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 811-06362
Invesco Municipal Trust
(Exact name of registrant as specified in charter)
1555 Peachtree Street, N.E., Suite 1800 Atlanta, Georgia 30309
(Address of principal executive offices)(Zip code)
Sheri Morris 1555 Peachtree Street, N.E., Suite 1800 Atlanta, Georgia 30309
(Name and address of agent for service)
Registrant’s telephone number, including area code: (713) 626-1919
Date of fiscal year end: 2/28
Date of reporting period: 8/31/20
Item 1. Reports to Stockholders.
The Registrant’s semi-annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:
| | | | |
| | |
 | | Semiannual Report to Shareholders | | August 31, 2020 |
| | |
| | Invesco Municipal Trust |
| | NYSE: VKQ |
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Trust’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Trust or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Trust’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Trust electronically by contacting your financial intermediary (such as a broker-dealer or bank).
You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Trust, you can call 800 341 2929 to let the Trust know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Trust.
Unless otherwise noted, all data provided by Invesco.
|
|
NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE |
Letters to Shareholders
| | |
 | | Dear Fellow Shareholders: As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive. We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco |
provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.
On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.
Sincerely,
Bruce L. Crockett
Independent Chair
Invesco Funds Board of Trustees
| | |
| | Dear Shareholders: This semiannual report includes information about your Trust, including performance data and a complete list of its investments as of the close of the reporting period. Invesco’s efforts to help investors achieve their financial objectives include providing timely information about the markets, the economy and investing. Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our Trusts, including performance and holdings. In addition to the resources accessible on our website, you can obtain timely updates to help you stay informed by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you with information you want, when and where you want it. Finally, I’m pleased to share with you Invesco’s commitment to both the Principles for Responsible |
| Investment and to considering environmental, social and governance issues in our robust investment process. I invite you to learn more at invesco.com/esg. |
| For questions about your account, feel free to contact an Invesco client services representative at 800 341 2929. |
| All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us. |
Sincerely,
Andrew Schlossberg
Head of the Americas,
Senior Managing Director, Invesco Ltd.
2 Invesco Municipal Trust
Trust Performance
| | | | |
| |
Performance summary | |
Cumulative total returns, 2/29/20 to 8/31/20 | |
| |
Trust at NAV | | | -1.82 | % |
Trust at Market Value | | | 0.47 | |
S&P Municipal Bond Index▼ (Broad Market Index) | | | 0.29 | |
S&P Municipal Bond 5+ Year Investment Grade Index▼ (Style-Specific Index) | | | 0.18 | |
Lipper Closed-End General and Insured Municipal Leveraged Debt Funds Index∎ | | | | |
(Peer Group Index) | | | -2.68 | |
Market Price Discount to NAV as of 8/31/20 | | | -7.62 | |
|
Source(s): ▼RIMES Technologies Corp.; ∎Lipper Inc. | |
|
The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Investment return, net asset value (NAV) and common share market price will fluctuate so that you may have a gain or loss when you sell shares. Please visit invesco.com/us for the most recent month-end performance. Performance figures reflect Trust expenses, the reinvestment of distributions (if any) and changes in NAV for performance based on NAV and changes in market price for performance based on market price. Since the Trust is a closed-end management investment company, shares of the Trust may trade at a discount or premium from the NAV. This characteristic is separate and distinct from the risk that NAV could decrease as a result of investment activities and may be a greater risk to investors expecting to sell their shares after a short time. The Trust cannot predict whether shares will trade at, above or below NAV. The Trust should not be viewed as a vehicle for trading purposes. It is designed primarily for risk-tolerant long-term investors. The S&P Municipal Bond Index is a broad, market value-weighted index that seeks to measure the performance of the US municipal bond market. The S&P Municipal Bond 5+ Year Investment Grade Index seeks to measure the performance of investment-grade US municipal bonds with maturities equal to or greater than five years. The Lipper Closed-End General and Insured Municipal Leveraged Debt Funds Index is an unmanaged index considered representative of closed-end general and insured leveraged municipal debt funds tracked by Lipper. The Trust is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es). A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not. | |
Important Notice Regarding Share Repurchase Program
In September 2020, the Board of Trustees of the Trust approved a share repurchase program that allows the Trust to repurchase up to 25% of the 20-day average trading volume
of the Trust’s common shares when the Trust is trading at a 10% or greater discount to its net asset value. The Trust will repurchase
shares pursuant to this program if the Adviser reasonably believes that such repurchases may enhance shareholder value.
3 Invesco Municipal Trust
Changes to the Trust’s Governing Documents
On August 13, 2020, the Trust’s Board of Trustees (the “Board”) approved changes to the Trust’s Amended and Restated Agreement and Declaration of Trust (the “Declaration of Trust”) and the Trust’s Amended and Restated Bylaws (the “Bylaws”). The following is a summary of certain of these changes.
Declaration of Trust
The Trust’s Declaration of Trust was amended to provide as follows:
| ∎ | A Majority Trustee Vote is required on all Board actions, including amendments to the Declaration of Trust. “Majority Trustee Vote” means (a) with respect to a vote of the Board, a vote of the majority of the Trustees then in office, and a separate vote of a majority of the Continuing Trustees; and (b) with respect to a vote of a committee or sub-committee of the Board, a vote of the majority of the members of such committee or sub-committee, and a separate vote of a majority of the Continuing Trustees that are members of such committee or sub-committee. “Continuing Trustee” means a Trustee who either (a) has been a member of the Board for a period of at least thirty-six months (or since the commencement of the Trust’s operations, if less than thirty-six months) or (b) was nominated to serve as a member of the Board by a majority of the Continuing Trustees then members of the Board. |
| ∎ | Any Trustee may only be removed for cause, including but not limited to (i) willful misconduct, dishonesty, or fraud on the part of the Trustee in the conduct of his or her office; (ii) failing to meet, on a continuous basis, the Trustee Qualifications (as defined below); or (iii) being indicted for, pleading guilty to or being convicted of a felony, in each case only by a written instrument signed by at least 75% of the number of Trustees prior to such removal (not including the Trustee(s) for which removal is being sought), specifying the date when such removal shall become effective. |
| ∎ | In the event of a vacancy on the Board, the size of the Board is automatically reduced by the number of vacancies (but not to less than two) until the Board maintains or increases the size of the Board. |
| ∎ | The following Trustee Qualifications are imposed on all nominees and current Trustees, whether or not nominated by a third party: |
(a) An individual who is an Affiliated Person of any:
(1) Investment Adviser (other than the Trust’s Investment Adviser or any Investment Adviser affiliated with the Trust’s Investment Adviser);
(2) Pooled Vehicle (as defined below) (other than a Pooled Vehicle advised or managed by the Trust’s Investment Adviser or any Investment Adviser affiliated with the Trust’s Investment Adviser); or
(3) Entity Controlling, Controlled by, or under common Control with, any Investment Adviser (other than the Trust’s Investment Adviser or any Investment Adviser affiliated with the Trust’s Investment Adviser) or Pooled Vehicle (other than a Pooled Vehicle advised or managed by the Trust’s Investment Adviser or any Investment Adviser affiliated with the Trust’s Investment Adviser);
shall be disqualified from being nominated or serving as a Trustee, if the Board determines by Majority Trustee Vote (excluding the vote of any Trustee subject to such vote) that such relationship is reasonably likely to:
(1) Present undue conflicts of interest between (i) the Trust and its Shareholders, and (ii) such other Investment Adviser or Pooled Vehicle;
(2) Impede the ability of the individual to discharge the duties of a Trustee; and/or
(3) Impede the free flow of information (including proprietary, non-public or confidential information) between the Trust’s Investment Adviser and the Board.
(b) An individual who:
(1) Is a 12(d) Control Person (as defined below);
(2) Is an Affiliated Person of a 12(d) Holder (as defined below) or 12(d) Control Person; or
(3) Has accepted directly or indirectly any consulting, advisory, or other compensatory fee from any 12(d) Holder or 12(d) Control Person;
shall be disqualified from being nominated or serving as a Trustee.
(c) An individual who serves as a trustee or director of 5 or more issuers (including the Trust) having securities registered under the Securities Exchange Act of 1934 (the “Exchange Act”) (for these purposes, investment companies or individual series thereof having the same Investment Adviser as the Trust or any Investment Adviser affiliated with the Trust’s Investment Adviser shall be counted as a single issuer) shall be disqualified from being nominated or serving as a Trustee.
(d) An individual who has been subject to any censure, order, consent decree or adverse final action of any federal, state, or foreign governmental or regulatory authority barring or suspending such individual from participation in or association with any investment-related business or restricting such individual’s activities with respect to any investment-related business, been the subject of any investigation or proceeding that could reasonably be expected to result in an individual nominated or serving as a Trustee failing to satisfy the requirements of this paragraph, or is or has been engaged in any conduct which has resulted in, or could have reasonably been expected or would reasonably be expected to result in, the Securities and Exchange Commission (“SEC”) censuring, placing limitations on the activities, functions, or operation of, suspending, or revoking the registration of any Investment Adviser under Section 203(e) or (f) of the Investment Advisers Act of 1940 shall be disqualified from being nominated or serving as a Trustee.
(e) An individual who is or has been the subject of any of the ineligibility provisions contained in Section 9(b) of the Investment Company Act of 1940 (the “1940 Act”) that would permit, or could reasonably have been expected or would reasonably be expected to permit the
4 Invesco Municipal Trust
SEC by order to prohibit, conditionally or unconditionally, either permanently or for a period of time, such individual from servicing or acting as an employee, officer, trustee, director, member of an advisory board, Investment Adviser or depositor of, or principal underwriter for, a registered investment company or Affiliated Person of such Investment Adviser, depositor, or principal underwriter shall be disqualified from being nominated or serving as a Trustee.
For purposes of the foregoing, the following definitions apply:
“12(d) Control Person” means any person who Controls, is Controlled by, or under common Control with, a 12(d) Holder (solely for purposes of this definition, an Investment Adviser shall be deemed to Control any investment company that it advises, including any collective investment vehicle that would be an investment company but for the exception provided by Section 3(c)(1) or (7) of the 1940 Act);
“12(d) Holder” is defined as an investment company (including, for purposes of (1) below, any collective investment vehicle that would be an investment company but for the exception provided by Section 3(c)(1) or (7) of the 1940 Act) that in the aggregate owns, directly or indirectly through any companies Controlled by the 12(d) Holder, of record or beneficially as defined in Rule 13d-3 and 13d-5 of the Securities Act of 1934:
(1) More than three percent (3%) of the outstanding voting Shares of the Trust;
(2) Securities issued by the Trust having an aggregate value in excess of five percent (5%) of the total assets of such investment company or of any company or companies Controlled by such investment company;
(3) Securities issued by the Trust and by all other investment companies having an aggregate value in excess of ten percent (10%) of the total assets of the investment company making such investment or any company or companies Controlled by the investment company making such investment;
(4) Together with other investment companies having the same Investment Adviser and companies Controlled by such investment companies, more than ten percent (10%) of the total outstanding Shares of the Trust; or
(5) For an investment company operating as a “fund of funds” pursuant to Section 12(d)(1)(F) of the 1940 Act, together with all Affiliated Persons of such investment company, more than three percent (3%) of the outstanding voting Shares of the Trust (solely for purposes of determining an “Affiliated Person” for purposes of this definition, an Investment Adviser shall be deemed to Control any investment company that it advises, including any collective investment vehicle that would be an investment company but for the exception provided by Section 3(c)(1) or 3(c)(7) of the 1940 Act).
