|
|
503,375,822
|
|
|
Total net assets applicable to common shares
|
|
$
|
420,575,236
|
|
|
The difference between book-basis and tax-basis
unrealized appreciation (depreciation) is due to differences in
the timing of recognition of gains and losses on investments for
tax and book purposes. The Trusts net unrealized
appreciation (depreciation) difference is attributable primarily
to bond amortization/accretion and inverse floater adjustments.
The temporary book/tax differences are a result of
timing differences between book and tax recognition of income
and/or
expenses.
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 utilized $0 of capital loss carryforward
in the current period to offset net realized capital gain for
federal income tax purposes. The Trust has a capital loss
carryforward as of February 28, 2011 which expires as
follows:
|
|
|
|
|
|
|
Capital Loss
|
Expiration
|
|
Carryforward*
|
|
February 28, 2013
|
|
$
|
577,984
|
|
|
February 28, 2014
|
|
|
1,179,918
|
|
|
February 28, 2015
|
|
|
3,206,957
|
|
|
February 29, 2016
|
|
|
41,319,327
|
|
|
February 28, 2017
|
|
|
27,670,283
|
|
|
February 28, 2018
|
|
|
3,145,788
|
|
|
February 28, 2019
|
|
|
3,734,031
|
|
|
Total capital loss carryforward
|
|
$
|
80,834,288
|
|
|
|
|
*
|
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
period November 1, 2010 to February 28, 2011 was
$12,512,288 and $26,281,210, 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
|
|
$
|
21,073,362
|
|
|
Aggregate unrealized (depreciation) of investment securities
|
|
|
(35,588,114
|
)
|
|
Net unrealized appreciation (depreciation) of investment
securities
|
|
$
|
(14,514,752
|
)
|
|
Cost of investments for tax purposes is $746,187,520.
|
|
|
|
|
27 Invesco
Van Kampen Municipal Opportunity Trust
NOTE 8Reclassification
of Permanent Differences
Primarily as a result of differing book/tax treatment of the
sale of bonds with accretion and federal income taxes, on
February 28, 2011, undistributed net investment income
(loss) was decreased by $294,771, undistributed net realized
gain (loss) was increased by $696 and shares of beneficial
interest increased by $294,075. This reclassification had no
effect on the net assets of the Trust.
NOTE 9Common
Shares of Beneficial Interest
Transactions in common shares of beneficial interest were as
follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Four month
ended
|
|
Year ended
|
|
Year ended
|
|
|
February 28,
|
|
October 31,
|
|
October 31,
|
|
|
2011
|
|
2010
|
|
2009
|
|
Beginning shares
|
|
|
33,764,765
|
|
|
|
33,684,098
|
|
|
|
33,620,065
|
|
|
Shares issued through dividend reinvestment
|
|
|
22,643
|
|
|
|
80,667
|
|
|
|
64,033
|
|
|
Ending shares
|
|
|
33,787,408
|
|
|
|
33,764,765
|
|
|
|
33,684,098
|
|
|
The Board of Trustees have approved share
repurchases whereby the Trust may, when appropriate, purchase
shares in the open market or in privately negotiated
transactions at a price not above market value or net asset
value, whichever is lower at the time of purchase.
NOTE 10Preferred
Shares of Beneficial Interest
The Trust has issued Auction Rate Preferred Shares
(preferred shares) which have a liquidation of
$25,000 per share plus the redemption premium, if any, plus
accumulated but unpaid dividends, whether or not declared,
thereon to the date of distribution. The Trust may redeem such
shares, in whole or in part, at the original purchase price of
$25,000 per share plus accumulated but unpaid dividends, whether
or not declared, thereon to the date of redemption.
Historically, the Trust paid annual fees equivalent
of 0.25% of the preferred share liquidation value for the
remarketing efforts associated with the preferred auction.
Effective March 16, 2009, the Trust decreased this amount
to 0.15% due to auction failures. In the future, if auctions no
longer fail, the Trust may return to an annual fee payment of
0.25% of the preferred share liquidation value. These fees are
included as a component of interest, facilities and maintenance
fees on the Statement of Operations.
Dividends, which are cumulative, are reset through
auction procedures.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amount
|
|
|
|
|
|
Range of
|
Series
|
|
Shares
|
|
(000s
omitted)
|
|
Rate
|
|
Reset
Date
|
|
Dividend
Rates
|
|
A
|
|
|
1,950
|
|
|
$
|
48,750
|
|
|
|
0.210
|
%
|
|
|
03/02/2011
|
|
|
|
0.210-0.265
|
%
|
|
B
|
|
|
1,950
|
|
|
|
48,750
|
|
|
|
0.210
|
|
|
|
03/25/2011
|
|
|
|
0.155-0.232
|
|
|
C
|
|
|
1,300
|
|
|
|
32,500
|
|
|
|
0.243
|
|
|
|
03/11/2011
|
|
|
|
0.221-0.276
|
|
|
D
|
|
|
1,300
|
|
|
|
32,500
|
|
|
|
0.210
|
|
|
|
03/25/2011
|
|
|
|
0.155-0.232
|
|
|
E
|
|
|
1,300
|
|
|
|
32,500
|
|
|
|
0.166
|
|
|
|
03/08/2011
|
|
|
|
0.166-0.232
|
|
|
F
|
|
|
1,040
|
|
|
|
26,000
|
|
|
|
0.243
|
|
|
|
03/11/2011
|
|
|
|
0.221-0.276
|
|
|
|
|
|
|
|
As of February 28, 2011.
|
|
|
For the period November 1,
2010 to February 28, 2011.
|
Subsequent to February 28, 2011 and up through
April 15, 2011, the Trust paid dividends to preferred
shareholders at rates ranging from 0.166% to 0.243% in the
aggregate amount of $29,766.
The Trust is subject to certain restrictions
relating to the preferred shares. Failure to comply with these
restrictions could preclude the Trust from declaring any
distributions to common shareholders or purchasing common shares
and/or
could
trigger the mandatory redemption of preferred shares at
liquidation value.
Beginning on February 14, 2008 and continuing
through February 28, 2011, all series of preferred shares
of the Trust were not successfully remarketed. As a result, the
dividend rates of these preferred shares were reset to the
maximum applicable rate.
The preferred shares, which are entitled to one vote
per share, generally vote with the common shares but vote
separately as a class to elect two Trustees and on any matters
affecting the rights of the preferred shares.
The preferred shares are not listed on an exchange.
Investors in preferred shares may participate in auctions
through authorized broker-dealers; however, such broker-dealers
are not required to maintain a secondary market in preferred
shares, and there can be no assurance that a secondary market
will develop, or if it does develop, a secondary market may not
provide you with liquidity. When a preferred share auction
fails, investors may not be able to sell any or all of their
preferred shares and because of the nature of the market for
preferred shares, investors may receive less than the price paid
for their preferred shares if sold outside of the auction.
28 Invesco
Van Kampen Municipal Opportunity Trust
Transactions in preferred shares were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series
A
|
|
Series
B
|
|
Series
C
|
|
Series
D
|
|
|
Shares
|
|
Value
|
|
Shares
|
|
Value
|
|
Shares
|
|
Value
|
|
Shares
|
|
Value
|
|
Outstanding at October 31, 2010
|
|
|
1,950
|
|
|
$
|
48,750,000
|
|
|
|
1,950
|
|
|
$
|
48,750,000
|
|
|
|
1,300
|
|
|
$
|
32,500,000
|
|
|
|
1,300
|
|
|
$
|
32,500,000
|
|
|
Shares retired
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding at February 28, 2011
|
|
|
1,950
|
|
|
$
|
48,750,000
|
|
|
|
1,950
|
|
|
$
|
48,750,000
|
|
|
|
1,300
|
|
|
$
|
32,500,000
|
|
|
|
1,300
|
|
|
$
|
32,500,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series
E
|
|
Series
F
|
|
|
Shares
|
|
Value
|
|
Shares
|
|
Value
|
|
Outstanding at October 31, 2010
|
|
|
1,300
|
|
|
$
|
32,500,000
|
|
|
|
1,040
|
|
|
$
|
26,000,000
|
|
|
Shares retired
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding at February 28, 2011
|
|
|
1,300
|
|
|
$
|
32,500,000
|
|
|
|
1,040
|
|
|
$
|
26,000,000
|
|
|
NOTE 11Dividends
The Trust declared the following dividends from net investment
income subsequent to February 28, 2011:
|
|
|
|
|
|
|
|
|
|
|
|
|
Declaration
Date
|
|
Amount per
Share
|
|
Record
Date
|
|
Payable
Date
|
|
March 1, 2011
|
|
$
|
0.086
|
|
|
|
March 15, 2011
|
|
|
|
March 31, 2011
|
|
|
April 1, 2011
|
|
$
|
0.086
|
|
|
|
April 15, 2011
|
|
|
|
April 29, 2011
|
|
|
NOTE 12Legal
Proceedings
Terms used in the Legal Proceedings Note are defined terms
solely for the purpose of this note.
Pending
Litigation and Regulatory Inquiries
On January 17, 2011, a Consolidated Amended Shareholder
Derivative Complaint entitled
Clifford Rotz, et al. v.
Van Kampen Asset Management et al.
, was filed on behalf of
Invesco Van Kampen High Income Trust II, Invesco Van Kampen
Advantage Municipal Income Trust II, Invesco Van Kampen
Municipal Opportunity Trust, Invesco Van Kampen Municipal Trust
and Invesco Van Kampen Senior Income Trust (the
Trusts) against Van Kampen Asset Management, Morgan
Stanley and certain current and former executive officers of the
Trusts (collectively, the Defendants) alleging that
they breached their fiduciary duties to common shareholders by
causing the Trusts to redeem Auction Rate Preferred Securities
(ARPS) at their liquidation value. Specifically, the
shareholders claim that the Board and officers had no obligation
to provide liquidity to the ARPS shareholders, the redemptions
were improperly motivated to benefit the prior adviser by
preserving business relationships with the ARPS holders, i.e.,
institutional investors, and the market value and fair value of
the ARPS were less than par at the time they were redeemed. The
Complaint alleges that the redemption of the ARPS occurred at
the expense of the Trusts and their common shareholders. This
Complaint amends and consolidates two separate complaints that
were filed by Clifford T. Rotz, Jr., Robert Fast and Gene
Turban on July 22, 2010, and by Harry Suleski, Leon
McDermott, Marilyn Morrison and John Johnson on August 3,
2010. Each of the Trusts initially received a demand letter from
the plaintiffs on April 8, 2010. Plaintiffs seek judgment
that: 1) orders Defendants to refrain from redeeming any
ARPS at their liquidation value using Trust assets;
2) awards monetary damages against all Defendants,
individually, jointly or severally, in favor of the Trusts, for
all losses and damages allegedly suffered as a result of the
redemptions of ARPS at their liquidation value; 3) grants
appropriate equitable relief to remedy the Defendants
breaches of fiduciary duties; and 4) awards to Plaintiffs
the costs and disbursements of the action. The Board has formed
a committee to investigate these claims and make a
recommendation to the Board regarding whether pursuit of these
claims is in the best interests of the Trusts. A Stipulation and
Proposed Order for Stay of Litigation was filed on March 9,
2011, and subsequently approved by the Court, moving the due
date for responses to the Complaint to June 16, 2011.