“Pooled Vehicle” means (i) any issuer meeting the definition of an “investment company” in Section 3(a) of the 1940 Act, or (ii) any person that would meet the definition of an investment company but for the exceptions in Section 3(c) of the 1940 Act.
Bylaws
The Trust’s Bylaws were amended to provide as follows:
| ∎ | At all meetings of the Board, one-half (50%) of the Trustees then in office, including one-half (50%) of the Continuing Trustees (but in no event fewer than two Trustees), shall constitute a quorum for the transaction of business. At all meetings of any committee or sub-committee, one-half (50%) of the committee members or sub-committee members, including one-half (50%) of the committee members or sub-committee members who are Continuing Trustees (but in no event fewer than two Trustees), shall constitute a quorum for the transaction of business. Business transacted at any meeting of Shareholders shall be limited to (a) the purpose stated in the notice, (b) the adjournment of such meeting in accordance with the relevant provisions of the Bylaws, and (c) solely with respect to annual meetings, such other matters as are permitted to be presented at the meeting in accordance with the relevant provisions of the Bylaws. |
| ∎ | A majority of the outstanding Shares entitled to vote at a Shareholders’ meeting, which are present in person or represented by proxy, shall constitute a quorum at the Shareholders’ meeting, except when a larger quorum is required by applicable law or the requirements of any securities exchange on which Shares are listed for trading, in which case such quorum shall comply with such requirements. Quorum shall be determined with respect to the meeting as a whole regardless of whether particular matters have achieved the requisite vote for approval, but the presence or absence of a quorum shall not prevent any adjournment at the meeting pursuant to the relevant provisions of the Bylaws. |
| ∎ | When a quorum is present at any meeting, the vote of the shares as set forth in the Declaration of Trust shall decide any question brought before such meeting, unless a different vote is required by the express provision of applicable law, the Declaration of Trust, the Bylaws or other governing instrument of the Trust, in which case such express provision shall govern and control the decision of such question. Notwithstanding the foregoing, and whether or not a quorum is present, the vote of the holders of one-third (1/3) of the shares cast, or the chair of the meeting in his or her discretion, shall have the power to adjourn a meeting of the Shareholders with regard to a particular proposal scheduled to be voted on at such meeting or to adjourn such meeting entirely. |
| ∎ | The matters to be considered and brought before any annual meeting of Shareholders of the Trust shall be limited to only such matters, including the nomination and election of Trustees, as shall be brought properly before such meeting in compliance with the procedures set forth in the Bylaws. For any matter to be properly brought before any annual meeting of Shareholders, the matter must be (among other requirements specified in the Bylaws), brought before the annual meeting in the manner specified in the Bylaws by a Record Owner at the time of the giving of notice, on the record date for such meeting and at the time of the meeting, or a Shareholder (a “Nominee Holder”) that holds voting securities entitled to vote at meetings of Shareholders through a nominee or “street name” holder of record and can demonstrate to the Trust such indirect ownership and such Nominee Holder’s entitlement to vote such securities, and is a Nominee Holder at the time of the giving of notice provided for in the Bylaws, on the record date for such meeting and at the time of the meeting, with proof of such ownership or holding reasonably satisfactory to the Trust to be provided by such Record Owner or Nominee Holder at each such aforementioned time. |
5 Invesco Municipal Trust
| ∎ | Any Shareholder desiring to nominate any person(s) for election as a Trustee shall deliver, as part of such Shareholder Notice, a statement in writing with respect to the person(s) to be nominated, together with any persons to be designated as a proposed substitute nominee in the event that a proposed nominee is unwilling or unable to serve, including by reason of any disqualification (a “Proposed Nominee”) setting forth all information required by the Bylaws, including each Proposed Nominee’s written representation that he or she agrees to complete, execute, and return to the Trust within 5 business days of receipt the Trust’s form of trustee questionnaire and any supplemental information reasonably requested by the Trust. |
| ∎ | Any Shareholder who gives a Shareholder Notice of any matter proposed to be brought before an annual meeting or to elect Proposed Nominees shall deliver, as part of such Shareholder Notice, all statements and representations required by the Bylaws, including: 1) a statement in writing with respect to the Shareholder and the beneficial owner, if any, on whose behalf the proposal is being made setting forth, among other requirements, the number and class of all Shares which the Shareholder has the right to acquire pursuant to any agreement or upon exercise of conversion rights or warrants, or otherwise (including any derivative or short positions, profit interests, options or similar rights, and borrowed or loaned shares); and 2) an agreement to return to the Trust within 5 business days of receipt such other information as the Board may reasonably request. |
| ∎ | To be considered a qualified representative of the Shareholder, a Person must be a duly authorized officer, manager or partner of such Shareholder, as evidenced by an incumbency certificate executed by the corporate secretary (or other duly authorized officer) of the Shareholder, or must be authorized by a writing executed by such Shareholder delivered by such Shareholder to act for such Shareholder as proxy at the meeting of Shareholders, and such Person must deliver a copy of such incumbency certificate or writing to the secretary of the meeting. |
| ∎ | Only such matters shall be conducted at a special meeting of Shareholders as shall have been brought before the meeting pursuant to the Trust’s notice of meeting. Nominations of individuals for election to the Board may be made at a special meeting of Shareholders at which Trustees are to be elected: 1) pursuant to the Trust’s notice of meeting; 2) by or at the direction of the Board; or 3) provided that the Board has determined that Trustees shall be elected at such special meeting, and such special meeting shall meet all of the requirements with respect to annual meetings as if such special meeting were an annual meeting. |
| ∎ | Provisions in the Bylaws regarding advance notice of Shareholder Nominees for Trustee and other Shareholder proposals shall not apply to Shareholder proposals made pursuant to Rule 14a-8 under the Exchange Act. Notwithstanding the forgoing, no Shareholder proposal may be brought before an annual meeting, whether submitted pursuant to the applicable provisions of the Bylaws or Rule 14a-8 under the Exchange Act, unless Shareholders have power to vote on the Shareholder proposal, or the subject matter of the Shareholder proposal, pursuant to the Declaration of Trust, irrespective of whether such Shareholder proposal is submitted as a precatory recommendation to the Board. |
| ∎ | No person shall be eligible for election as a Trustee of the Trust unless nominated in accordance with the procedures set forth in the Bylaws. |
The Trust’s Declaration of Trust and Bylaws contain other provisions, including all requirements for the conduct of shareholder meetings, and are available in their entirety upon request to the Trust’s Secretary, c/o Invesco Advisers, Inc., 1555 Peachtree Street NE, Atlanta, GA 30309.
6 Invesco Municipal 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 Invesco closed-end Trust (the Trust). Under the Plan, the money you earn from Distributions will be reinvested automatically in more shares of the Trust, allowing you to potentially increase your investment over time. All shareholders in the Trust are automatically enrolled in the Plan when shares are purchased.
Plan benefits
∎ Add to your account:
You may increase your shares in your Trust easily and automatically with the Plan.
∎ Low transaction costs:
Shareholders who participate in the Plan may be 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 the Trust, there is no brokerage fee, and when shares are bought in blocks on the open market, the per share fee is shared among all participants.
∎ Convenience:
You will receive a detailed account statement from Computershare Trust Company, N.A. (the Agent), which administers the Plan. The statement shows your total Distributions, date of investment, shares acquired, and price per share, as well as the total number of shares in your reinvestment account. You can also access your account at invesco.com/closed-end.
∎ Safekeeping:
The Agent will hold the shares it has acquired for you in safekeeping.
Who can participate in the Plan
If you own shares in your own name, your purchase will automatically enroll you 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
If you haven’t participated in the Plan in the past or chose to opt out, you are still eligible to participate. Enroll by visiting invesco.com/closed-end, by calling toll-free 800 341 2929 or by notifying us in writing at Invesco Closed-End Funds, Computershare Trust Company, N.A., P.O. Box 505000, Louisville, KY 40233-5000. If you are writing to us, please include the 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 the Distribution is paid. If your authorization arrives after such record date, your participation in the Plan will begin with the following Distribution.
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, you’ll 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. | Premium: If the Trust is trading at a premium – a market price that is higher than its NAV –you’ll pay either the NAV or 95 percent of |
| | | the market price, whichever is greater. When the Trust trades at a premium, you may 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. |
| | 2. | Discount: If the Trust is trading at a discount – a market price that is lower than its NAV – you’ll pay the market price for your reinvested shares. |
Costs of the Plan
There is no direct charge to you for reinvesting Distributions because the Plan’s fees are paid by the Trust. If the 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 the Trust is trading at a discount, the shares are purchased on the open market, and you will pay your portion of any 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 US 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, by visiting invesco.com/ closed-end or by writing to Invesco Closed-End Funds, Computershare Trust Company, N.A., P.O. Box 505000, Louisville, KY 40233-5000. 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 sign these written instructions. If you withdraw, you have three options with regard to the shares held in the Plan:
| | 1. | 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, including per share fees such as any applicable brokerage commissions the Agent is required to pay. |
| | 2. | If you opt to sell your shares through the Agent, we will sell all full and fractional shares and send the proceeds via check to your address of record after deducting a $2.50 service fee and per share fees. Per share fees include any applicable brokerage commissions the Agent is required to pay. |
| | 3. | You may sell your shares through your financial adviser through the Direct Registration System (DRS). DRS is a service within the securities industry that allows Trust shares to be held in your name in electronic format. You retain full ownership of your shares, without having to hold a share certificate. You should contact your financial adviser to learn more about any restrictions or fees that may apply. |
The Trust and Computershare Trust Company, N.A. may amend or terminate the Plan at any time. Participants will receive at least 30 days written notice before the effective date of any amendment. In the case of termination, Participants will receive at least 30 days written notice before the record date for the payment of any such Distributions by the Trust. In the case of amendment or termination necessary or appropriate to comply with applicable law or the rules and policies of the Securities and Exchange Commission or any other regulatory authority, such written notice will not be required.
To obtain a complete copy of the current Dividend Reinvestment Plan, please call our Client Services department at 800 341 2929 or visit invesco.com/closed-end.