Plaintiffs also filed a letter with the Court requesting
postponement of a status hearing to June 27, 2011.
Management of Invesco and the Trust believe that the
outcome of the proceedings described above will have no material
adverse effect on the Trust or on the ability of Invesco to
provide ongoing services to the Trust.
29 Invesco
Van Kampen Municipal Opportunity Trust
NOTE 13Financial
Highlights
The following schedule presents financial highlights for a share
of the Trust outstanding throughout the periods indicated.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Four months
ended
|
|
|
|
|
|
|
|
|
|
|
|
|
February 28,
|
|
Year ended
October 31,
|
|
|
2011
|
|
2010
|
|
2009
|
|
2008
|
|
2007
|
|
2006
|
|
Net asset value per common share, beginning of period
|
|
$
|
13.85
|
|
|
$
|
13.04
|
|
|
$
|
10.52
|
|
|
$
|
15.46
|
|
|
$
|
16.61
|
|
|
$
|
16.52
|
|
|
Net investment
income
(a)
|
|
|
0.34
|
|
|
|
1.06
|
|
|
|
1.15
|
|
|
|
1.26
|
|
|
|
1.17
|
|
|
|
1.11
|
|
|
Net realized and unrealized gains (losses)
|
|
|
(1.40
|
)
|
|
|
0.79
|
|
|
|
2.30
|
|
|
|
(5.07
|
)
|
|
|
(1.17
|
)
|
|
|
0.49
|
|
|
Distributions paid to preferred shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
|
(0.00
|
)
|
|
|
(0.01
|
)
|
|
|
(0.05
|
)
|
|
|
(0.30
|
)
|
|
|
(0.37
|
)
|
|
|
(0.31
|
)
|
|
Net realized gain
|
|
|
-0-
|
|
|
|
-0-
|
|
|
|
-0-
|
|
|
|
-0-
|
|
|
|
-0-
|
|
|
|
(0.04
|
)
|
|
Total income (loss) from investment operations
|
|
|
(1.06
|
)
|
|
|
1.84
|
|
|
|
3.40
|
|
|
|
(4.11
|
)
|
|
|
(0.37
|
)
|
|
|
1.25
|
|
|
Distributions paid to common shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
|
(0.34
|
)
|
|
|
(1.03
|
)
|
|
|
(0.88
|
)
|
|
|
(0.83
|
)
|
|
|
(0.78
|
)
|
|
|
(0.81
|
)
|
|
Net realized gain
|
|
|
-0-
|
|
|
|
-0-
|
|
|
|
-0-
|
|
|
|
-0-
|
|
|
|
-0-
|
|
|
|
(0.35
|
)
|
|
Net asset value per common share, end of period
|
|
$
|
12.45
|
|
|
$
|
13.85
|
|
|
$
|
13.04
|
|
|
$
|
10.52
|
|
|
$
|
15.46
|
|
|
$
|
16.61
|
|
|
Market value, end of period
|
|
$
|
12.51
|
|
|
$
|
14.51
|
|
|
$
|
13.23
|
|
|
$
|
10.10
|
|
|
$
|
14.30
|
|
|
$
|
14.70
|
|
|
Total return at net asset
value
(b)
|
|
|
(7.65
|
)%
|
|
|
14.58
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total return at market
value
(c)
|
|
|
(11.43
|
)%
|
|
|
18.32
|
%
|
|
|
41.33
|
%
|
|
|
(24.86
|
)%
|
|
|
2.40
|
%
|
|
|
10.76
|
%
|
|
Net assets applicable to common shares at end of the period
(000s omitted)
|
|
$
|
420,575
|
|
|
$
|
467,738
|
|
|
$
|
439,370
|
|
|
$
|
353,674
|
|
|
$
|
524,862
|
|
|
$
|
567,539
|
|
|
Portfolio
turnover
(d)
|
|
|
2
|
%
|
|
|
10
|
%
|
|
|
14
|
%
|
|
|
57
|
%
|
|
|
23
|
%
|
|
|
20
|
%
|
|
Ratios/supplemental
data based on average net assets applicable to common
shares:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
With fee waivers
and/or
expense
reimbursements
(e)
|
|
|
1.32
|
%
(f)
|
|
|
1.30
|
%
|
|
|
1.54
|
%
|
|
|
2.11
|
%
|
|
|
2.03
|
%
|
|
|
1.36
|
%
|
|
With fee waivers
and/or
expense reimbursements excluding interest, facilities and
maintenance
fees
(e)(h)
|
|
|
1.06
|
%
(f)
|
|
|
1.08
|
%
|
|
|
1.17
|
%
|
|
|
1.03
|
%
|
|
|
1.03
|
%
|
|
|
1.25
|
%
|
|
Without fee waivers
and/or
expense
reimbursements
(e)
|
|
|
1.37
|
%
(f)
|
|
|
1.40
|
%
|
|
|
1.73
|
%
|
|
|
2.28
|
%
|
|
|
2.18
|
%
|
|
|
1.36
|
%
|
|
Ratio of net investment income before preferred share dividends
|
|
|
8.13
|
%
(f)
|
|
|
7.88
|
%
|
|
|
9.92
|
%
|
|
|
8.92
|
%
|
|
|
7.30
|
%
|
|
|
6.86
|
%
|
|
Preferred share dividends
|
|
|
0.11
|
%
(f)
|
|
|
0.11
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of net investment income after preferred share dividends
|
|
|
8.02
|
%
(f)
|
|
|
7.77
|
%
|
|
|
9.53
|
%
|
|
|
6.78
|
%
|
|
|
4.99
|
%
|
|
|
4.92
|
%
|
|
Senior
securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total preferred shares outstanding
|
|
|
8,840
|
|
|
|
8,840
|
|
|
|
10,200
|
|
|
|
10,880
|
|
|
|
13,600
|
|
|
|
13,600
|
|
|
Total amount of preferred shares outstanding (000s omitted)
|
|
$
|
221,000
|
|
|
$
|
221,000
|
|
|
$
|
255,000
|
|
|
$
|
272,000
|
|
|
$
|
340,000
|
|
|
$
|
340,000
|
|
|
Asset coverage per preferred
share
(g)
|
|
$
|
72,576
|
|
|
$
|
77,912
|
|
|
$
|
68,078
|
|
|
$
|
57,538
|
|
|
$
|
63,629
|
|
|
$
|
66,761
|
|
|
Liquidating preference per preferred share
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
|
|
|
(a)
|
|
Based on average shares outstanding.
|
(b)
|
|
Includes adjustments in accordance
with accounting principles generally accepted in the United
States of America and as such, the net asset value for financial
reporting purposes and the returns based upon those net asset
values may differ from the net asset value and returns for
shareholder transactions. Not annualized for periods less than
one year, if applicable.
|
(c)
|
|
Total return based on common share
market price assumes an investment at the common share market
price at the beginning of the period indicated, reinvestment of
all distributions for the period in accordance with the
Trusts dividend reinvestment plan, and sale of all shares
at the closing common share market price at the end of the
period indicated. Not annualized for periods less than one year,
if applicable.
|
(d)
|
|
Portfolio turnover is not
annualized for period less than one year, if applicable.
|
(e)
|
|
Ratios do not reflect the effect of
dividend payments to preferred shareholders.
|
(f)
|
|
Ratios are annualized and based on
average net assets applicable to common shares (000s
omitted) of $427,165.
|
(g)
|
|
Calculated by subtracting the
Trusts total liabilities (not including the preferred
shares) from the Trusts total assets and dividing by the
number of preferred shares outstanding.
|
(h)
|
|
For the years ended
October 31, 2010 and prior, ratio does not exclude
facilities and maintenance fees.
|
30 Invesco
Van Kampen Municipal Opportunity Trust
Report
of Independent Registered Public Accounting Firm
To the Board of Directors and Shareholders of
Invesco Van Kampen Municipal Opportunity Trust:
In our opinion, the accompanying statement of assets and
liabilities, including the schedule of investments, and the
related statements of operations, of changes in net assets and
of cash flows and the financial highlights present fairly, in
all material respects, the financial position of Invesco Van
Kampen Municipal Opportunity Trust (hereafter referred to as the
Trust) at February 28, 2011, the results of its
operations, the changes in its net assets, its cash flows, and
the financial highlights for the period ended February 28,
2011 and the year ended October 31, 2010, in conformity
with accounting principles generally accepted in the United
States of America. These financial statements and financial
highlights (hereafter referred to as financial
statements) are the responsibility of the Trusts
management. Our responsibility is to express an opinion on these
financial statements based on our audits. We conducted our
audits of these financial statements in accordance with the
standards of the Public Company Accounting Oversight Board
(United States). Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements,
assessing the accounting principles used and significant
estimates made by management, and evaluating the overall
financial statement presentation. We believe that our audits,
which included confirmation of securities at February 28,
2011 by correspondence with the custodian and brokers, provide a
reasonable basis for our opinion. The statement of changes in
net assets and the financial highlights of the Trust for the
periods ended October 31, 2009 and prior were audited by
other independent auditors whose report dated December 21,
2009 expressed an unqualified opinion on those financial
statements.
PRICEWATERHOUSECOOPERS LLP
April 21, 2011
Houston, Texas
31 Invesco
Van Kampen Municipal Opportunity Trust
Tax
Information
Form 1099-DIV,
Form 1042-S
and other year-end tax information provide shareholders with
actual calendar year amounts that should be included in their
tax returns. Shareholders should consult their tax advisors.
The following distribution information is being
provided as required by the Internal Revenue Code or to meet a
specific states requirement.
The Trust designates the following amounts or, if
subsequently determined to be different, the maximum amount
allowable for period ended February 28, 2011:
|
|
|
|
|
Federal and State Income
Tax
|
|
|
|
Qualified Dividend Income*
|
|
|
0.0%
|
|
Corporate Dividends Received Deduction*
|
|
|
0.0%
|
|
Tax Exempt Interest Dividends*
|
|
|
100%
|
|
|
|
|
|
*
|
The above percentages are based on
ordinary income dividends paid to shareholders during the
Trusts fiscal year.
|
32 Invesco
Van Kampen Municipal Opportunity Trust
Trustees and Officers
The address of each trustee and officer is 1555 Peachtree, N.E., Atlanta, Georgia 30309.