7 Invesco Municipal Trust
Schedule of Investments
August 31, 2020
(Unaudited)
| | | | | | | | | | | | | | |
| | | Interest
Rate | | | Maturity
Date | | | Principal
Amount
(000) | | | Value |
Municipal Obligations–162.74%(a) | | | | | | | | | | | | | | |
Alabama–2.08% | | | | | | | | | | | | | | |
Alabama (State of) Special Care Facilities Financing Authority (Ascension Health Senior Credit Group); Series 2016 B, Ref. RB | | | 5.00% | | | | 11/15/2046 | | | $ | 4,770 | | | $ 5,598,978 |
Birmingham (City of), AL Special Care Facilities Financing Authority (Methodist Home for the Aging); Series 2016, RB | | | 5.75% | | | | 06/01/2045 | | | | 225 | | | 228,938 |
Birmingham (City of), AL Water Works Board; Series 2016 B, Ref. RB | | | 5.00% | | | | 01/01/2043 | | | | 1,235 | | | 1,490,163 |
Huntsville (City of), AL Special Care Facilities Financing Authority (Redstone Village); Series 2007, RB(b) | | | 5.50% | | | | 01/01/2043 | | | | 1,725 | | | 1,116,765 |
Lower Alabama Gas District (The); | | | | | | | | | | | | | | |
Series 2016 A, RB | | | 5.00% | | | | 09/01/2046 | | | | 1,605 | | | 2,265,538 |
Series 2016 A, RB(c) | | | 5.00% | | | | 09/01/2046 | | | | 2,700 | | | 3,811,185 |
Tuscaloosa (County of), AL Industrial Development Authority (Hunt Refining); Series 2019 A, Ref. IDR(d) | | | 5.25% | | | | 05/01/2044 | | | | 825 | | | 918,357 |
| | | | | | | | | | | | | | | 15,429,924 |
| | | | |
Alaska–0.44% | | | | | | | | | | | | | | |
Alaska (State of) Industrial Development & Export Authority (Providence Health Services); Series 2011 A, RB(c) | | | 5.50% | | | | 10/01/2041 | | | | 3,160 | | | 3,276,225 |
| | | | |
Arizona–4.03% | | | | | | | | | | | | | | |
Arizona (State of) Health Facilities Authority (Scottsdale Lincoln Hospital); Series 2014, Ref. RB | | | 5.00% | | | | 12/01/2042 | | | | 2,160 | | | 2,427,516 |
Arizona (State of) Industrial Development Authority; Series 2019 A-2, RB | | | 3.63% | | | | 05/20/2033 | | | | 1,099 | | | 1,146,920 |
Arizona (State of) Industrial Development Authority (Great Laked Senior Living Community); | | | | | | | | | | | | | | |
Series 2019 A, RB | | | 4.25% | | | | 01/01/2040 | | | | 1,500 | | | 1,259,490 |
Series 2019 B, RB | | | 5.13% | | | | 01/01/2054 | | | | 85 | | | 71,763 |
Arizona (State of) Industrial Development Authority (Leman Academy of Excellence); Series 2017 A, Ref. RB(d) | | | 5.25% | | | | 07/01/2047 | | | | 1,160 | | | 1,189,858 |
Arizona (State of) Transportation Board; Series 2011 A, Ref. RB(c)(e)(f) | | | 5.25% | | | | 07/01/2021 | | | | 2,500 | | | 2,605,575 |
City of Phoenix Civic Improvement Corp; Series 2020, RB(c) | | | 5.00% | | | | 07/01/2049 | | | | 3,015 | | | 3,612,181 |
City of Phoenix Civic Improvement Corp.; Series 2020 A, RB | | | 5.00% | | | | 07/01/2044 | | | | 2,000 | | | 2,609,880 |
Glendale (City of), AZ Industrial Development Authority (The Beatitudes Campus); | | | | | | | | | | | | | | |
Series 2017, Ref. RB | | | 5.00% | | | | 11/15/2029 | | | | 1,105 | | | 1,195,124 |
Series 2017, Ref. RB | | | 5.00% | | | | 11/15/2045 | | | | 890 | | | 921,488 |
Maricopa (County of), AZ Industrial Development Authority (Legacy Traditional Schools); Series 2019, Ref. RB(d) | | | 5.00% | | | | 07/01/2054 | | | | 225 | | | 239,076 |
Maricopa County Pollution Control Corp. (Southern California Edison Co.); Series 2000 B, Ref. RB | | | 5.00% | | | | 06/01/2035 | | | | 1,170 | | | 1,173,452 |
Phoenix (City of), AZ Industrial Development Authority (Legacy Traditional Schools); Series 2014 A, RB(d) | | | 6.50% | | | | 07/01/2034 | | | | 500 | | | 564,015 |
Phoenix (City of), AZ Industrial Development Authority (Rowan University); Series 2012, RB | | | 5.00% | | | | 06/01/2042 | | | | 2,170 | | | 2,252,221 |
Phoenix Civic Improvement Corp.; | | | | | | | | | | | | | | |
Series 2017 A, RB(g) | | | 5.00% | | | | 07/01/2042 | | | | 1,550 | | | 1,822,335 |
Series 2017 A, RB(g) | | | 5.00% | | | | 07/01/2047 | | | | 2,475 | | | 2,890,355 |
Pima (County of), AZ Industrial Development Authority (American Leadership Academy); Series 2019, Ref. RB(d) | | | 5.00% | | | | 06/15/2052 | | | | 360 | | | 361,951 |
Pima (County of), AZ Industrial Development Authority (Grande Innovations Academy); Series 2018, RB(d) | | | 5.25% | | | | 07/01/2048 | | | | 1,190 | | | 1,203,887 |
Salt Verde Financial Corp.; Series 2007, RB | | | 5.00% | | | | 12/01/2037 | | | | 800 | | | 1,095,304 |
Yuma (City of), AZ Industrial Development Authority (Regional Medical Center); Series 2014 A, RB | | | 5.25% | | | | 08/01/2032 | | | | 1,060 | | | 1,208,209 |
| | | | | | | | | | | | | | | 29,850,600 |
| | | | |
Arkansas–0.08% | | | | | | | | | | | | | | |
Arkansas (State of) Development Finance Authority (Baptist Memorial Health); Series 2020, Ref. RB | | | 5.00% | | | | 09/01/2039 | | | | 500 | | | 604,695 |
| | | | |
California–12.66% | | | | | | | | | | | | | | |
Anaheim (City of), CA Public Financing Authority (Anaheim Public Improvements); Series 1997 C, RB (INS - AGM)(h)(i) | | | 0.00% | | | | 09/01/2020 | | | | 4,000 | | | 4,000,000 |
Bay Area Toll Authority (San Francisco Bay Area); Series 2017 F-1, RB(c) | | | 5.00% | | | | 04/01/2056 | | | | 2,490 | | | 2,914,869 |
Beverly Hills Unified School District (Election of 2008); Series 2009, GO Bonds(i) | | | 0.00% | | | | 08/01/2028 | | | | 800 | | | 736,008 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
8 Invesco Municipal Trust
| | | | | | | | | | | | | | |
| | | Interest
Rate | | | Maturity
Date | | | Principal
Amount
(000) | | | Value |
California–(continued) | | | | | | | | | | | | | | |
California (County of), CA Tobacco Securitization Agency; | | | | | | | | | | | | | | |
Series 2020 A, Ref. RB | | | 4.00% | | | | 06/01/2038 | | | $ | 275 | | | $ 325,352 |
Series 2020 B-1, Ref. RB | | | 5.00% | | | | 06/01/2049 | | | | 100 | | | 118,181 |
Series 2020 B-2, Ref. RB(i) | | | 0.00% | | | | 06/01/2055 | | | | 1,670 | | | 298,963 |
California (County of), CA Tobacco Securitization Agency (Alameda County Tobacco Asset Securitization Corp.); Series 2006 C, RB(i) | | | 0.00% | | | | 06/01/2055 | | | | 11,000 | | | 837,650 |
California (State of); | | | | | | | | | | | | | | |
Series 2012, GO Bonds | | | 5.25% | | | | 04/01/2035 | | | | 2,880 | | | 3,092,861 |
Series 2012, GO Bonds | | | 5.00% | | | | 04/01/2042 | | | | 1,900 | | | 2,028,592 |
Series 2012, Ref. GO Bonds | | | 5.00% | | | | 02/01/2032 | | | | 2,100 | | | 2,233,434 |
Series 2013, Ref. GO Bonds | | | 5.25% | | | | 09/01/2030 | | | | 1,500 | | | 1,709,580 |
California (State of) Community Housing Agency (Annadel Apartments); Series 2019 A, RB(d) | | | 5.00% | | | | 04/01/2049 | | | | 835 | | | 937,647 |
California (State of) Housing Finance Agency; Series 2019 2, Class A, Revenue Ctfs. | | | 4.00% | | | | 03/20/2033 | | | | 495 | | | 546,959 |
California (State of) Municipal Finance Authority (CHF-Davis I, LLC - West Village Student Housing); Series 2018, RB | | | 5.00% | | | | 05/15/2035 | | | | 1,255 | | | 1,470,998 |
California (State of) Municipal Finance Authority (Linxs APM); | | | | | | | | | | | | | | |
Series 2018 A, RB(g) | | | 5.00% | | | | 12/31/2038 | | | | 1,490 | | | 1,733,526 |
Series 2018 A, RB(g) | | | 5.00% | | | | 12/31/2043 | | | | 2,010 | | | 2,309,651 |
California (State of) Municipal Finance Authority (United Airlines, Inc.); Series 2019, Ref. RB(g) | | | 4.00% | | | | 07/15/2029 | | | | 1,670 | | | 1,671,169 |
California (State of) Municipal Finance Authority (William Jessup University); Series 2019, Ref. RB | | | 5.00% | | | | 08/01/2039 | | | | 250 | | | 260,088 |
California (State of) Pollution Control Finance Authority; | | | | | | | | | | | | | | |
Series 2012, RB(d)(g) | | | 5.00% | | | | 07/01/2027 | | | | 1,315 | | | 1,391,875 |
Series 2012, RB(d)(g) | | | 5.00% | | | | 07/01/2030 | | | | 1,600 | | | 1,687,296 |
Series 2012, RB(d)(g) | | | 5.00% | | | | 07/01/2037 | | | | 3,535 | | | 3,688,808 |
California (State of) Statewide Communities Development Authority (Loma Linda University Medical Center); | | | | | | | | | | | | | | |
Series 2014, RB | | | 5.25% | | | | 12/01/2044 | | | | 855 | | | 919,638 |
Series 2016 A, RB(d) | | | 5.00% | | | | 12/01/2041 | | | | 1,355 | | | 1,479,457 |
Series 2016 A, RB(d) | | | 5.25% | | | | 12/01/2056 | | | | 1,005 | | | 1,082,214 |
California State University; Series 2018 A, Ref. RB | | | 5.00% | | | | 11/01/2048 | | | | 2,070 | | | 2,611,367 |
City of Long Beach CA Harbor Revenue; Series 2020-XM0865, Ctfs.(c) | | | 7.15% | | | | 05/15/2044 | | | | 2,005 | | | 2,482,932 |