Generally, each trustee serves for a three year term or until his or her successor has been duly
elected and qualified, and each officer serves for a one year term or until his or her successor
has been duly elected and qualified. Column two below includes length of time served with
predecessor entities, if any.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of
|
|
|
|
|
|
|
|
|
|
|
|
|
Funds in
|
|
|
|
|
|
|
|
|
|
|
|
|
Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
Complex
|
|
|
|
|
Name, Year of Birth and
|
|
Trustee and/
|
|
Principal Occupation(s)
|
|
Overseen by
|
|
Other Directorship(s)
|
|
|
Position(s) Held with the Trust
|
|
or Officer Since
|
|
During Past 5 Years
|
|
Trustee
|
|
Held by Trustee
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interested Persons
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Colin Meadows 1971
Trustee, President and Principal
Executive Officer
|
|
2010
|
|
|
Chief Administrative Officer, Invesco Advisers, Inc., since 2006; Prior to 2006, Senior Vice President of business
development and mergers and acquisitions at GE Consumer Finance; Prior to 2005, Senior Vice President of strategic
planning and technology at Wells Fargo Bank; From 1996 to 2003, associate principal with McKinsey & Company,
focusing on the financial services and venture capital industries, with emphasis in banking and asset management
sectors.
|
|
|
18
|
|
|
None
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Independent Trustees
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wayne M. Whalen
1
1939
Trustee and Chair
|
|
1992
|
|
|
Of Counsel, and prior to 2010, partner in the law firm of Skadden, Arps, Slate, Meagher & Flom LLP, legal counsel to
funds in the Fund Complex
|
|
|
227
|
|
|
Director of the Abraham
Lincoln Presidential
Library Foundation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
David C. Arch 1945
Trustee
|
|
1992
|
|
|
Chairman and Chief Executive Officer of Blistex Inc., a consumer health care products manufacturer.
|
|
|
227
|
|
|
Member of the Heartland
Alliance Advisory Board, a
nonprofit organization
serving human needs based
in Chicago. Board member
of the Illinois
Manufacturers Association.
Member of the Board of
Visitors, Institute for the
Humanities, University of
Michigan
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Jerry D. Choate 1938
Trustee
|
|
2003
|
|
|
From 1995 to 1999, Chairman and Chief Executive Officer of the Allstate Corporation (Allstate) and Allstate
Insurance Company. From 1994 to 1995, President and Chief Executive Officer of Allstate. Prior to 1994,
various management positions at Allstate.
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18
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Trustee/Director/Managing
General Partner of funds in
the Fund Complex.
Director since 1998 and
member of the governance
and nominating
committee, executive
committee, compensation
and management
development committee
and equity award
committee, of Amgen Inc.,
a biotechnological
company. Director since
1999 and member of the
nominating and
governance committee and
compensation and
executive committee, of
Valero Energy Corporation,
a crude oil refining and
marketing company.
Previously, from 2006 to
2007, Director and
member of the
compensation committee
and audit committee, of
H&R Block, a tax
preparation services
company.
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Rodney Dammeyer 1940
Trustee
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1992
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President of CAC, LLC, a private company offering capital investment and management advisory services.
Formerly: Prior to January 2004, Director of TeleTech Holdings Inc.; Prior to 2002, Director of Arris Group, Inc.;
Prior to 2001, Managing Partner at Equity Group Corporate Investments. Prior to 1995, Vice Chairman of Anixter
International. Prior to 1985, experience includes Senior Vice President and Chief Financial Officer of Household
International, Inc, Executive Vice President and Chief Financial Officer of Northwest Industries, Inc. and Partner of
Arthur Andersen & Co.
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227
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Director of Quidel
Corporation and Stericycle,
Inc. Prior to May 2008,
Trustee of The Scripps
Research Institute. Prior to
February 2008, Director of
Ventana Medical Systems,
Inc. Prior to April 2007,
Director of GATX
Corporation. Prior to April
2004, Director of
TheraSense, Inc.
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1
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Mr. Whalen is considered an interested person (within the meaning of
Section 2(a)(19) of the 1940 Act) of certain Funds in the Fund Complex by reason of he and his
firm currently providing legal services as legal counsel to such Funds in the Fund
Complex.
|
T-1
Trustees and Officers
(continued)
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Trustee
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Principal Occupation(s)
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Number of
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Other
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and/or
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During Past 5 Years
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Funds in
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Directorship(s)
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Name, Year of Birth and
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Officer
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Fund
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Held by Trustee
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Position(s) Held with the
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Since
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Complex
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Trust
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Overseen by
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Trustee
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Independent Trustees
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Linda Hutton Heagy 1948
Trustee
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2003
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|
Prior to June 2008, Managing Partner of Heidrick & Struggles, the second largest global executive search firm, and
from 2001-2004, Regional Managing Director of U.S. operations at Heidrick & Struggles. Prior to 1997, Managing
Partner of Ray & Berndtson, Inc., an executive recruiting firm. Prior to 1995, Executive Vice President of ABN AMRO,
N.A., a bank holding company, with oversight for treasury management operations including all non-credit product
pricing. Prior to 1990, experience includes Executive Vice President of The Exchange National Bank with oversight
of treasury management including capital markets operations, Vice President of Northern Trust Company and an
Associate at Price Waterhouse.
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18
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|
|
Trustee/Director/Managing
General Partner of funds in
the Fund Complex. Prior to
2010, Trustee on the
University of Chicago
Medical Center Board, Vice
Chair of the Board of the
YMCA of Metropolitan
Chicago and a member of
the Womens Board of the
University of Chicago.
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R. Craig Kennedy 1952
Trustee
|
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2003
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|
Director and President of the German Marshall Fund of the United States, an independent U.S. foundation created to
deepen understanding, promote collaboration and stimulate exchanges of practical experience between Americans
and Europeans. Formerly, advisor to the Dennis Trading Group Inc., a managed futures and option company that
invests money for individuals and institutions. Prior to 1992, President and Chief Executive Officer, Director and
member of the Investment Committee of the Joyce Foundation, a private foundation.
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18
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|
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Trustee/Director/Managing
General Partner of funds in
the Fund Complex.
Director of First Solar, Inc.
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Howard J Kerr 1935
Trustee
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1992
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|
Retired. Previous member of the City Council and Mayor of Lake Forest, Illinois from 1988 through 2002. Previous
business experience from 1981 through 1996 includes President and Chief Executive Officer of Pocklington
Corporation, Inc., an investment holding company, President and Chief Executive Officer of Grabill Aerospace, and
President of Custom Technologies Corporation. United States Naval Officer from 1960 through 1981, with
responsibilities including Commanding Officer of United States Navy destroyers and Commander of United States
Navy Destroyer Squadron Thirty-Three, White House experience in 1973 through 1975 as military aide to Vice
Presidents Agnew and Ford and Naval Aid to President Ford, and Military Fellow on the Council of Foreign Relations
in 1978-through 1979.
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18
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|
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Trustee/Director/Managing
General Partner of funds in
the Fund Complex.
Director of the Lake Forest
Bank & Trust. Director of
the Marrow Foundation.
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Jack E. Nelson 1936
Trustee
|
|
|
2003
|
|
|
President of Nelson Investment Planning Services, Inc., a financial planning company and registered investment
adviser in the State of Florida. President of Nelson Ivest Brokerage Services Inc., a member of the Financial Industry
Regulatory Authority (FINRA), Securities Investors Protection Corp. and the Municipal Securities Rulemaking
Board. President of Nelson Sales and Services Corporation, a marketing and services company to support affiliated
companies.
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18
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|
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Trustee/Director/Managing
General Partner of funds in
the Fund Complex.
|
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Hugo F. Sonnenschein 1940
Trustee
|
|
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1994
|
|
|
President Emeritus and Honorary Trustee of the University of Chicago and the Adam Smith Distinguished Service
Professor in the Department of Economics at the University of Chicago. Prior to July 2000, President of the University
of Chicago.
|
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227
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|
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Trustee of the University of
Rochester and a member
of its investment
committee. Member of the
National Academy of
Sciences, the American
Philosophical Society and
a fellow of the American
Academy of Arts and
Sciences
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Suzanne H. Woolsey, Ph.D. 1941
Trustee
|
|
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2003
|
|
|
Chief Communications Officer of the National Academy of Sciences and Engineering and Institute of
Medicine/National Research Council, an independent, federally chartered policy institution, from 2001 to November
2003 and Chief Operating Officer from 1993 to 2001. Executive Director of the Commission on Behavioral and Social
Sciences and Education at the National Academy of Sciences/National Research Council from 1989 to 1993. Prior to
1980, experience includes Partner of Coopers & Lybrand (from 1980 to 1989), Associate Director of the US Office of
Management and Budget (from 1977 to 1980) and Program Director of the Urban Institute (from 1975 to 1977).
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18
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|
|
Trustee/Director/Managing
General Partner of funds in
the Fund Complex.
Independent Director and
audit committee
chairperson of Changing
World Technologies, Inc.,
an energy manufacturing
company, since July 2008.
Independent Director and
member of audit and
governance committees of
Fluor Corp., a global
engineering, construction
and management
company, since January
2004. Director of
Intelligent Medical
Devices, Inc., a private
company which develops
symptom-based diagnostic
tools for viral respiratory
infections. Advisory Board
member of ExactCost LLC,
a private company
providing activity-based
costing for hospitals,
laboratories, clinics, and
physicians, since 2008.
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T-2
Trustees and Officers
(continued)
|
|
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|
Trustee
|
|
Principal Occupation(s)
|
|
Number of
|
|
Other
|
|
|
|
|
|
and/or
|
|
During Past 5 Years
|
|
Funds in
|
|
Directorship(s)
|
|
|
Name, Year of Birth and
|
|
|
Officer
|
|
|
|
Fund
|
|
Held by Trustee
|
|
|
Position(s) Held with the
|
|
|
Since
|
|
|
|
Complex
|
|
|
|
|
Trust
|
|
|
|
|
|
|
|
Overseen by
|
|
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|
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|
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|
|
|
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|
|
Trustee
|
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|
Independent Trustees
|
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|
|
Chairperson of the Board
of Trustees of the Institute
for Defense Analyses,
afederally funded research
and development center,
since 2000. Trustee from
1992 to 2000 and 2002 to
present, current
chairperson of the finance
committee, current
member of the audit
committee, strategic
growth committee and
executive committee, and
former Chairperson of the
Board of Trustees
(from 1997 to 1999), of the
German Marshall Fund of
the United States, a public
foundation. Lead
Independent Trustee of the
Rocky Mountain Institute,
a non-profit energy and
environmental institute;
Trustee since 2004.
Chairperson of the Board
of Trustees of the Colorado
College; Trustee since
1995. Trustee of California
Institute of Technology.