Daly City (City of), CA Housing Development Finance Agency (Franciscan Mobile Home Park Acquisition); Series 2007 C, Ref. RB | | | 6.50% | | | | 12/15/2047 | | | | 395 | | | 395,525 |
Foothill-Eastern Transportation Corridor Agency; Series 2015, Ref. RB (INS - AGM)(h)(i) | | | 0.00% | | | | 01/15/2034 | | | | 4,125 | | | 2,910,394 |
Golden State Tobacco Securitization Corp.; | | | | | | | | | | | | | | |
Series 2013 A, RB | | | 5.00% | | | | 06/01/2030 | | | | 2,875 | | | 3,198,811 |
Series 2015 A, Ref. RB | | | 5.00% | | | | 06/01/2040 | | | | 1,000 | | | 1,164,060 |
Series 2018 A-1, Ref. RB | | | 5.00% | | | | 06/01/2047 | | | | 1,130 | | | 1,161,889 |
Los Angeles Department of Water; Series 2012 B, RB(c) | | | 5.00% | | | | 07/01/2043 | | | | 3,500 | | | 3,775,240 |
M-S-R Energy Authority; | | | | | | | | | | | | | | |
Series 2009 A, RB | | | 6.50% | | | | 11/01/2039 | | | | 2,265 | | | 3,608,439 |
Series 2009 B, RB | | | 7.00% | | | | 11/01/2034 | | | | 585 | | | 910,324 |
Mt. San Antonio Community College District (Election of 2008); Series 2013 A, GO Bonds(j) | | | 6.25% | | | | 08/01/2043 | | | | 2,010 | | | 2,168,388 |
Oroville (City of), CA (Oroville Hospital); Series 2019, RB | | | 5.25% | | | | 04/01/2049 | | | | 620 | | | 671,020 |
Sacramento (County of), CA; Series 2010, RB | | | 5.00% | | | | 07/01/2040 | | | | 2,300 | | | 2,303,726 |
San Buenaventura (City of), CA (Community Memorial Health System); Series 2011, RB | | | 7.50% | | | | 12/01/2041 | | | | 2,200 | | | 2,316,138 |
San Diego (City of), CA Community College District (Election of 2006); Series 2011, GO Bonds(c)(e)(f) | | | 5.00% | | | | 08/01/2021 | | | | 4,110 | | | 4,292,731 |
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport); | | | | | | | | | | | | | | |
Series 2011 F, Ref. RB(g) | | | 5.00% | | | | 05/01/2025 | | | | 775 | | | 797,870 |
Series 2011 F, Ref. RB(g) | | | 5.00% | | | | 05/01/2026 | | | | 1,550 | | | 1,594,795 |
Series 2019 A, Ref. RB(g) | | | 5.00% | | | | 05/01/2036 | | | | 1,170 | | | 1,453,702 |
Series 2019 A, Ref. RB(g) | | | 5.00% | | | | 05/01/2039 | | | | 2,360 | | | 2,902,776 |
San Francisco (City & County of), CA Public Utilities Commission (Water System Improvement Program); Subseries 2011 A, RB(c)(e)(f) | | | 5.00% | | | | 11/01/2021 | | | | 3,360 | | | 3,550,243 |
Santa Margarita Water District (Community Facilities District No. 2013-1); Series 2013, RB | | | 5.50% | | | | 09/01/2032 | | | | 660 | | | 723,215 |
Silicon Valley Tobacco Securitization Authority (Santa Clara); Series 2007 A, RB(i) | | | 0.00% | | | | 06/01/2041 | | | | 3,485 | | | 1,090,561 |
State of California; Series 2020-XX1123, Ctfs.(c)(k) | | | 4.00% | | | | 03/01/2046 | | | | 3,015 | | | 3,577,388 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
9 Invesco Municipal Trust
| | | | | | | | | | | | | | |
| | | Interest
Rate | | | Maturity
Date | | | Principal
Amount
(000) | | | Value |
California–(continued) | | | | | | | | | | | | | | |
University of California; | | | | | | | | | | | | | | |
Series 2018 AZ, Ref. RB(c) | | | 4.00% | | | | 05/15/2048 | | | $ | 3,300 | | | $ 3,813,018 |
Series 2020 BE, Ref. RB | | | 4.00% | | | | 05/15/2047 | | | | 2,340 | | | 2,749,360 |
| | | | | | | | | | | | | | | 93,698,728 |
| | | | |
Colorado–3.75% | | | | | | | | | | | | | | |
Arkansas (State of) River Power Authority; Series 2006, RB(e) | | | 5.88% | | | | 10/01/2026 | | | | 1,235 | | | 1,479,592 |
Colorado (State of) Board of Governors; Series 2012 A, RB(c)(e)(f) | | | 5.00% | | | | 03/01/2022 | | | | 3,850 | | | 4,127,354 |
Colorado (State of) Health Facilities Authority (Adventist Health System/Sunbelt Obligated Group); Series 2018 A, RB | | | 5.00% | | | | 11/15/2048 | | | | 1,170 | | | 1,406,024 |
Colorado (State of) Health Facilities Authority (Commonspirit Health); Series 2019 A-2, Ref. RB | | | 4.00% | | | | 08/01/2049 | | | | 1,675 | | | 1,846,587 |
Colorado (State of) Health Facilities Authority (Evangelical Lutheran Good Samaritan Society (The)); Series 2017, Ref. RB(e)(f) | | | 5.00% | | | | 06/01/2027 | | | | 585 | | | 758,540 |
Colorado (State of) Health Facilities Authority (Volunteers of America Care); | | | | | | | | | | | | | | |
Series 2007 A, RB | | | 5.25% | | | | 07/01/2027 | | | | 295 | | | 277,681 |
Series 2007 A, RB | | | 5.30% | | | | 07/01/2037 | | | | 245 | | | 206,733 |
Colorado (State of) High Performance Transportation Enterprise (C-470 Express Lanes); Series 2017, RB | | | 5.00% | | | | 12/31/2047 | | | | 920 | | | 997,418 |
Colorado (State of) Regional Transportation District (Denver Transit Partners Eagle P3); | | | | | | | | | | | | | | |
Series 2010, RB | | | 6.50% | | | | 01/15/2030 | | | | 1,400 | | | 1,403,318 |
Series 2010, RB | | | 6.00% | | | | 01/15/2034 | | | | 1,100 | | | 1,102,167 |
Colorado (State of) Science and Technology Park Metropolitan District No. 1; Series 2018, Ref. RB | | | 5.00% | | | | 12/01/2033 | | | | 500 | | | 518,070 |
Colorado Health Facilities Authority; Series 2020-XX1130, Ctfs.(c)(k) | | | 5.00% | | | | 08/01/2044 | | | | 1,260 | | | 1,519,459 |
Denver (City & County of), CO; | | | | | | | | | | | | | | |
Series 2012 B, RB | | | 5.00% | | | | 11/15/2037 | | | | 1,850 | | | 1,982,293 |
Series 2018 A, Ref. RB(c)(g) | | | 5.25% | | | | 12/01/2048 | | | | 5,260 | | | 6,377,487 |
Series 2018 A-2, RB(i) | | | 0.00% | | | | 08/01/2033 | | | | 1,765 | | | 1,237,512 |
Jefferson (County of), CO Center Metropolitan District No. 1; Series 2020 B, Ref. RB | | | 5.75% | | | | 12/15/2050 | | | | 735 | | | 738,984 |
Neu Towne Metropolitan District; Series 2018 A, Ref. GO Bonds | | | 5.38% | | | | 12/01/2046 | | | | 705 | | | 723,161 |
Village Metropolitan District (The); Series 2020, Ref. GO Bonds | | | 5.00% | | | | 12/01/2040 | | | | 550 | | | 572,154 |
White Buffalo Metropolitan District No. 3; Series 2020, Limited Tax GO Bonds | | | 5.50% | | | | 12/01/2050 | | | | 500 | | | 514,560 |
| | | | | | | | | | | | | | | 27,789,094 |
| | | | |
Connecticut–0.17% | | | | | | | | | | | | | | |
Connecticut (State of) Development Authority (Aquarion Water Co.); Series 2011, RB(g) | | | 5.50% | | | | 04/01/2021 | | | | 1,200 | | | 1,231,452 |
| | | | |
District of Columbia–2.98% | | | | | | | | | | | | | | |
District of Columbia; Series 2014 C, GO Bonds(c) | | | 5.00% | | | | 06/01/2035 | | | | 6,890 | | | 7,984,683 |
District of Columbia (Provident Group - Howard Properties LLC); Series 2013, RB | | | 5.00% | | | | 10/01/2045 | | | | 2,125 | | | 1,956,891 |
District of Columbia Water & Sewer Authority; Series 2013 A, RB(c)(e)(f) | | | 5.00% | | | | 10/01/2023 | | | | 3,000 | | | 3,440,010 |
Metropolitan Washington Airports Authority (Dulles Metrorail and Capital Improvement); | | | | | | | | | | | | | | |
Series 2014 A, Ref. RB | | | 5.00% | | | | 10/01/2053 | | | | 6,550 | | | 6,798,900 |
Series 2019 B, Ref. RB | | | 4.00% | | | | 10/01/2049 | | | | 1,675 | | | 1,840,574 |
| | | | | | | | | | | | | | | 22,021,058 |
| | | | |
Florida–7.44% | | | | | | | | | | | | | | |
Alachua (County of), FL Health Facilities Authority (Shands Teaching Hospital & Clinics); Series 2019, RB | | | 4.00% | | | | 12/01/2049 | | | | 505 | | | 568,817 |
Alachua (County of), FL Health Facilities Authority (Terraces at Bonita Springs); Series 2011 A, RB | | | 8.13% | | | | 11/15/2041 | | | | 1,000 | | | 971,820 |
Broward (County of), FL; | | | | | | | | | | | | | | |
Series 2012 A, RB(e)(f) | | | 5.00% | | | | 10/01/2022 | | | | 2,270 | | | 2,496,115 |
Series 2013 C, RB(e)(f) | | | 5.25% | | | | 10/01/2023 | | | | 2,450 | | | 2,824,041 |
Series 2015 A, RB(g) | | | 5.00% | | | | 10/01/2045 | | | | 1,395 | | | 1,580,047 |
Series 2017, RB(c)(g)(k) | | | 5.00% | | | | 10/01/2047 | | | | 4,015 | | | 4,665,269 |
Series 2019 B, RB(g) | | | 4.00% | | | | 09/01/2044 | | | | 835 | | | 899,028 |
Cape Coral (City of), FL Health Facilities Authority (Gulf Care, Inc.); Series 2015, Ref. RB(d) | | | 6.00% | | | | 07/01/2045 | | | | 250 | | | 240,925 |
Central Florida Expressway Authority; Series 2020-XX1136, Ctfs.(c)(k) | | | 5.00% | | | | 07/01/2049 | | | | 2,385 | | | 2,966,415 |
Collier (County of), FL Industrial Development Authority (The Arlington of Naples); Series 2014 A, RB (Acquired 12/16/2013; Cost $1,270,077)(b)(d) | | | 7.75% | | | | 05/15/2035 | | | | 1,300 | | | 975,000 |
Davie (Town of), FL (Nova Southeastern University); Series 2013 A, RB(e)(f) | | | 6.00% | | | | 04/01/2023 | | | | 1,400 | | | 1,601,460 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
10 Invesco Municipal Trust
| | | | | | | | | | | | | | |
| | | Interest
Rate | | | Maturity
Date | | | Principal
Amount
(000) | | | Value |
Florida–(continued) | | | | | | | | | | | | | | |
Florida (State of) North Broward Hospital District; Series 2017 B, Ref. RB | | | 5.00% | | | | 01/01/2048 | | | $ | 3,015 | | | $ 3,408,397 |
Florida (State of) Ports Financing Commission (State Transportation Trust Fund); Series 2011 B, Ref. RB(g) | | | 5.13% | | | | 06/01/2027 | | | | 1,650 | | | 1,705,819 |
Greater Orlando Aviation Authority; Series 2019 A, RB(g) | | | 4.00% | | | | 10/01/2039 | | | | 2,500 | | | 2,850,825 |
Hillsborough (County of), FL Aviation Authority (Tampa International Airport); Series 2018 E, RB(g) | | | 5.00% | | | | 10/01/2048 | | | | 2,080 | | | 2,476,427 |
JEA Electric System Revenue; Series 2012 3B, RB | | | 5.00% | | | | 10/01/2039 | | | | 145 | | | 151,231 |
Miami Beach (City of), FL Health Facilities Authority (Mt. Sinai Medical Center); Series 2014, Ref. RB | | | 5.00% | | | | 11/15/2039 | | | | 935 | | | 1,032,997 |
Miami-Dade (County of), FL; | | | | | | | | | | | | | | |
Series 2012 A, Ref. RB(e)(f)(g) | | | 5.00% | | | | 10/01/2022 | | | | 1,000 | | | 1,096,310 |
Series 2012 B, Ref. RB | | | 5.00% | | | | 10/01/2032 | | | | 1,150 | | | 1,244,542 |
Series 2012 B, Ref. RB (INS - AGM)(h) | | | 5.00% | | | | 10/01/2035 | | | | 1,950 | | | 2,120,566 |
Series 2016 A, Ref. RB | | | 5.00% | | | | 10/01/2041 | | | | 2,795 | | | 3,248,517 |
Miami-Dade (County of), FL Educational Facilities Authority (University of Miami); Series 2018 A, RB(c) | | | 5.00% | | | | 04/01/2053 | | | | 3,865 | | | 4,509,218 |
Miami-Dade (County of), FL Expressway Authority; Series 2010 A, Ref. RB | | | 5.00% | | | | 07/01/2040 | | | | 1,250 | | | 1,253,537 |
Miami-Dade (County of), FL Health Facilities Authority (Miami Children’s Hospital); Series 2010, Ref. RB | | | 6.13% | | | | 08/01/2042 | | | | 170 | | | 170,587 |
Miami-Dade (County of), FL Industrial Development Authority (Waste Management, Inc.); Series 2018 B, RB (SIFMA Municipal Swap Index + 0.80%)(f)(g)(l) | | | 0.88% | | | | 11/01/2021 | | | | 585 | | | 585,181 |
Orlando (City of), FL Greater Orlando Aviation Authority; Series 2017 A, RB(g) | | | 5.00% | | | | 10/01/2047 | | | | 1,315 | | | 1,532,619 |
Osceola (County of), FL; | | | | | | | | | | | | | | |
Series 2020 A-2, Ref. RB(i) | | | 0.00% | | | | 10/01/2044 | | | | 1,000 | | | 431,870 |
Series 2020 A-2, Ref. RB(i) | | | 0.00% | | | | 10/01/2052 | | | | 450 | | | 142,475 |
Series 2020 A-2, Ref. RB(i) | | | 0.00% | | | | 10/01/2053 | | | | 445 | | | 135,458 |
Series 2020 A-2, Ref. RB(i) | | | 0.00% | | | | 10/01/2054 | | | | 385 | | | 112,651 |
Overoaks Community Development District; Series 2010 A-2, RB | | | 6.13% | | | | 05/01/2035 | | | | 90 | | | 91,105 |
Palm Beach (County of), FL Solid Waste Authority; Series 2016, RB(c) | | | 5.00% | | | | 10/01/2031 | | | | 2,565 | | | 2,692,917 |
Putnam (County of), FL Development Authority (Seminole Electric Cooperative); Series 2018 B, Ref. PCR | | | 5.00% | | | | 03/15/2042 | | | | 840 | | | 1,017,929 |
Reunion East Community Development District; | | | | | | | | | | | | | | |
Series 2005, RB(b)(m) | | | 5.80% | | | | 05/01/2036 | | | | 235 | | | 2 |
Series 2015-2, RB | | | 6.60% | | | | 05/01/2036 | | | | 205 | | | 205,683 |
Sterling Hill Community Development District; Series 2003 A, RB(m)(n) | | | 6.20% | | | | 05/01/2035 | | | | 735 | | | 463,290 |
Sumter (County of), FL Industrial Development Authority (Central Florida Health Alliance); Series 2014 A, RB | | | 5.25% | | | | 07/01/2044 | | | | 1,000 | | | 1,097,560 |
Tallahassee (City of), FL (Tallahassee Memorial Health Care, Inc.); Series 2016, RB | | | 5.00% | | | | 12/01/2055 | | | | 1,350 | | | 1,492,533 |
| | | | | | | | | | | | | | | 55,059,183 |
| | | | |
Georgia–3.09% | | | | | | | | | | | | | | |
Atlanta (City of), GA; Series 2015, Ref. RB(c) | | | 5.00% | | | | 11/01/2040 | | | | 8,290 | | | 9,755,672 |
Augusta (City of), GA Development Authority; Series 2018, RB | | | 4.00% | | | | 07/01/2039 | | | | 2,860 | | | 3,025,880 |
Brookhaven Development Authority; | | | | | | | | | | | | | | |
Series 2020, RB(c)(k) | | | 4.00% | | | | 07/01/2044 | | | | 1,130 | | | 1,285,081 |
Series 2020, RB(c)(k) | | | 4.00% | | | | 07/01/2049 | | | | 1,680 | | | 1,898,803 |
DeKalb (County of), GA Hospital Authority (DeKalb Medical Center, Inc.); Series 2010, RAC(e)(f) | | | 6.00% | | | | 09/01/2020 | | | | 1,000 | | | 1,000,000 |
Fulton (County of), GA Development Authority (Georgia Tech Athletic Association); Series 2012, Ref. RB | | | 5.00% | | | | 10/01/2042 | | | | 1,150 | | | 1,235,215 |
Fulton (County of), GA Development Authority (Wellstar Health System, Inc.); Series 2017, RB | | | 5.00% | | | | 04/01/2042 | | | | 1,000 | | | 1,185,070 |
Glynn-Brunswick Memorial Hospital Authority (Southeast Georgia Health System); Series 2017, RAC | | | 5.00% | | | | 08/01/2043 | | | | 3,000 | | | 3,453,360 |
| | | | | | | | | | | | | | | 22,839,081 |
| | | | |
Guam–0.31% | | | | | | | | | | | | | | |
Guam (Territory of); | | | | | | | | | | | | | | |
Series 2011 A, RB | | | 5.25% | | | | 01/01/2036 | | | | 625 | | | 644,537 |
Series 2011 A, RB | | | 5.13% | | | | 01/01/2042 | | | | 780 | | | 800,420 |
Guam (Territory of) Power Authority; Series 2010 A, RB(e)(f) | | | 5.50% | | | | 10/01/2020 | | | | 835 | | | 838,616 |
| | | | | | | | | | | | | | | 2,283,573 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
11 Invesco Municipal Trust
| | | | | | | | | | | | | | |
| | | Interest
Rate | | | Maturity
Date | | | Principal
Amount
(000) | | | Value |
Hawaii–1.16% | | | | | | | | | | | | | | |
Hawaii (State of); | | | | | | | | | | | | | | |
Series 2010 A, RB | | | 5.00% | | | | 07/01/2039 | | | $ | 2,050 | | | $ 2,062,730 |
Series 2015 A, RB(g) | | | 5.00% | | | | 07/01/2045 | | | | 1,695 | | | 1,918,825 |
Series 2018 A, RB(g) | | | 5.00% | | | | 07/01/2043 | | | | 1,550 | | | 1,837,897 |
Hawaii (State of) Department of Budget & Finance (Hawaii Pacific Health Obligated Group); Series 2013 A, Ref. RB | | | 5.50% | | | | 07/01/2043 | | | | 2,500 | | | 2,734,850 |
| | | | | | | | | | | | | | | 8,554,302 |
| | | | |
Idaho–0.24% | | | | | | | | | | | | | | |
Idaho (State of) Health Facilities Authority (Valley Vista Care Corp.); Series 2017 A, Ref. RB | | | 5.25% | | | | 11/15/2047 | | | | 865 | | | 791,397 |
Regents of the University of Idaho; Series 2011, Ref. RB(f) | | | 5.25% | | | | 04/01/2021 | | | | 965 | | | 988,874 |
| | | | | | | | | | | | | | | 1,780,271 |
| | | | |
Illinois–19.16% | | | | | | | | | | | | | | |
Bartlett (Village of), IL (Quarry Redevelopment); Series 2007, Ref. RB | | | 5.60% | | | | 01/01/2023 | | | | 565 | | | 565,452 |
Bolingbrook (Village of), IL; Series 2005, RB | | | 6.25% | | | | 01/01/2024 | | | | 1,071 | | | 1,006,191 |
Chicago (City of), IL; | | | | | | | | | | | | | | |
Series 2002 B, GO Bonds | | | 5.50% | | | | 01/01/2037 | | | | 1,050 | | | 1,144,301 |
Series 2005 D, Ref. GO Bonds | | | 5.50% | | | | 01/01/2040 | | | | 1,190 | | | 1,291,317 |
Series 2007 E, Ref. GO Bonds | | | 5.50% | | | | 01/01/2042 | | | | 340 | | | 368,200 |
Series 2011 A, RB(e)(f) | | | 5.25% | | | | 01/01/2022 | | | | 1,905 | | | 2,031,968 |
Series 2011, COP | | | 7.13% | | | | 05/01/2021 | | | | 347 | | | 346,969 |
Series 2012 A, GO Bonds | | | 5.00% | | | | 01/01/2033 | | | | 840 | | | 863,797 |
Series 2012 A, GO Bonds (INS - BAM)(h) | | | 5.00% | | | | 01/01/2033 | | | | 1,290 | | | 1,345,999 |
Series 2012, RB | | | 5.00% | | | | 01/01/2042 | | | | 3,350 | | | 3,485,976 |
Series 2014, RB | | | 5.00% | | | | 11/01/2044 | | | | 875 | | | 965,213 |
Series 2014, Ref. RB (INS - AGM)(h) | | | 5.00% | | | | 01/01/2032 | | | | 1,175 | | | 1,292,101 |
Series 2015 A, GO Bonds | | | 5.50% | | | | 01/01/2033 | | | | 3,395 | | | 3,726,454 |
Series 2017 A, Ref. GO Bonds | | | 6.00% | | | | 01/01/2038 | | | | 2,025 | | | 2,337,457 |
Series 2017-2, Ref. RB (INS - AGM)(h) | | | 5.00% | | | | 11/01/2038 | | | | 1,000 | | | 1,168,350 |
Chicago (City of), IL (Diversey/Narragansett); Series 2006, COP(m) | | | 7.46% | | | | 02/15/2026 | | | | 551 | | | 393,595 |
Chicago (City of), IL (Midway Airport); | | | | | | | | | | | | | | |
Series 2013 A, Ref. RB(g) | | | 5.50% | | | | 01/01/2031 | | | | 2,650 | | | 2,891,653 |
Series 2014 A, Ref. RB(g) | | | 5.00% | | | | 01/01/2041 | | | | 1,250 | | | 1,361,175 |