Previously, Independent
Director and member of
audit committee and
governance committee of
Neurogen Corporation
from 1998 to 2006; and
Independent Director of
Arbros Communications
from 2000 to 2002
|
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|
|
|
|
|
Other Officers
|
|
|
|
|
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|
|
|
|
|
|
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|
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|
|
|
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|
|
John M. Zerr 1962
Senior Vice President, Chief Legal
Officer and Secretary
|
|
|
2010
|
|
|
Director, Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as
Invesco Aim Management Group, Inc.), Van Kampen Investments Inc. and Van Kampen Exchange Corp., Senior Vice
President, Invesco Advisers, Inc. formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser);
Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.);
Director, Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco Aim Investment
Services, Inc.) and IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice
President, INVESCO Funds Group, Inc.; Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds;
Manager, Invesco PowerShares Capital Management LLC; Director, Secretary and General Counsel, Van Kampen
Asset Management; Director and Secretary, Van Kampen Advisors Inc.; Secretary and General Counsel, Van Kampen
Funds Inc.; and Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; and
Chief Legal Officer, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II,
PowerShares India Exchange-Traded Fund Trust and PowerShares Actively Managed Exchange-Traded Fund Trust
Formerly: Director, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.); Director, Senior
Vice President, General Counsel and Secretary, Invesco Advisers, Inc.; Director, Vice President and Secretary, Fund
Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco Aim
Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment
adviser); Vice President and Secretary, PBHG Funds (an investment company) and PBHG Insurance Series Fund (an
investment company); Chief Operating Officer, General Counsel and Secretary, Old Mutual Investment Partners (a
broker-dealer); General Counsel and Secretary, Old Mutual Fund Services (an administrator) and Old Mutual
Shareholder Services (a shareholder servicing center); Executive Vice President, General Counsel and Secretary, Old
Mutual Capital, Inc. (an investment adviser); and Vice President and Secretary, Old Mutual Advisors Funds (an
investment company)
|
|
N/A
|
|
N/A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lisa O. Brinkley 1959
Vice President
|
|
|
2010
|
|
|
Global Compliance Director, Invesco Ltd.; Chief Compliance Officer, Invesco Distributors, Inc. (formerly known as
Invesco Aim Distributors, Inc.), Invesco Investment Services, Inc.(formerly known as Invesco Aim Investment
Services, Inc.) and Van Kampen Investor Services Inc.; and Vice President, The Invesco Funds
Formerly: Senior Vice President, Invesco Management Group, Inc.; Senior Vice President and Chief Compliance
Officer, Invesco Advisers, Inc. and The Invesco Funds; Vice President and Chief Compliance Officer, Invesco Aim
Capital Management, Inc. and Invesco Distributors, Inc.; Vice President, Invesco Investment Services, Inc. and Fund
Management Company
|
|
N/A
|
|
N/A
|
|
|
|
|
T-3
Trustees and Officers
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trustee
|
|
Principal Occupation(s)
|
|
Number of
|
|
Other
|
|
|
Name, Year of Birth and
|
|
|
and/or
|
|
During Past 5 Years
|
|
Funds in
|
|
Directorship(s)
|
|
|
Position(s) Held with the
|
|
|
Officer
|
|
|
|
Fund Complex
|
|
Held by
|
|
|
Trust
|
|
|
Since
|
|
|
|
Overseen by
|
|
Trustee
|
|
|
|
|
|
|
|
|
|
|
Trustee
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Officers
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Karen Dunn Kelley 1960
Vice President
|
|
|
2010
|
|
|
Head of Invescos World Wide Fixed Income and Cash Management Group; Senior Vice President, Invesco Advisers, Inc.
(formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) and Van Kampen Investments
Inc.; Executive Vice President, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.); Senior
Vice President, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.); and
Director, Invesco Mortgage Capital Inc.; Vice President, The Invesco Funds (other than AIM Treasurers Series Trust
(Invesco Treasurers Series Trust) and Short-Term Investments Trust); President and Principal Executive Officer, The
Invesco Funds (AIM Treasurers Series Trust (Invesco Treasurers Series Trust) and Short-Term Investments Trust
only).
Formerly: Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Director of
Cash Management and Senior Vice President, Invesco Advisers, Inc. and Invesco Aim Capital Management, Inc.;
President and Principal Executive Officer, Tax-Free Investments Trust; Director and President, Fund Management
Company; Chief Cash Management Officer, Director of Cash Management, Senior Vice President, and Managing
Director, Invesco Aim Capital Management, Inc.; Director of Cash Management, Senior Vice President, and Vice
President, Invesco Advisers, Inc. and The Invesco Funds (AIM Treasurers Series Trust (Invesco Treasurers Series
Trust), Short-Term Investments Trust and Tax-Free Investments Trust only)
|
|
N/A
|
|
N/A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sheri Morris 1964
Vice President, Principal Financial
Officer and Treasurer
|
|
|
2010
|
|
|
Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; and Vice President, Invesco Advisers, Inc.
(formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)
Formerly: Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset
Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President,
Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.
|
|
N/A
|
|
N/A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lance A. Rejsek 1967
Anti-Money Laundering
Compliance Officer
|
|
|
2010
|
|
|
Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.),
Inc.) (registered investment adviser); Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.),
Invesco Investment Services, Inc. (formerly known as Invesco Aim Investment Services, Inc.), The Invesco Funds,
PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Trust II, PowerShares India Exchange-
Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, Van Kampen Asset Management,
Van Kampen Investor Services Inc., and Van Kampen Funds Inc.
Formerly: Anti-Money Laundering Compliance Officer, Fund Management Company, Invesco Advisers, Inc., Invesco
Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.
|
|
N/A
|
|
N/A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Todd L. Spillane 1958
Chief Compliance Officer
|
|
|
2010
|
|
|
Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.),
Van Kampen Investments Inc. and Van Kampen Exchange Corp.; Senior Vice President and Chief Compliance Officer,
Invesco Advisers, Inc. (registered investment adviser) (formerly known as Invesco Institutional (N.A.), Inc.); Chief
Compliance Officer, The Invesco Funds, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded
Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund
Trust, INVESCO Private Capital Investments, Inc. (holding company), and Invesco Private Capital, Inc. (registered
investment adviser); Vice President, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.),
Invesco Investment Services, Inc. (formerly known as Invesco Aim Investment Services, Inc.) and Van Kampen
Investor Services Inc.
Formerly: Senior Vice President and Chief Compliance Officer, Invesco Advisers, Inc. and Invesco Aim Capital
Management, Inc.; Chief Compliance Officer, Invesco Global Asset Management (N.A.), Inc. and Invesco Senior
Secured Management, Inc. (registered investment adviser); Vice President, Invesco Aim Capital Management, Inc. and
Fund Management Company
|
|
N/A
|
|
N/A
|
|
|
|
|
|
|
|
|
|
|
|
Office of the Fund
|
|
Investment Adviser
|
|
Auditors
|
|
Custodian
|
1555 Peachtree Street, N.E.
|
|
Invesco Advisers, Inc.
|
|
PricewaterhouseCoopers LLP
|
|
State Street Bank and Trust Company
|
Atlanta, GA 30309
|
|
1555 Peachtree Street, N.E.
|
|
1201 Louisiana Street, Suite 2900
|
|
225 Franklin
|
|
|
Atlanta, GA 30309
|
|
Houston, TX 77002-5678
|
|
Boston, MA 02110-2801
|
|
|
|
|
|
|
|
Counsel to the Fund
|
|
Transfer Agent
|
|
|
|
|
Skadden, Arps, Slate, Meagher & Flom, LLP
|
|
Computershare Trust Company, N.A.
|
|
|
|
|
155 West Wacker Drive
|
|
P.O. Box 43078
|
|
|
|
|
Chicago, IL 60606
|
|
Providence, RI 02940-3078
|
|
|
|
|
T-4
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 811-06567.
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, 2010, 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.
|
|
|
VK-CE-MOPP-AR-1
|
|
Invesco Distributors, Inc.
|
ITEM 2. CODE OF ETHICS.
As of the end of the period covered by this report, the Registrant had adopted a code
of ethics (the Code) that applies to the Registrants principal executive officer
(PEO) and principal financial officer (PFO). There were no amendments to the Code
during the period covered by the report. The Registrant did not grant any waivers,
including implicit waivers, from any provisions of the Code to the PEO or PFO during
the period covered by this report.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
The Board of Trustees has determined that the Registrant has at least one audit committee
financial expert serving on its Audit Committee. The Audit Committee financial experts are
Jerry D. Choate, Linda Hutton Heagy and R. Craig Kennedy. Jerry D. Choate, Linda Hutton
Heagy and R. Craig Kennedy are independent within the meaning of that term as used in
Form N-CSR.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Fees Billed by PWC Related to the Registrant
PWC billed the Registrant aggregate fees for services rendered to the Registrant for the last
two fiscal years as follows:
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Percentage of Fees
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Billed Applicable
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Percentage of Fees
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to Non-Audit
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Billed Applicable to
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Services Provided
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Non-Audit Services
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Fees Billed for
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for fiscal year end
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Fees Billed for
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Provided for fiscal
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Services Rendered
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2/28/2011 Pursuant
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Services Rendered
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year end 10/31/2010
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to the Registrant
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to Waiver of Pre-
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to the Registrant for
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Pursuant to Waiver
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for fiscal year end
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Approval
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fiscal year end
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of Pre-Approval
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2/28/2011
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Requirement
(1)
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10/31/2010
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Requirement
(1)
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Audit Fees
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$
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19,250
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N/A
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$
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35,000
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N/A
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Audit-Related
Fees
(2)
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$
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4,000
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0
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%
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$
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0
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0
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%
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Tax Fees
(3)
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$
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2,300
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0
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%
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$
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4,300
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0
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%
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All Other Fees
(4)
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$
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1,667
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0
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%
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$
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0
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0
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%
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Total Fees
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$
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27,217
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0
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%
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$
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39,300
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0
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%
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PWC billed the Registrant aggregate non-audit fees of $7,967 for the fiscal year ended February 28,
2011, and $4,300 for the fiscal year ended October 31, 2010, for non-audit services rendered to the
Registrant.
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(1)
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With respect to the provision of non-audit services, the pre-approval requirement is waived
pursuant to a de minimis exception if (i) such services were not recognized as non-audit
services by the Registrant at the time of engagement, (ii) the aggregate amount of all such
services provided is no more than 5% of the aggregate audit and non-audit fees paid by the
Registrant to PWC during a fiscal year; and (iii) such services are promptly brought to the
attention of the Registrants Audit Committee and approved by the Registrants Audit Committee
prior to the completion of the audit.
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(2)
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Audit-Related fees for the fiscal year end February 28, 2011 includes fees billed for agreed
upon procedures related to auction rate preferred securities.
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(3)
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Tax fees for the fiscal year end February 28, 2011 includes fees billed for reviewing tax
returns. Tax fees for the fiscal year end October 31, 2010 includes fees billed for reviewing
tax returns.
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(4)
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All Other fees for the fiscal year end February 28, 2011 includes fees billed for completing
professional services related to benchmark analysis.
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Fees Billed by PWC Related to Invesco and Invesco Affiliates
PWC billed Invesco Advisers, Inc. (Invesco), the Registrants adviser, and any entity
controlling, controlled by or under common control with Invesco that provides ongoing services to
the Registrant (Invesco Affiliates) aggregate fees for pre-approved non-audit services rendered
to Invesco and Invesco Affiliates for the last two fiscal years as follows:
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Fees Billed for Non-
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Fees Billed for Non-
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Audit Services
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Audit Services
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Rendered to Invesco
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Percentage of Fees
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Rendered to Invesco
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Percentage of Fees
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and Invesco
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Billed Applicable to
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and Invesco
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Billed Applicable to
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Affiliates for fiscal
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Non-Audit Services
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Affiliates for fiscal
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Non-Audit Services
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year end 2/28/2011
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Provided for fiscal
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year end 10/31/2010
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Provided for fiscal
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That Were Required
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year end 2/28/2011
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That Were Required
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year end 10/31/2010
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to be Pre-Approved
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Pursuant to Waiver
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to be Pre-Approved
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Pursuant to Waiver
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by the Registrants
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of Pre-Approval
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by the Registrants
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of Pre-Approval
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Audit Committee
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Requirement
(1)
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Audit Committee
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Requirement
(1)
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Audit-Related Fees
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$
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0
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0
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%
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$
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0
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0
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%
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Tax Fees
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|
$
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0
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|
|
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0
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%
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|
$
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0
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|
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0
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%
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All Other Fees
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$
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0
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0
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%
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$
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0
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0
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%
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Total Fees
(2)
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$
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0
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0
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%
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$
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0
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0
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%
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(1)
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With respect to the provision of non-audit services, the pre-approval requirement is waived
pursuant to a de minimis exception if (i) such services were not recognized as non-audit
services by the Registrant at the time of engagement, (ii) the aggregate amount of all such
services provided is no more than 5% of the aggregate audit and non-audit fees paid by the
Registrant, Invesco and Invesco Affiliates to PWC during a fiscal year; and (iii) such
services are promptly brought to the attention of the Registrants Audit Committee and
approved by the Registrants Audit Committee prior to the completion of the audit.
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(2)
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Including the fees for services not required to be pre-approved by the registrants audit
committee, PWC billed Invesco and Invesco Affiliates aggregate non-audit fees of $0 for the
fiscal year ended February 28, 2011, and $0 for the fiscal year ended October 31, 2010, for
non-audit services rendered to Invesco and Invesco Affiliates.
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The Audit Committee also has considered whether the provision of non-audit services that
were rendered to Invesco and Invesco Affiliates that were not required to be pre-approved
pursuant to SEC regulations, if any, is compatible with maintaining PWCs independence.
To the extent that such services were provided, the Audit Committee determined that the
provision of such services is compatible with PWC maintaining independence with respect to
the Registrant.
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PRE-APPROVAL OF AUDIT AND NON-AUDIT SERVICES
POLICIES AND PROCEDURES
As adopted by the Audit Committees of
the Invesco Funds (the Funds)
Last Amended May 4, 2010
Statement of Principles
Under the Sarbanes-Oxley Act of 2002 and rules adopted by the Securities and Exchange Commission
(SEC) (Rules), the Audit Committees of the Funds (the Audit Committees) Board of Trustees
(the Board) are responsible for the appointment, compensation and oversight of the work of
independent accountants (an Auditor). As part of this responsibility and to assure that the
Auditors independence is not impaired, the Audit Committees pre-approve the audit and non-audit
services provided to the Funds by each Auditor, as well as all non-audit services provided by the
Auditor to the Funds investment adviser and to affiliates of the adviser that provide ongoing
services to the Funds (Service Affiliates) if the services directly impact the Funds operations
or financial reporting. The SEC Rules also specify the types of services that an Auditor may not
provide to its audit client. The following policies and procedures comply with the requirements
for pre-approval and provide a mechanism by which management of the Funds may request and secure
pre-approval of audit and non-audit services in an orderly manner with minimal disruption to normal
business operations.
Proposed services either may be pre-approved without consideration of specific case-by-case
services by the Audit Committees (general pre-approval) or require the specific pre-approval of
the Audit Committees (specific pre-approval). As set forth in these policies and procedures,
unless a type of service has received general pre-approval, it will require specific pre-approval
by the Audit Committees. Additionally, any fees exceeding 110% of estimated pre-approved fee
levels provided at the time the service was pre-approved will also require specific approval by the
Audit Committees before payment is made. The Audit Committees will also consider the impact of
additional fees on the Auditors independence when determining whether to approve any additional
fees for previously pre-approved services.
The Audit Committees will annually review and generally pre-approve the services that may be
provided by each Auditor without obtaining specific pre-approval from the Audit Committee generally
on an annual basis. The term of any general pre-approval runs from the date of such pre-approval
through September 30
th
of the following year, unless the Audit Committees consider a
different period and state otherwise. The Audit Committees will add to or subtract from the list
of general pre-approved services from time to time, based on subsequent determinations.
The purpose of these policies and procedures is to set forth the guidelines to assist the Audit
Committees in fulfilling their responsibilities.
Delegation
The Audit Committees may from time to time delegate pre-approval authority to one or more of its
members who are Independent Trustees. All decisions to pre-approve a service by a delegated member
shall be reported to the Audit Committees at the next quarterly meeting.
Audit Services
The annual audit services engagement terms will be subject to specific pre-approval of the Audit
Committees. Audit services include the annual financial statement audit and other procedures such
as tax provision work that is required to be performed by the independent auditor to be able to
form an opinion on the Funds financial statements. The Audit Committees will obtain, review and
consider sufficient information concerning the proposed Auditor to make a reasonable evaluation of
the Auditors qualifications and independence.
In addition to the annual Audit services engagement, the Audit Committees may grant either general
or specific pre-approval of other audit services, which are those services that only the
independent auditor reasonably can provide. Other Audit services may include services such as
issuing consents for the
inclusion of audited financial statements with SEC registration statements, periodic reports and
other documents filed with the SEC or other documents issued in connection with securities
offerings.
Non-Audit Services
The Audit Committees may provide either general or specific pre-approval of any non-audit services
to the Funds and its Service Affiliates if the Audit Committees believe that the provision of the
service will not impair the independence of the Auditor, is consistent with the SECs Rules on
auditor independence, and otherwise conforms to the Audit Committees general principles and
policies as set forth herein.
Audit-Related Services
Audit-related services are assurance and related services that are reasonably related to the
performance of the audit or review of the Funds financial statements or that are traditionally
performed by the independent auditor. Audit-related services include, among others, accounting
consultations related to accounting, financial reporting or disclosure matters not classified as
Audit services; assistance with understanding and implementing new accounting and financial
reporting guidance from rulemaking authorities; and agreed-upon procedures related to mergers,
compliance with ratings agency requirements and interfund lending activities.
Tax Services
Tax services include, but are not limited to, the review and signing of the Funds federal tax
returns, the review of required distributions by the Funds and consultations regarding tax matters
such as the tax treatment of new investments or the impact of new regulations. The Audit
Committees will scrutinize carefully the retention of the Auditor in connection with a transaction
initially recommended by the Auditor, the major business purpose of which may be tax avoidance or
the tax treatment of which may not be supported in the Internal Revenue Code and related
regulations. The Audit Committees will consult with the Funds Treasurer (or his or her designee)
and may consult with outside counsel or advisors as necessary to ensure the consistency of Tax
services rendered by the Auditor with the foregoing policy.
No Auditor shall represent any Fund or any Service Affiliate before a tax court, district court or
federal court of claims.
Under rules adopted by the Public Company Accounting Oversight Board and approved by the SEC, in
connection with seeking Audit Committees pre-approval of permissible Tax services, the Auditor
shall:
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1.
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Describe in writing to the Audit Committees, which writing may be in the form of the
proposed engagement letter:
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|
a.
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The scope of the service, the fee structure for the engagement, and
any side letter or amendment to the engagement letter, or any other agreement
between the Auditor and the Fund, relating to the service; and
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b.
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Any compensation arrangement or other agreement, such as a referral
agreement, a referral fee or fee-sharing arrangement, between the Auditor and any
person (other than the Fund) with respect to the promoting, marketing, or
recommending of a transaction covered by the service;
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2.
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Discuss with the Audit Committees the potential effects of the services on the
independence of the Auditor; and
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|
3.
|
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Document the substance of its discussion with the Audit Committees.
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All Other Auditor Services
The Audit Committees may pre-approve non-audit services classified as All other services that are
not categorically prohibited by the SEC, as listed in Exhibit 1 to this policy.
Pre-Approval Fee Levels or Established Amounts
Pre-approval of estimated fees or established amounts for services to be provided by the Auditor
under general or specific pre-approval policies will be set periodically by the Audit Committees.
Any proposed fees exceeding 110% of the maximum estimated pre-approved fees or established amounts
for pre-approved audit and non-audit services will be reported to the Audit Committees at the
quarterly Audit Committees meeting and will require specific approval by the Audit Committees
before payment is made. The Audit Committees will always factor in the overall relationship of
fees for audit and non-audit services in determining whether to pre-approve any such services and
in determining whether to approve any additional fees exceeding 110% of the maximum pre-approved
fees or established amounts for previously pre-approved services.
Procedures
Generally on an annual basis, Invesco Advisers, Inc. (Invesco) will submit to the Audit
Committees for general pre-approval, a list of non-audit services that the Funds or Service
Affiliates of the Funds may request from the Auditor. The list will describe the non-audit
services in reasonable detail and will include an estimated range of fees and such other
information as the Audit Committee may request.
Each request for services to be provided by the Auditor under the general pre-approval of the Audit
Committees will be submitted to the Funds Treasurer (or his or her designee) and must include a
detailed description of the services to be rendered. The Treasurer or his or her designee will
ensure that such services are included within the list of services that have received the general
pre-approval of the Audit Committees. The Audit Committees will be informed at the next quarterly
scheduled Audit Committees meeting of any such services for which the Auditor rendered an invoice
and whether such services and fees had been pre-approved and if so, by what means.
Each request to provide services that require specific approval by the Audit Committees shall be
submitted to the Audit Committees jointly by the Funds Treasurer or his or her designee and the
Auditor, and must include a joint statement that, in their view, such request is consistent with
the policies and procedures and the SEC Rules.