Chicago (City of), IL (O’Hare International Airport); | | | | | | | | | | | | | | |
Series 2012 B, Ref. RB(g) | | | 5.00% | | | | 01/01/2030 | | | �� | 4,500 | | | 4,730,265 |
Series 2013, RB | | | 5.75% | | | | 01/01/2038 | | | | 2,450 | | | 2,603,713 |
Series 2015 C, RB(g) | | | 5.00% | | | | 01/01/2046 | | | | 850 | | | 959,752 |
Series 2015 D, RB | | | 5.00% | | | | 01/01/2046 | | | | 595 | | | 681,168 |
Series 2016 C, Ref. RB | | | 5.00% | | | | 01/01/2037 | | | | 1,685 | | | 1,944,086 |
Series 2017 D, RB | | | 5.25% | | | | 01/01/2042 | | | | 1,355 | | | 1,595,512 |
Chicago (City of), IL Board of Education; | | | | | | | | | | | | | | |
Series 2017 H, GO Bonds | | | 5.00% | | | | 12/01/2036 | | | | 1,705 | | | 1,892,004 |
Series 2018 A, Ref. GO Bonds | | | 5.00% | | | | 12/01/2035 | | | | 750 | | | 849,480 |
Series 2018 A, Ref. GO Bonds (INS - AGM)(h) | | | 5.00% | | | | 12/01/2035 | | | | 650 | | | 786,500 |
Series 2018 C, Ref. GO Bonds | | | 5.00% | | | | 12/01/2022 | | | | 1,005 | | | 1,067,129 |
Chicago (City of), IL Metropolitan Water Reclamation District (Green Bonds); Series 2016 E, GO Bonds | | | 5.00% | | | | 12/01/2045 | | | | 1,755 | | | 2,042,995 |
Chicago (City of), IL Transit Authority; | | | | | | | | | | | | | | |
Series 2011, RB(c)(e)(f)(k) | | | 5.25% | | | | 12/01/2021 | | | | 3,795 | | | 3,957,919 |
Series 2014, RB | | | 5.00% | | | | 12/01/2044 | | | | 3,735 | | | 4,156,047 |
Chicago Park District; | | | | | | | | | | | | | | |
Series 2020 D, GO Bonds (INS - BAM)(h) | | | 4.00% | | | | 01/01/2036 | | | | 1,000 | | | 1,109,530 |
Series 2020 D, GO Bonds (INS - BAM)(h) | | | 4.00% | | | | 01/01/2037 | | | | 1,000 | | | 1,104,950 |
Gilberts (Village of), IL Special Service Area No. 24 (The Conservancy); Series 2014 A, RB | | | 5.38% | | | | 03/01/2034 | | | | 552 | | | 525,194 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
12 Invesco Municipal Trust
| | | | | | | | | | | | | | |
| | | Interest
Rate | | | Maturity
Date | | | Principal
Amount
(000) | | | Value |
Illinois–(continued) | | | | | | | | | | | | | | |
Illinois (State of); | | | | | | | | | | | | | | |
Series 2013, GO Bonds (INS - BAM)(h) | | | 5.50% | | | | 07/01/2038 | | | $ | 2,450 | | | $ 2,650,998 |
Series 2014, GO Bonds | | | 5.25% | | | | 02/01/2033 | | | | 1,250 | | | 1,334,625 |
Series 2014, GO Bonds | | | 5.00% | | | | 05/01/2035 | | | | 450 | | | 476,042 |
Series 2014, GO Bonds | | | 5.00% | | | | 05/01/2036 | | | | 1,210 | | | 1,277,566 |
Series 2016, GO Bonds | | | 5.00% | | | | 11/01/2036 | | | | 1,120 | | | 1,219,366 |
Series 2017 C, GO Bonds | | | 5.00% | | | | 11/01/2029 | | | | 265 | | | 296,933 |
Series 2017 D, GO Bonds | | | 5.00% | | | | 11/01/2023 | | | | 1,675 | | | 1,797,861 |
Series 2017 D, GO Bonds | | | 5.00% | | | | 11/01/2024 | | | | 70 | | | 76,442 |
Series 2017 D, GO Bonds | | | 5.00% | | | | 11/01/2026 | | | | 1,115 | | | 1,248,254 |
Series 2018 A, GO Bonds | | | 6.00% | | | | 05/01/2027 | | | | 770 | | | 925,455 |
Series 2018 A, GO Bonds | | | 5.00% | | | | 05/01/2030 | | | | 1,225 | | | 1,395,471 |
Series 2018 A, Ref. GO Bonds | | | 5.00% | | | | 10/01/2021 | | | | 2,080 | | | 2,156,336 |
Series 2018 A, Ref. GO Bonds | | | 5.00% | | | | 10/01/2022 | | | | 585 | | | 623,177 |
Series 2020, GO Bonds | | | 5.50% | | | | 05/01/2039 | | | | 1,385 | | | 1,619,702 |
Illinois (State of) Finance Authority (Art Institute of Chicago); Series 2012, RB(e)(f) | | | 5.00% | | | | 03/01/2022 | | | | 1,000 | | | 1,071,246 |
Illinois (State of) Finance Authority (Centegra Health System); Series 2014 A, RB | | | 5.00% | | | | 09/01/2042 | | | | 1,430 | | | 1,598,740 |
Illinois (State of) Finance Authority (CITGO Petroleum Corp.); Series 2002, RB(g) | | | 8.00% | | | | 06/01/2032 | | | | 360 | | | 360,130 |
Illinois (State of) Finance Authority (Loyola University of Chicago); Series 2012 B, RB | | | 5.00% | | | | 07/01/2042 | | | | 1,000 | | | 1,071,610 |
Illinois (State of) Finance Authority (Lutheran Communities Obligated Group); | | | | | | | | | | | | | | |
Series 2019 A, Ref. RB | | | 5.00% | | | | 11/01/2035 | | | | 605 | | | 649,080 |
Series 2019 A, Ref. RB | | | 5.00% | | | | 11/01/2040 | | | | 60 | | | 63,430 |
Series 2019 A, Ref. RB | | | 5.00% | | | | 11/01/2049 | | | | 550 | | | 573,793 |
Illinois (State of) Finance Authority (Navistar International Corp.); Series 2020, Ref. RB(d)(f) | | | 4.75% | | | | 08/01/2030 | | | | 835 | | | 858,246 |
Illinois (State of) Finance Authority (OSF Healthcare System); Series 2015 A, Ref. RB | | | 5.00% | | | | 11/15/2045 | | | | 2,375 | | | 2,698,427 |
Illinois (State of) Finance Authority (Park Place of Elmhurst); Series 2016, RB(b) | | | 2.00% | | | | 05/15/2055 | | | | 230 | | | 2,303 |
Illinois (State of) Finance Authority (Roosevelt University); Series 2007, RB | | | 5.50% | | | | 04/01/2037 | | | | 1,000 | | | 1,000,510 |
Illinois (State of) Finance Authority (Rush University Medical Center); Series 2015 A, Ref. RB | | | 5.00% | | | | 11/15/2038 | | | | 2,490 | | | 2,826,399 |
Illinois (State of) Finance Authority (The University of Chicago Medical Center); Series 2011 C, RB(c)(e)(f) | | | 5.50% | | | | 02/15/2021 | | | | 2,370 | | | 2,425,837 |
Illinois (State of) Finance Authority (Three Crowns Park); | | | | | | | | | | | | | | |
Series 2017, Ref. RB | | | 5.25% | | | | 02/15/2037 | | | | 195 | | | 188,329 |
Series 2017, Ref. RB | | | 5.25% | | | | 02/15/2047 | | | | 460 | | | 421,917 |
Illinois (State of) Finance Authority (University of Chicago); Series 2013 A, RB(c) | | | 5.25% | | | | 10/01/2052 | | | | 3,630 | | | 3,961,601 |
Illinois (State of) Metropolitan Pier & Exposition Authority; Series 2002, RB (INS - AGM)(h)(i) | | | 0.00% | | | | 12/15/2029 | | | | 2,750 | | | 2,192,877 |
Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion); Series 2015 A, RB | | | 5.50% | | | | 06/15/2053 | | | | 2,200 | | | 2,415,908 |
Illinois (State of) Sports Facilities Authority (The); | | | | | | | | | | | | | | |
Series 2014, Ref. RB (INS - AGM)(h) | | | 5.25% | | | | 06/15/2031 | | | | 1,205 | | | 1,344,840 |
Series 2014, Ref. RB (INS - AGM)(h) | | | 5.25% | | | | 06/15/2032 | | | | 1,100 | | | 1,223,827 |
Illinois (State of) Toll Highway Authority; | | | | | | | | | | | | | | |
Series 2013 A, RB(c) | | | 5.00% | | | | 01/01/2038 | | | | 3,875 | | | 4,198,098 |
Series 2015 A, RB(c) | | | 5.00% | | | | 01/01/2040 | | | | 11,210 | | | 13,094,289 |
Metropolitan Water Reclamation District of Greater Chicago; Series 2007 B, Ref. GO Bonds | | | 5.25% | | | | 12/01/2035 | | | | 3,155 | | | 4,573,740 |
Peoria (County of), IL; Series 2011, GO Bonds(c) | | | 5.00% | | | | 12/15/2041 | | | | 3,075 | | | 3,113,868 |
Railsplitter Tobacco Settlement Authority; Series 2010, RB(e)(f) | | | 5.50% | | | | 06/01/2021 | | | | 3,800 | | | 3,951,772 |
Regional Transportation Authority; | | | | | | | | | | | | | | |
Series 2000, RB (INS - NATL)(h) | | | 6.50% | | | | 07/01/2030 | | | | 2,260 | | | 3,102,121 |
Series 2002 A, RB (INS - NATL)(h) | | | 6.00% | | | | 07/01/2029 | | | | 1,155 | | | 1,568,120 |
Series 2018 B, RB | | | 5.00% | | | | 06/01/2040 | | | | 2,315 | | | 2,764,480 |
Sales Tax Securitization Corp.; Series 2018 A, Ref. RB(c) | | | 5.00% | | | | 01/01/2048 | | | | 4,195 | | | 4,754,152 |
| | | | | | | | | | | | | | | 141,760,330 |
| | | | |
Indiana–2.88% | | | | | | | | | | | | | | |
Indiana (State of) Finance Authority (CWA Authority); Series 2011 B, RB | | | 5.25% | | | | 10/01/2031 | | | | 2,320 | | | 2,434,422 |
Indiana (State of) Finance Authority (Ohio River Bridges East End Crossing); | | | | | | | | | | | | | | |
Series 2013 A, RB(g) | | | 5.00% | | | | 07/01/2035 | | | | 500 | | | 539,815 |
Series 2013 A, RB(g) | | | 5.00% | | | | 07/01/2048 | | | | 575 | | | 613,404 |
Series 2013, RB(g) | | | 5.00% | | | | 07/01/2040 | | | | 3,850 | | | 4,131,320 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
13 Invesco Municipal Trust
| | | | | | | | | | | | | | |
| | | Interest
Rate | | | Maturity
Date | | | Principal
Amount
(000) | | | Value |
Indiana–(continued) | | | | | | | | | | | | | | |
Indiana (State of) Finance Authority (Ohio Valley Electric Corp.); | | | | | | | | | | | | | | |
Series 2012 A, RB | | | 5.00% | | | | 06/01/2032 | | | $ | 610 | | | $ 635,492 |
Series 2012 A, RB | | | 5.00% | | | | 06/01/2039 | | | | 2,670 | | | 2,764,385 |
Indiana (State of) Municipal Power Agency; | | | | | | | | | | | | | | |