Each request to provide tax services under either the general or specific pre-approval of the Audit
Committees will describe in writing: (i) the scope of the service, the fee structure for the
engagement, and any side letter or amendment to the engagement letter, or any other agreement
between the Auditor and the audit client, relating to the service; and (ii) any compensation
arrangement or other agreement between the Auditor and any person (other than the audit client)
with respect to the promoting, marketing, or recommending of a transaction covered by the service.
The Auditor will discuss with the Audit Committees the potential effects of the services on the
Auditors independence and will document the substance of the discussion.
Non-audit services pursuant to the de minimis exception provided by the SEC Rules will be promptly
brought to the attention of the Audit Committees for approval, including documentation that each of
the conditions for this exception, as set forth in the SEC Rules, has been satisfied.
On at least an annual basis, the Auditor will prepare a summary of all the services provided to any
entity in the investment company complex as defined in section 2-01(f)(14) of Regulation S-X in
sufficient detail as to the nature of the engagement and the fees associated with those services.
The Audit Committees have designated the Funds Treasurer to monitor the performance of all
services provided by the Auditor and to ensure such services are in compliance with these policies
and procedures. The Funds Treasurer will report to the Audit Committees on a periodic basis as to
the results of such monitoring. Both the Funds Treasurer and management of Invesco will
immediately report to the chairman of the Audit Committees any breach of these policies and
procedures that comes to the attention of the Funds Treasurer or senior management of Invesco.
Exhibit 1 to Pre-Approval of Audit and Non-Audit Services Policies and Procedures
Conditionally Prohibited Non-Audit Services (not prohibited if the Fund can reasonably conclude
that the results of the service would not be subject to audit procedures in connection with the
audit of the Funds financial statements)
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Bookkeeping or other services related to the accounting records or financial
statements of the audit client
|
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Financial information systems design and implementation
|
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|
Appraisal or valuation services, fairness opinions, or contribution-in-kind reports
|
|
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|
|
Actuarial services
|
|
|
|
|
Internal audit outsourcing services
|
Categorically Prohibited Non-Audit Services
|
|
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Management functions
|
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|
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Human resources
|
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|
|
Broker-dealer, investment adviser, or investment banking services
|
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|
|
Legal services
|
|
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|
|
Expert services unrelated to the audit
|
|
|
|
|
Any service or product provided for a contingent fee or a commission
|
|
|
|
|
Services related to marketing, planning, or opining in favor of the tax treatment
of confidential transactions or aggressive tax position transactions, a significant
purpose of which is tax avoidance
|
|
|
|
|
Tax services for persons in financial reporting oversight roles at the Fund
|
|
|
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|
Any other service that the Public Company Oversight Board determines by regulation
is impermissible.
|
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
|
(a)
|
|
The registrant has a separately-designed standing audit
committee established in accordance with Section 3(a)(58)(A) of the Securities
Exchange Act of 1934, as amended. Members of the audit committee are: Jerry
D. Choate, Linda Hutton Heagy and R. Craig Kennedy.
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|
|
(a)
|
|
Not applicable.
|
ITEM 6. SCHEDULE OF INVESTMENTS.
Investments in securities of unaffiliated issuers is included as part of the
reports to stockholders filed under Item 1 of this Form.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
I.2. PROXY POLICIES AND PROCEDURES RETAIL
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Applicable to
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|
Retail Accounts
|
Risk Addressed by Policy
|
|
breach of fiduciary duty to client under
Investment Advisers Act of 1940 by placing
Invesco personal interests ahead of client
best economic interests in voting proxies
|
Relevant Law and Other Sources
|
|
Investment Advisers Act of 1940
|
Last Tested Date
|
|
|
Policy/Procedure Owner
|
|
Advisory Compliance
|
Policy Approver
|
|
Fund Board
|
Approved/Adopted Date
|
|
January 1, 2010
|
The following policies and procedures apply to certain funds and other accounts managed by
Invesco Advisers, Inc. (Invesco).
A. POLICY STATEMENT
Introduction
Our Belief
The Invesco Funds Boards of Trustees and Invescos investment professionals expect a high standard
of corporate governance from the companies in our portfolios so that Invesco may fulfill its
fiduciary obligation to our fund shareholders and other account holders. Well governed companies
are characterized by a primary focus on the interests of shareholders, accountable boards of
directors, ample transparency in financial disclosure, performance-driven cultures and appropriate
consideration of all stakeholders. Invesco believes well governed companies create greater
shareholder wealth over the long term than poorly governed companies, so we endeavor to vote in a
manner that increases the value of our investments and fosters good governance within our portfolio
companies.
In determining how to vote proxy issues, Invesco considers the probable business consequences of
each issue and votes in a manner designed to protect and enhance fund shareholders and other
account holders interests. Our voting decisions are intended to enhance each companys total
shareholder value over Invescos typical investment horizon.
Proxy voting is an integral part of Invescos investment process. We believe that the right to vote
proxies should be managed with the same care as all other elements of the investment process. The
objective of Invescos proxy-voting activity is to promote good governance and advance the economic
interests of our clients. At no time will Invesco exercise its voting power to advance its own
commercial interests, to pursue a social or political cause that is unrelated to our clients
economic interests, or to favor a particular client or business relationship to the detriment of
others.
B. OPERATING PROCEDURES AND RESPONSIBLE PARTIES
Proxy administration
The Invesco Retail Proxy Committee (the Proxy Committee) consists of members representing
Invescos Investments, Legal and Compliance departments. Invescos Proxy Voting Guidelines (the
Guidelines) are revised annually by the Proxy Committee, and are approved by the Invesco Funds
Boards of Trustees. The Proxy Committee implements the Guidelines and oversees proxy voting.
The Proxy Committee has retained outside experts to assist with the analysis and voting of proxy
issues. In addition to the advice offered by these experts, Invesco uses information gathered from
our own research, company managements, Invescos portfolio managers and outside shareholder groups
to reach our voting decisions.
Generally speaking, Invescos investment-research process leads us to invest in companies led by
management teams we believe have the ability to conceive and execute strategies to outperform their
competitors. We select companies for investment based in large part on our assessment of their
management teams ability to create shareholder wealth. Therefore, in formulating our proxy-voting
decisions, Invesco gives proper consideration to the recommendations of a companys Board of
Directors.
Important principles underlying the Invesco Proxy Voting Guidelines
I. Accountability
Management teams of companies are accountable to their boards of directors, and directors of
publicly held companies are accountable to their shareholders. Invesco endeavors to vote the
proxies of its portfolio companies in a manner that will reinforce the notion of a boards
accountability to its shareholders. Consequently, Invesco votes against any actions that would
impair the rights of shareholders or would reduce shareholders influence over the board or over
management.
The following are specific voting issues that illustrate how Invesco applies this principle of
accountability.
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|
|
Elections of directors.
In uncontested director elections for companies that do not have
a controlling shareholder, Invesco votes in favor of slates if they are comprised of at
least a majority of independent directors and if the boards key committees are fully
independent. Key committees include the Audit, Compensation and Governance or Nominating
Committees. Invescos standard of independence excludes directors who, in addition to the
directorship, have any material business or family relationships with the companies they
serve.
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|
|
|
Contested director elections are evaluated on a case-by-case basis and are decided within
the context of Invescos investment thesis on a company.
|
|
|
|
Director performance.
Invesco withholds votes from directors who exhibit a lack of
accountability to shareholders, either through their level of attendance at meetings or by
enacting egregious corporate-governance or other policies. In cases of material financial
restatements, accounting fraud, habitually late filings, adopting shareholder rights plan
(poison pills) without shareholder approval, or other areas of poor performance, Invesco
may withhold votes from some or all of a companys directors. In situations where
directors performance is a concern, Invesco may also support shareholder proposals to take
corrective actions such as so-called clawback provisions.
|
|
|
|
|
Auditors and Audit Committee members.
Invesco believes a companys Audit Committee has a
high degree of responsibility to shareholders in matters of financial disclosure, integrity
of the financial statements and effectiveness of a companys internal controls.
Independence, experience and financial expertise are critical elements of a
well-functioning Audit Committee. When electing directors who are members of a companys
Audit Committee, or when ratifying a companys auditors, Invesco considers the past
performance of the Committee and holds its members accountable for the quality of the
companys financial statements and reports.
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Majority standard in director elections.
The right to elect directors is the single most
important mechanism shareholders have to promote accountability. Invesco supports the
nascent effort to reform the U.S. convention of electing directors, and votes in favor of
proposals to elect directors by a majority vote.
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Classified boards.
Invesco supports proposals to elect directors annually instead of
electing them to staggered multi-year terms because annual elections increase a boards
level of accountability to its shareholders.
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Supermajority voting requirements.
Unless proscribed by law in the state of
incorporation, Invesco votes against actions that would impose any supermajority voting
requirement, and supports actions to dismantle existing supermajority requirements.
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Responsiveness.
Invesco withholds votes from directors who do not adequately respond to
shareholder proposals that were approved by a majority of votes cast the prior year.
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Cumulative voting.
The practice of cumulative voting can enable minority shareholders to
have representation on a companys board. Invesco supports proposals to institute the
practice of cumulative voting at companies whose overall corporate-governance standards
indicate a particular need to protect the interests of minority shareholders.
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Shareholder access.
On business matters with potential financial consequences, Invesco
votes in favor of proposals that would increase shareholders opportunities to express
their views to boards of directors,
proposals that would lower barriers to shareholder action and proposals to promote the
adoption of generally accepted best practices in corporate governance.
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II. Incentives
Invesco believes properly constructed compensation plans that include equity ownership are
effective in creating incentives that induce managements and employees of our portfolio companies
to create greater shareholder wealth. Invesco supports equity compensation plans that promote the
proper alignment of incentives, and votes against plans that are overly dilutive to existing
shareholders, plans that contain objectionable structural features, and plans that appear likely to
reduce the value of an accounts investment.
Following are specific voting issues that illustrate how Invesco evaluates incentive plans.
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Executive compensation.
Invesco evaluates compensation plans for executives within the
context of the companys performance under the executives tenure. Invesco believes
independent compensation committees are best positioned to craft executive-compensation
plans that are suitable for their company-specific circumstances. We view the election of
those independent compensation committee members as the appropriate mechanism for
shareholders to express their approval or disapproval of a companys compensation
practices. Therefore, Invesco generally does not support shareholder proposals to limit or
eliminate certain forms of executive compensation. In the interest of reinforcing the
notion of a compensation committees accountability to shareholders, Invesco supports
proposals requesting that companies subject each years compensation record to an advisory
shareholder vote, or so-called say on pay proposals.
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Equity-based compensation plans.
When voting to approve or reject equity-based
compensation plans, Invesco compares the total estimated cost of the plans, including stock
options and restricted stock, against a carefully selected peer group and uses multiple
performance metrics that help us determine whether the incentive structures in place are
creating genuine shareholder wealth. Regardless of a plans estimated cost relative to its
peer group, Invesco votes against plans that contain structural features that would impair
the alignment of incentives between shareholders and management. Such features include the
ability to reprice or reload options without shareholder approval, the ability to issue
options below the stocks current market price, or the ability to automatically replenish
shares without shareholder approval.
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Employee stock-purchase plans.
Invesco supports employee stock-purchase plans that are
reasonably designed to provide proper incentives to a broad base of employees, provided
that the price at which employees may acquire stock is at most a 15 percent discount from
the market price.
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Severance agreements.
Invesco generally votes in favor of proposals requiring advisory
shareholder ratification of executives severance agreements. However, we oppose proposals
requiring such agreements to be ratified by shareholders in advance of their adoption.
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III. Capitalization
Examples of management proposals related to a companys capital structure include authorizing or
issuing additional equity capital, repurchasing outstanding stock, or enacting a stock split or
reverse stock split. On requests for additional capital stock, Invesco analyzes the companys
stated reasons for the request. Except where the request could adversely affect the funds
ownership stake or voting rights, Invesco generally supports a boards decisions on its needs for
additional capital stock. Some capitalization proposals require a case-by-case analysis within the
context of Invescos investment thesis on a company. Examples of such proposals include authorizing
common or preferred stock with special voting rights, or issuing additional stock in connection
with an acquisition.
IV. Mergers, Acquisitions and Other Corporate Actions
Issuers occasionally require shareholder approval to engage in certain corporate actions such as
mergers, acquisitions, name changes, dissolutions, reorganizations, divestitures and
reincorporations. Invesco analyzes these proposals within the context of our investment thesis on
the company, and determines its vote on a case-by-case basis.
V. Anti-Takeover Measures
Practices designed to protect a company from unsolicited bids can adversely affect shareholder
value and voting rights, and they create conflicts of interests among directors, management and
shareholders. Except under special issuer-specific circumstances, Invesco votes to reduce or
eliminate such measures. These measures include adopting or renewing poison pills, requiring
supermajority voting on certain corporate actions, classifying the election of directors instead of
electing each director to an annual term, or creating separate classes of common or preferred stock
with special voting rights. Invesco generally votes against management proposals to impose these
types of measures, and generally votes for shareholder proposals designed to reduce such measures.
Invesco supports shareholder proposals directing companies to subject their anti-takeover
provisions to a shareholder vote.
VI. Shareholder Proposals on Corporate Governance
Invesco generally votes for shareholder proposals that are designed to protect shareholder rights
if a companys corporate-governance standards indicate that such additional protections are
warranted.
VII. Shareholder Proposals on Social Responsibility
The potential costs and economic benefits of shareholder proposals seeking to amend a companys
practices for social reasons are difficult to assess. Analyzing the costs and economic benefits of
these proposals is highly subjective and does not fit readily within our framework of voting to
create greater shareholder wealth
over Invescos typical investment horizon. Therefore, Invesco abstains from voting on shareholder
proposals deemed to be of a purely social, political or moral nature.
VIII. Routine Business Matters
Routine business matters rarely have a potentially material effect on the economic prospects of
fund holdings, so we generally support the boards discretion on these items. However, Invesco
votes against proposals where there is insufficient information to make a decision about the nature
of the proposal. Similarly, Invesco votes against proposals to conduct other unidentified business
at shareholder meetings.
Summary
These Guidelines provide an important framework for making proxy-voting decisions, and should give
fund shareholders and other account holders insight into the factors driving Invescos decisions.
The Guidelines cannot address all potential proxy issues, however. Decisions on specific issues
must be made within the context of these Guidelines and within the context of the investment thesis
of the funds and other accounts that own the companys stock. Where a different investment thesis
is held by portfolio managers who may hold stocks in common, Invesco may vote the shares held on a
fund-by-fund or account-by-account basis.
Exceptions
In certain circumstances, Invesco may refrain from voting where the economic cost of voting a
companys proxy exceeds any anticipated benefits of that proxy proposal.
Share-lending programs
One reason that some portion of Invescos position in a particular security might not be voted is
the securities lending program. When securities are out on loan and earning fees for the lending
fund, they are transferred into the borrowers name. Any proxies during the period of the loan are
voted by the borrower. The lending fund would have to terminate the loan to vote the companys
proxy, an action that is not generally in the best economic interest of fund shareholders. However,
whenever Invesco determines that the benefit to shareholders or other account holders of voting a
particular proxy outweighs the revenue lost by terminating the loan, we recall the securities for
the purpose of voting the funds full position.
Share-blocking
Another example of a situation where Invesco may be unable to vote is in countries where the
exercise of voting rights requires the fund to submit to short-term trading restrictions, a
practice known as share-blocking. Invesco generally
refrains from voting proxies in
share-blocking countries unless the portfolio manager determines that the benefit to fund
shareholders and other account holders of voting a specific proxy outweighs the funds or other
accounts temporary inability to sell the security.
International constraints
An additional concern that sometimes precludes our voting non-U.S. proxies is our inability to
receive proxy materials with enough time and enough information to make a voting decision. In the
great majority of instances, however, we are able to vote non-U.S. proxies successfully. It is
important to note that Invesco makes voting decisions for non-U.S. issuers using these Guidelines
as our framework, but also takes into account the corporate-governance standards, regulatory
environment and generally accepted best practices of the local market.
Exceptions to these Guidelines
Invesco retains the flexibility to accommodate company-specific situations where strictly adhering
to the Guidelines would lead to a vote that the Proxy Committee deems not to be in the best
interest of the funds shareholders and other account holders. In these situations, the Proxy
Committee will vote the proxy in the manner deemed to be in the best interest of the funds
shareholders and other account holders, and will promptly inform the funds Boards of Trustees of
such vote and the circumstances surrounding it.
Resolving potential conflicts of interest
A potential conflict of interest arises when Invesco votes a proxy for an issuer with which it also
maintains a material business relationship. Examples could include issuers that are distributors of
Invescos products, or issuers that employ Invesco to manage portions of their retirement plans or
treasury accounts. Invesco reviews each proxy proposal to assess the extent, if any, to which there
may be a material conflict between the interests of the fund shareholders or other account holders
and Invesco.
Invesco takes reasonable measures to determine whether a potential conflict may exist. A potential
conflict is deemed to exist only if one or more of the Proxy Committee members actually knew or
should have known of the potential conflict.
If a material potential conflict is deemed to exist, Invesco may resolve the potential conflict in
one of the following ways: (1) if the proposal that gives rise to the potential conflict is
specifically addressed by the Guidelines, Invesco may vote the proxy in accordance with the
predetermined Guidelines; (2) Invesco may engage an independent third party to determine how the
proxy should be voted; or (3) Invesco may establish an ethical wall or other informational barrier
between the persons involved in the potential conflict and the persons making the proxy-voting
decision in order to insulate the potential conflict from the decision makers.
Because the Guidelines are pre-determined and crafted to be in the best economic interest of
shareholders and other account holders, applying the Guidelines to vote client proxies should, in
most instances, adequately resolve any potential conflict of
interest. As an additional safeguard
against potential conflicts, persons from Invescos marketing, distribution and other
customer-facing functions are precluded from becoming members of the Proxy Committee.
On a quarterly basis, the Invesco Funds Boards of Trustees review a report from Invescos Internal
Compliance Controls Committee. The report contains a list of all known material business
relationships that Invesco maintains with publicly traded issuers. That list is cross-referenced
with the list of proxies voted over the period. If there are any instances where Invescos voting
pattern on the proxies of its material business partners is inconsistent with its voting pattern on
all other issuers, they are brought before the Trustees and explained by the Chairman of the Proxy
Committee.
Personal conflicts of interest.
If any member of the Proxy Committee has a personal conflict of
interest with respect to a company or an issue presented for voting, that Proxy Committee member
will inform the Proxy Committee of such conflict and will abstain from voting on that company or
issue.
Funds of funds
. Some Invesco Funds offering diversified asset allocation within one investment
vehicle own shares in other Invesco Funds. A potential conflict of interest could arise if an
underlying Invesco Fund has a shareholder meeting with any proxy issues to be voted on, because
Invescos asset-allocation funds or target-maturity funds may be large shareholders of the
underlying fund. In order to avoid any potential for a conflict, the asset-allocation funds and
target maturity funds vote their shares in the same proportion as the votes of the external
shareholders of the underlying fund.
C. RECORDKEEPING
Records are maintained in accordance with Invescos Recordkeeping Policy.
Policies and Vote Disclosure
A copy of these Guidelines and the voting record of each Invesco Fund are available on our web
site,
www.invesco.com
. In accordance with Securities and Exchange Commission regulations,
all funds file a record of all proxy-voting activity for the prior 12 months ending June 30th. That
filing is made on or before August 31st of each year.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
The following individuals are jointly and primarily responsible for the day-to-day management of
the Trust:
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Thomas Byron, Portfolio Manager, who has been responsible for the Trust since 2009 and
has been associated with Invesco and/or its affiliates since 2010. From 1981 to 2010, Mr.
Byron was associated with Morgan Stanley Investment Advisors Inc. in an investment
management capacity.
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Robert Stryker, Portfolio Manager, who has been responsible for the Trust since 2009
and has been with Invesco and/or its affiliates since 2010. From 1994 to 2010, Mr. Stryker
was associated with Morgan Stanley Investment Advisors Inc. in an investment management
capacity.
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Robert Wimmel, Portfolio Manager, who has been responsible for the Trust since 2001 and
has been associated with Invesco and/or its affiliates since 2010. From 1996 to 2010, Mr.
Wimmel was associated with Morgan Stanley Investment Advisors Inc. in an investment
management capacity.
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Portfolio Manager Fund Holdings and Information on Other Managed Accounts
Invescos portfolio managers develop investment models which are used in connection with the
management of certain Invesco Funds as well as other mutual funds for which Invesco or an affiliate
acts as sub-adviser, other pooled investment vehicles that are not registered mutual funds, and
other accounts managed for organizations and individuals. The following chart reflects the
portfolio managers investments in the Funds that they manage. The chart also reflects information
regarding accounts other than the Funds for which each portfolio manager has day-to-day management
responsibilities. Accounts are grouped into three categories: (i) other registered investment
companies, (ii) other pooled investment vehicles and (iii) other accounts. To the extent that any
of these accounts pay advisory fees that are based on account performance (performance-based fees),
information on those accounts is specifically broken out. In addition, any assets denominated in
foreign currencies have been converted into U.S. Dollars using the exchange rates as of the
applicable date.