Series 2013 A, RB(e)(f) | | | 5.25% | | | | 07/01/2023 | | | | 1,250 | | | 1,425,788 |
Series 2016 A, Ref. RB | | | 5.00% | | | | 01/01/2042 | | | | 1,235 | | | 1,450,717 |
Indianapolis Local Public Improvement Bond Bank; | | | | | | | | | | | | | | |
Series 2011 K, RB | | | 5.00% | | | | 06/01/2027 | | | | 2,000 | | | 2,058,620 |
Series 2013 F, RB(c) | | | 5.00% | | | | 02/01/2030 | | | | 3,240 | | | 3,570,901 |
Valparaiso (City of), IN (Pratt Paper, LLC); Series 2013, RB(g) | | | 6.75% | | | | 01/01/2034 | | | | 1,500 | | | 1,668,885 |
| | | | | | | | | | | | | | | 21,293,749 |
| | | | |
Iowa–1.49% | | | | | | | | | | | | | | |
Iowa (State of) Finance Authority (Iowa Fertilizer Co.); | | | | | | | | | | | | | | |
Series 2013, RB | | | 5.25% | | | | 12/01/2025 | | | | 1,295 | | | 1,355,813 |
Series 2013, RB(d) | | | 5.88% | | | | 12/01/2027 | | | | 1,090 | | | 1,134,527 |
Series 2013, Ref. RB(f) | | | 5.25% | | | | 12/01/2037 | | | | 1,265 | | | 1,331,020 |
Series 2019, Ref. RB | | | 3.13% | | | | 12/01/2022 | | | | 485 | | | 491,150 |
Iowa (State of) Finance Authority (Lifespace Communities, Inc.); Series 2016, RB | | | 5.00% | | | | 05/15/2041 | | | | 895 | | | 947,197 |
Iowa (State of) Tobacco Settlement Authority; | | | | | | | | | | | | | | |
Series 2005 B, RB | | | 5.60% | | | | 06/01/2034 | | | | 280 | | | 284,127 |
Series 2005 C, RB | | | 5.50% | | | | 06/01/2042 | | | | 1,965 | | | 1,993,964 |
Series 2005 C, RB | | | 5.63% | | | | 06/01/2046 | | | | 1,370 | | | 1,390,194 |
Series 2005 E, RB(i) | | | 0.00% | | | | 06/01/2046 | | | | 12,665 | | | 2,088,585 |
| | | | | | | | | | | | | | | 11,016,577 |
| | | | |
Kansas–0.39% | | | | | | | | | | | | | | |
Kansas (State of) Municipal Energy Agency (Jameson Energy Center); Series 2013, RB | | | 5.75% | | | | 07/01/2038 | | | | 1,575 | | | 1,781,262 |
Wyandotte (County of) & Kansas City (City of), KS Unified Government; Series 2014 A, Ref. RB | | | 5.00% | | | | 09/01/2044 | | | | 1,000 | | | 1,132,790 |
| | | | | | | | | | | | | | | 2,914,052 |
| | | | |
Kentucky–2.11% | | | | | | | | | | | | | | |
Kentucky (Commonwealth of) Economic Development Finance Authority (Catholic Health Initiatives); Series 2011 B, RB (SIFMA Municipal Swap Index + 1.40%)(f)(l) | | | 1.48% | | | | 02/01/2025 | | | | 710 | | | 695,850 |
Kentucky (Commonwealth of) Economic Development Finance Authority (Louisville Arena Authority, Inc.); Series 2017 A, Ref. RB (INS - AGM)(h) | | | 5.00% | | | | 12/01/2047 | | | | 1,115 | | | 1,186,784 |
Kentucky (Commonwealth of) Economic Development Finance Authority (Next Generation Kentucky Information Highway); | | | | | | | | | | | | | | |
Series 2015 A, RB | | | 5.00% | | | | 07/01/2040 | | | | 1,985 | | | 2,107,951 |
Series 2015 A, RB | | | 5.00% | | | | 01/01/2045 | | | | 335 | | | 353,164 |
Kentucky (Commonwealth of) Economic Development Finance Authority (Owensboro Health, Inc.); | | | | | | | | | | | | | | |
Series 2017 A, Ref. RB | | | 5.25% | | | | 06/01/2041 | | | | 1,265 | | | 1,419,077 |
Series 2017 A, Ref. RB | | | 5.00% | | | | 06/01/2045 | | | | 1,015 | | | 1,109,892 |
Kentucky (Commonwealth of) Public Energy Authority; Series 2019 C, RB(f) | | | 4.00% | | | | 02/01/2028 | | | | 1,495 | | | 1,758,209 |
Kentucky (Commonwealth of) Public Transportation Infrastructure Authority (Downtown Crossing); Series 2013 A, RB | | | 5.75% | | | | 07/01/2049 | | | | 1,000 | | | 1,070,390 |
Kentucky Bond Development Corp; Series 2020, RB (INS - BAM)(c)(h)(k) | | | 5.00% | | | | 09/01/2044 | | | | 3,840 | | | 4,775,462 |
Louisville (City of) & Jefferson (County of), KY Metropolitan Government (Norton Healthcare, Inc.); Series 2013 A, RB | | | 5.50% | | | | 10/01/2033 | | | | 1,000 | | | 1,118,830 |
| | | | | | | | | | | | | | | 15,595,609 |
| | | | |
Louisiana–1.37% | | | | | | | | | | | | | | |
Jefferson Sales Tax District; Series 2019 B, RB (INS - AGM)(h) | | | 4.00% | | | | 12/01/2039 | | | | 1,000 | | | 1,164,750 |
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (St. James Parish Gomesa); Series 2019, RB(d) | | | 3.90% | | | | 11/01/2044 | | | | 955 | | | 888,379 |
Louisiana (State of) Public Facilities Authority (Provident Group-Flagship Properties LLC- Louisiana State University Nicholson Gateway); Series 2016, RB | | | 5.00% | | | | 07/01/2051 | | | | 1,140 | | | 1,245,142 |
Louisiana (State of) Public Facilities Authority (Tulane University of Louisiana); Series 2020, Ref. RB | | | 4.00% | | | | 04/01/2050 | | | | 670 | | | 762,098 |
New Orleans (City of), LA; Series 2014, Ref. RB | | | 5.00% | | | | 06/01/2044 | | | | 755 | | | 849,956 |
New Orleans (City of), LA Aviation Board (Parking Facilities Corp. Consolidated Garage System); Series 2018 A, RB (INS - AGM)(h) | | | 5.00% | | | | 10/01/2043 | | | | 445 | | | 525,834 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
14 Invesco Municipal Trust
| | | | | | | | | | | | | | |
| | | Interest
Rate | | | Maturity
Date | | | Principal
Amount
(000) | | | Value |
Louisiana–(continued) | | | | | | | | | | | | | | |
Tobacco Settlement Financing Corp.; | | | | | | | | | | | | | | |
Series 2013 A, Ref. RB | | | 5.50% | | | | 05/15/2030 | | | $ | 685 | | | $ 686,336 |
Series 2013 A, Ref. RB | | | 5.25% | | | | 05/15/2031 | | | | 860 | | | 879,995 |
Series 2013 A, Ref. RB | | | 5.25% | | | | 05/15/2032 | | | | 1,635 | | | 1,721,492 |
Series 2013 A, Ref. RB | | | 5.25% | | | | 05/15/2033 | | | | 1,375 | | | 1,446,789 |
| | | | | | | | | | | | | | | 10,170,771 |
| | | | |
Maryland–0.61% | | | | | | | | | | | | | | |
Brunswick (City of), MD (Brunswick Crossing); Series 2019, RB | | | 5.00% | | | | 07/01/2036 | | | | 385 | | | 405,059 |
Maryland (State of) Health & Higher Educational Facilities Authority (LifeBridge Health); Series 2016, Ref. RB | | | 5.00% | | | | 07/01/2047 | | | | 770 | | | 886,085 |
Maryland (State of) Health & Higher Educational Facilities Authority (Peninsula Regional Medical Center); Series 2015, Ref. RB | | | 5.00% | | | | 07/01/2045 | | | | 1,580 | | | 1,738,774 |
Prince Georges (County of), MD (Collington Episcopal Life Care Community, Inc.); Series 2017, Ref. RB | | | 5.00% | | | | 04/01/2029 | | | | 905 | | | 938,838 |
Rockville (City of), MD (Ingleside at King Farm); Series 2017 B, RB | | | 5.00% | | | | 11/01/2047 | | | | 540 | | | 522,817 |
| | | | | | | | | | | | | | | 4,491,573 |
| | | | |
Massachusetts–4.95% | | | | | | | | | | | | | | |
Massachusetts (Commonwealth of); | | | | | | | | | | | | | | |
Series 2004 A, Ref. GO Bonds (INS - AMBAC)(h) | | | 5.50% | | | | 08/01/2030 | | | | 1,500 | | | 2,109,600 |
Series 2005, Ref. RB (INS - NATL)(h) | | | 5.50% | | | | 01/01/2023 | | | | 1,000 | | | 1,106,760 |
Massachusetts (Commonwealth of) (Consolidated Loan of 2019); Series 2019, GO Bonds | | | 5.00% | | | | 05/01/2047 | | | | 1,000 | | | 1,262,390 |
Massachusetts (Commonwealth of) Department of Transportation; Series 1997 C, RB (INS - NATL)(h)(i) | | | 0.00% | | | | 01/01/2022 | | | | 1,550 | | | 1,535,368 |
Massachusetts (Commonwealth of) Development Finance Agency (Broad Institute); Series 2011 A, RB(e)(f) | | | 5.25% | | | | 04/01/2021 | | | | 500 | | | 514,820 |
Massachusetts (Commonwealth of) Development Finance Agency (Caregroup); Series 2018 J-2, RB | | | 5.00% | | | | 07/01/2048 | | | | 2,480 | | | 2,959,533 |
Massachusetts (Commonwealth of) Development Finance Agency (Emerson College); Series 2016 A, RB | | | 5.00% | | | | 01/01/2047 | | | | 3,255 | | | 3,629,162 |
Massachusetts (Commonwealth of) Development Finance Agency (Lesley University); Series 2011 B-1, RB(e)(f) | | | 5.25% | | | | 07/01/2021 | | | | 300 | | | 312,540 |
Massachusetts (Commonwealth of) Development Finance Agency (Massachusetts Institute of Technology); Series 2002 K, RB(c) | | | 5.50% | | | | 07/01/2032 | | | | 2,500 | | | 3,708,175 |
Massachusetts (Commonwealth of) Development Finance Agency (Merrimack College); Series 2012 A, RB | | | 5.25% | | | | 07/01/2042 | | | | 500 | | | 511,875 |
Massachusetts (Commonwealth of) Development Finance Agency (Milford Regional Medical Center); Series 2020, Ref. RB(d) | | | 5.00% | | | | 07/15/2035 | | | | 270 | | | 312,325 |
Massachusetts (Commonwealth of) Development Finance Agency (Mount Holyoke College); Series 2011 B, RB(e)(f) | | | 5.00% | | | | 07/01/2021 | | | | 500 | | | 519,865 |
Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare); Series 2012 L, RB(e)(f) | | | 5.00% | | | | 07/01/2021 | | | | 3,425 | | | 3,561,075 |
Massachusetts (Commonwealth of) Development Finance Agency (Tufts Medical Center); | | | | | | | | | | | | | | |