The following information is as of February 28, 2011:
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Other Registered
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Other Pooled
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Investment Companies
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Investment Vehicles
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Other Accounts
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Dollar Range
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Managed (assets in
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Managed (assets in
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Managed
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of
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millions)
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millions)
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(assets in millions)
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Investments
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Number
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Number
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Number
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Portfolio
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in Each
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of
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of
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of
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Manager
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Fund
1
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Accounts
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Assets
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Accounts
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Assets
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Accounts
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Assets
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Invesco Van Kampen Municipal Opportunity Trust
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Thomas Byron
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$
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1- $10,000
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28
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$
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10,067.5
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None
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None
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None
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None
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Robert Stryker
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None
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33
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$
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10,775.1
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None
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None
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None
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None
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Robert Wimmel
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None
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29
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$
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10,693.4
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None
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None
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None
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None
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Potential Conflicts of Interest
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1
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This column reflects investments in a
Funds shares owned directly by a portfolio manager or beneficially owned by a
portfolio manager (as determined in accordance with Rule 16a-1(a) (2) under the
Securities Exchange Act of 1934, as amended). A portfolio manager is presumed
to be a beneficial owner of securities that are held by his or her immediate
family members sharing the same household.
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Actual or apparent conflicts of interest may arise when a portfolio manager has day-to-day
management responsibilities with respect to more than one Fund or other account. More
specifically,
portfolio managers who manage multiple Funds and/or other accounts may be presented with one
or more of the following potential conflicts:
Ø
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The management of multiple Funds and/or other accounts may result
in a portfolio manager devoting unequal time and attention to the
management of each Fund and/or other account. The Adviser and
each Sub-Adviser seek to manage such competing interests for the
time and attention of portfolio managers by having portfolio
managers focus on a particular investment discipline. Most other
accounts managed by a portfolio manager are managed using the same
investment models that are used in connection with the management
of the Funds.
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Ø
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If a portfolio manager identifies a limited investment opportunity
which may be suitable for more than one Fund or other account, a
Fund may not be able to take full advantage of that opportunity
due to an allocation of filled purchase or sale orders across all
eligible Funds and other accounts. To deal with these situations,
the Adviser, each Sub-Adviser and the Funds have adopted
procedures for allocating portfolio transactions across multiple
accounts.
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Ø
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The Adviser and each Sub-Adviser determine which broker to use to
execute each order for securities transactions for the Funds,
consistent with its duty to seek best execution of the
transaction. However, for certain other accounts (such as mutual
funds for which Invesco or an affiliate acts as sub-adviser, other
pooled investment vehicles that are not registered mutual funds,
and other accounts managed for organizations and individuals), the
Adviser and each Sub-Adviser may be limited by the client with
respect to the selection of brokers or may be instructed to direct
trades through a particular broker. In these cases, trades for a
Fund in a particular security may be placed separately from,
rather than aggregated with, such other accounts. Having separate
transactions with respect to a security may temporarily affect the
market price of the security or the execution of the transaction,
or both, to the possible detriment of the Fund or other account(s)
involved.
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Ø
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Finally, the appearance of a conflict of interest may arise where
the Adviser or Sub-Adviser has an incentive, such as a
performance-based management fee, which relates to the management
of one Fund or account but not all Funds and accounts for which a
portfolio manager has day-to-day management responsibilities.
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The Adviser, each Sub-Adviser, and the Funds have adopted certain compliance procedures which
are designed to address these types of conflicts. However, there is no guarantee that such
procedures will detect each and every situation in which a conflict arises.
Description of Compensation Structure
For the Adviser and each affiliated Sub-Adviser
The Adviser and each Sub-Adviser seek to maintain a compensation program that is competitively
positioned to attract and retain high-caliber investment professionals. Portfolio managers receive
a base salary, an incentive bonus opportunity and an equity compensation opportunity. Portfolio
manager compensation is reviewed and may be modified each year as appropriate to reflect changes in
the market, as well as to adjust the factors used to determine bonuses to promote competitive Fund
performance. The Adviser and each Sub-Adviser evaluate competitive market compensation by reviewing
compensation survey results conducted by an independent third party of investment industry
compensation. Each portfolio managers compensation consists of the following three elements:
Base Salary.
Each portfolio manager is paid a base salary. In setting the base salary, the
Adviser and each Sub-Advisers intention is to be competitive in light of the particular portfolio
managers experience and responsibilities.
Annual Bonus.
The portfolio managers are eligible, along with other employees of the Adviser
and each Sub-Adviser, to participate in a discretionary year-end bonus pool. The Compensation
Committee of Invesco Ltd. reviews and approves the amount of the bonus pool available for the
Adviser and each of the Sub-Advisers investment centers. The Compensation Committee considers
investment performance and
financial results in its review. In addition, while having no direct
impact on individual bonuses, assets under management are considered when determining the starting
bonus funding levels. Each portfolio
manager is eligible to receive an annual cash bonus which is based on quantitative (i.e.
investment performance) and non-quantitative factors (which may include, but are not limited to,
individual performance, risk management and teamwork).
Each portfolio managers compensation is linked to the pre-tax investment performance of the
Funds/accounts managed by the portfolio manager as described in Table 1 below.
Table 1
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Sub-Adviser
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Performance time period
2
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Invesco
3,4,5
Invesco Australia
Invesco Deutschland
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One-, Three- and Five-year performance
against Fund peer group.
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Invesco Senior Secured
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N/A
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Invesco Trimark
3
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One-year performance against Fund peer group.
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Three- and Five-year performance against
entire universe of Canadian funds.
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Invesco Hong Kong
3
Invesco Asset Management
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One-, Three- and Five-year performance
against Fund peer group.
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Invesco Japan
6
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One-, Three- and Five-year performance
against the appropriate Micropol benchmark.
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Invesco Senior Secureds bonus is based on annual measures of equity return and standard tests
of collateralization performance.
High investment performance (against applicable peer group and/or benchmarks) would deliver
compensation generally associated with top pay in the industry (determined by reference to the
third-party provided compensation survey information) and poor investment performance (versus
applicable peer group) would result in low bonus compared to the applicable peer group or no bonus
at all. These decisions are reviewed and approved collectively by senior leadership which has
responsibility for executing the compensation approach across the organization.
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2
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Rolling time periods based on calendar
year-end.
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3
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Portfolio Managers may be granted a
short-term award that vests on a pro-rata basis over a four year period and
final payments are based on the performance of eligible Funds selected by the
portfolio manager at the time the award is granted.
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4
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Portfolio Managers for Invesco Global
Real Estate Fund, Invesco Real Estate Fund, Invesco Select Real Estate Income
Fund and Invesco V.I. Global Real Estate Fund base their bonus on new operating
profits of the U.S. Real Estate Division of Invesco.
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5
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Portfolio Managers for Invesco Balanced
Fund, Invesco Basic Balanced Fund, Invesco Basic Value Fund, Invesco
Fundamental Value Fund, Invesco Large Cap Basic Value Fund, Invesco Large Cap
Relative Value Fund, Invesco Mid Cap Basic Value Fund, Invesco Mid-Cap Value
Fund, Invesco U.S. Mid Cap Value Fund, Invesco Value Fund, Invesco Value II
Fund, Invesco V.I. Basic Balanced Fund, Invesco V.I. Basic Value Fund, Invesco
V.I. Select Dimensions Balanced Fund, Invesco V.I. Income Builder Fund, Invesco
Van Kampen American Value Fund, Invesco Van Kampen Comstock Fund, Invesco Van
Kampen Equity and Income Fund, Invesco Van Kampen Growth and Income Fund,
Invesco Van Kampen Value Opportunities Fund, Invesco Van Kampen V.I. Comstock
Fund, Invesco Van Kampen V.I. Growth and Income Fund, Invesco Van Kampen V.I.
Equity and Income Fund, Invesco Van Kampen V.I. Mid Cap Value Fund and Invesco
Van Kampen V.I. Value Funds compensation is based on the one-, three- and
five-year performance against the Funds peer group. Furthermore, for the
portfolio manager(s) formerly managing the predecessor funds to the Funds in
this footnote 5, they also have a ten-year performance measure.
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6
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Portfolio Managers for Invesco Pacific
Growth Funds compensation is based on the one-, three- and five-year
performance against the appropriate Micropol benchmark. Furthermore, for the
portfolio manager(s) formerly managing the predecessor fund to Invesco Pacific
Growth Fund, they also have a ten-year performance measure.
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Equity-Based Compensation.
Portfolio managers may be granted an award that allows them to
select receipt of shares of certain Invesco Funds with a vesting period as well as common shares
and/or restricted shares of Invesco Ltd. stock from pools determined from time to time by the
Compensation Committee of Invesco Ltd.s Board of Directors. Awards of equity-based compensation
typically vest over time, so as to create incentives to retain key talent.
Portfolio managers also participate in benefit plans and programs available generally to all
employees.
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ITEM 9.
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PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND
AFFILIATED PURCHASERS.
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ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
ITEM 11. CONTROLS AND PROCEDURES.
(a)
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As of March 21, 2011, an evaluation was performed under the supervision and with the
participation of the officers of the Registrant, including the PEO and PFO, to assess the
effectiveness of the Registrants disclosure controls and procedures, as that term is defined
in Rule 30a-3(c) under the Investment Company Act of 1940 (the Act), as amended. Based on
that evaluation, the Registrants officers, including the PEO and PFO, concluded that, as of
March 21, 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.
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(b)
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There have been no changes in the Registrants internal control over financial reporting (as
defined in Rule 30a-3(d) under the Act) that occurred during the second fiscal quarter of the
period covered by this report that have materially affected, or are reasonably likely to
materially affect, the Registrants internal control over financial reporting.
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ITEM 12. EXHIBITS.
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12(a) (1)
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Code of Ethics.
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12(a) (2)
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Certifications of principal executive officer and principal financial officer as
required by Rule 30a-2(a) under the Investment Company Act of 1940.
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12(a) (3)
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Not applicable.
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12(b)
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Certifications of principal executive officer and principal financial officer as required by
Rule 30a-2(b) under the Investment Company Act of 1940.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act
of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
Registrant: Invesco Van Kampen Municipal Opportunity Trust
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By:
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/s/ Colin Meadows
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Colin Meadows
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Principal Executive Officer
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Date:
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May 9, 2011
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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/ Colin Meadows
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Colin Meadows
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Principal Executive Officer
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Date:
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May 9, 2011
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By:
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/s/ Sheri Morris
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Sheri Morris
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Principal Financial Officer
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Date:
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May 9, 2011
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EXHIBIT INDEX
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12(a)(1)
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Code of Ethics.
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12(a)(2)
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Certifications of principal executive officer and principal
Financial officer as required by Rule 30a-2(a) under the
Investment Company Act of 1940.
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12(a)(3)
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Not applicable.
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12(b)
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Certifications of principal executive officer and principal
financial officer as required by Rule 30a-2(b) under the
Investment Company Act of 1940.
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