Series 2011 I, RB(e)(f) | | | 6.75% | | | | 01/01/2021 | | | | 500 | | | 510,865 |
Series 2011 I, RB(e)(f) | | | 7.25% | | | | 01/01/2021 | | | | 825 | | | 844,148 |
Massachusetts (Commonwealth of) Development Finance Agency (Umass Memorial); | | | | | | | | | | | | | | |
Series 2011 H, RB(e)(f) | | | 5.50% | | | | 07/01/2021 | | | | 475 | | | 496,043 |
Series 2011 H, RB | | | 5.50% | | | | 07/01/2031 | | | | 25 | | | 25,722 |
Massachusetts (Commonwealth of) Educational Financing Authority; Series 2011 J, RB(g) | | | 5.63% | | | | 07/01/2028 | | | | 115 | | | 118,619 |
Massachusetts (Commonwealth of) Health & Educational Facilities Authority (Boston College); Series 2008, RB | | | 5.50% | | | | 06/01/2026 | | | | 400 | | | 511,820 |
Massachusetts (Commonwealth of) Port Authority; Series 2019 A, Ref. RB(g) | | | 5.00% | | | | 07/01/2036 | | | | 995 | | | 1,243,322 |
Massachusetts (Commonwealth of) Port Authority (Conrac); Series 2011 A, RB(e)(f) | | | 5.13% | | | | 07/01/2021 | | | | 250 | | | 260,298 |
Massachusetts (Commonwealth of) Transportation Fund Revenue; Series 2016 B, RB | | | 4.00% | | | | 06/01/2046 | | | | 2,530 | | | 2,808,578 |
Massachusetts (Commonwealth of) Water Resources Authority; | | | | | | | | | | | | | | |
Series 2007 B, Ref. RB (INS - AGM)(h) | | | 5.25% | | | | 08/01/2031 | | | | 500 | | | 721,855 |
Series 2011 B, RB(e)(f) | | | 5.00% | | | | 08/01/2021 | | | | 200 | | | 208,818 |
Series 2011 C, Ref. RB(c)(e)(f) | | | 5.00% | | | | 08/01/2021 | | | | 5,500 | | | 5,742,495 |
Massachusetts Commonwealth of) Port Authority (Bosfuel); Series 2019 A, Ref. RB(g) | | | 4.00% | | | | 07/01/2044 | | | | 1,000 | | | 1,087,130 |
| | | | | | | | | | | | | | | 36,623,201 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
15 Invesco Municipal Trust
| | | | | | | | | | | | | | |
| | | Interest
Rate | | | Maturity
Date | | | Principal
Amount
(000) | | | Value |
Michigan–4.23% | | | | | | | | | | | | | | |
Academy of Warren; Series 2020 A, Ref. RB(d) | | | 5.50% | | | | 05/01/2050 | | | $ | 250 | | | $ 251,920 |
Detroit Downtown Development Authority; Series 2018 A, Ref. RB (INS - AGM)(c)(h)(k) | | | 5.00% | | | | 07/01/2043 | | | | 2,110 | | | 2,364,677 |
Michigan (State of) Building Authority (Facilities Program); Series 2016 I, Ref. RB(c) | | | 5.00% | | | | 04/15/2041 | | | | 2,865 | | | 3,446,394 |
Michigan (State of) Finance Authority; Series 2014 C-1, RB(e)(f) | | | 5.00% | | | | 07/01/2022 | | | | 1,245 | | | 1,353,415 |
Michigan (State of) Finance Authority (Beaumont Health Credit Group); Series 2016, RB | | | 5.00% | | | | 11/01/2044 | | | | 1,865 | | | 2,123,060 |
Michigan (State of) Finance Authority (Bronson Healthcare Group); Series 2020 A, Ref. RB | | | 5.00% | | | | 05/15/2036 | | | | 1,675 | | | 1,961,525 |
Michigan (State of) Finance Authority (Charter County of Wayne Criminal Justice Center); Series 2018, RB | | | 5.00% | | | | 11/01/2038 | | | | 750 | | | 938,205 |
Michigan (State of) Finance Authority (Detroit Water & Sewerage Department); | | | | | | | | | | | | | | |
Series 2014 C-3, Ref. RB (INS - AGM)(h) | | | 5.00% | | | | 07/01/2032 | | | | 2,500 | | | 2,865,775 |
Series 2014 C-6, Ref. RB | | | 5.00% | | | | 07/01/2033 | | | | 625 | | | 711,650 |
Series 2014 D-4, Ref. RB | | | 5.00% | | | | 07/01/2029 | | | | 625 | | | 720,775 |
Series 2015, Ref. RB | | | 5.00% | | | | 07/01/2035 | | | | 1,270 | | | 1,489,964 |
Michigan (State of) Finance Authority (Landmark Academy); | | | | | | | | | | | | | | |
Series 2020, Ref. RB | | | 5.00% | | | | 06/01/2035 | | | | 165 | | | 169,473 |
Series 2020, Ref. RB | | | 5.00% | | | | 06/01/2045 | | | | 490 | | | 493,347 |
Michigan (State of) Finance Authority (MidMichigan Health Credit Group); Series 2014, Ref. RB | | | 5.00% | | | | 06/01/2039 | | | | 2,275 | | | 2,527,320 |
Michigan (State of) Finance Authority (Trinity Health Credit); Series 2017 MI, Ref. RB(c) | | | 5.00% | | | | 12/01/2046 | | | | 3,890 | | | 4,617,236 |
Michigan (State of) Hospital Finance Authority (Ascension Health); Series 2010, Ref. RB | | | 5.00% | | | | 11/15/2047 | | | | 1,000 | | | 1,260,160 |
Michigan (State of) Strategic Fund (I-85 Improvement Project); Series 2018, RB(g) | | | 5.00% | | | | 06/30/2033 | | | | 600 | | | 694,530 |
Michigan (State of) Tobacco Settlement Finance Authority; Series 2007 A, RB | | | 6.00% | | | | 06/01/2048 | | | | 3,305 | | | 3,321,360 |
| | | | | | | | | | | | | | | 31,310,786 |
| | | | |
Minnesota–0.32% | | | | | | | | | | | | | | |
Bethel (City of), MN (Spectrum High School); | | | | | | | | | | | | | | |
Series 2017 A, Ref. RB | | | 4.25% | | | | 07/01/2047 | | | | 305 | | | 312,070 |
Series 2017 A, Ref. RB | | | 4.38% | | | | 07/01/2052 | | | | 500 | | | 513,795 |
St. Cloud (City of), MN (CentraCare Health System); Series 2019, Ref. RB | | | 5.00% | | | | 05/01/2048 | | | | 1,245 | | | 1,510,210 |
| | | | | | | | | | | | | | | 2,336,075 |
| | | | |
Mississippi–0.22% | | | | | | | | | | | | | | |
West Rankin Utility Authority; Series 2018, RB (INS - AGM)(h) | | | 5.00% | | | | 01/01/2048 | | | | 1,355 | | | 1,622,369 |
| | | | |
Missouri–1.22% | | | | | | | | | | | | | | |
Kansas (City of), MO Industrial Development Authority (Downtown Redevelopment District); Series 2011 A, Ref. RB | | | 5.50% | | | | 09/01/2028 | | | | 1,515 | | | 1,592,598 |
Kansas City (City of), MO Industrial Development Authority (Downtown Redevelopment District); Series 2011 A, Ref. RB | | | 5.50% | | | | 09/01/2027 | | | | 750 | | | 788,415 |
Kansas City (City of), MO Industrial Development Authority (Kansas City International Airport); Series 2019 B, RB (INS - AGM)(g)(h) | | | 5.00% | | | | 03/01/2049 | | | | 1,005 | | | 1,205,598 |
Kirkwood (City of), MO Industrial Development Authority (Aberdeen Heights); Series 2017 A, Ref. RB | | | 5.25% | | | | 05/15/2050 | | | | 510 | | | 514,544 |
Missouri (State of) Health & Educational Facilities Authority (Lutheran Senior Services); | | | | | | | | | | | | | | |
Series 2014, RB | | | 5.00% | | | | 02/01/2035 | | | | 1,000 | | | 1,057,420 |
Series 2019, Ref. RB | | | 5.00% | | | | 02/01/2048 | | | | 330 | | | 368,670 |
Missouri (State of) Health & Educational Facilities Authority (St. Louis College of Pharmacy); Series 2013, RB | | | 5.25% | | | | 05/01/2033 | | | | 1,175 | | | 1,226,242 |
St. Louis (County of), MO Industrial Development Authority (Friendship Village West County); Series 2018 A, RB | | | 5.00% | | | | 09/01/2038 | | | | 2,095 | | | 2,254,513 |
| | | | | | | | | | | | | | | 9,008,000 |
| | | | |
Nebraska–1.74% | | | | | | | | | | | | | | |
Central Plains Energy Project (No. 3); | | | | | | | | | | | | | | |
Series 2012, RB(o) | | | 5.00% | | | | 09/01/2032 | | | | 3,500 | | | 3,767,470 |
Series 2012, RB(o) | | | 5.25% | | | | 09/01/2037 | | | | 2,485 | | | 2,687,130 |
Series 2017 A, Ref. RB | | | 5.00% | | | | 09/01/2034 | | | | 205 | | | 275,044 |
Series 2017 A, Ref. RB | | | 5.00% | | | | 09/01/2042 | | | | 2,160 | | | 3,006,850 |
Central Plains Energy Project (No. 4); Series 2018, RB(f) | | | 5.00% | | | | 01/01/2024 | | | | 1,805 | | | 2,039,560 |
Douglas (County of), NE Hospital Authority No. 2 (Madonna Rehabilitation Hospital); Series 2014, RB | | | 5.00% | | | | 05/15/2044 | | | | 1,000 | | | 1,086,320 |
| | | | | | | | | | | | | | | 12,862,374 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
16 Invesco Municipal Trust
| | | | | | | | | | | | | | |
| | | Interest
Rate | | | Maturity
Date | | | Principal
Amount
(000) | | | Value |
New Hampshire–0.36% | | | | | | | | | | | | | | |
New Hampshire (State of) Health and Education Facilities Authority; Series 2020 A, RB | | | 5.00% | | | | 08/01/2059 | | | $ | 1,800 | | | $ 2,655,972 |
New Hampshire Business Finance Authority; Series 2020-1, Class A | | | 4.13% | | | | 01/20/2034 | | | | 1 | | | 1,293 |
| | | | | | | | | | | | | | | 2,657,265 |
| | | | |
New Jersey–9.95% | | | | | | | | | | | | | | |
Colts Neck (Township of), NJ Board of Education; Series 2002, GO Bonds(e) | | | 5.00% | | | | 02/01/2021 | | | | 485 | | | 486,872 |
East Orange (City of), NJ Board of Education; | | | | | | | | | | | | | | |
Series 1998, COP (INS - AGM)(h)(i) | | | 0.00% | | | | 02/01/2025 | | | | 1,845 | | | 1,771,182 |
Series 1998, COP (INS - AGM)(h)(i) | | | 0.00% | | | | 02/01/2028 | | | | 2,850 | | | 2,572,923 |
Essex (County of), NJ Improvement Authority; Series 2004, Ref. RB (INS - NATL)(h) | | | 5.50% | | | | 10/01/2028 | | | | 1,000 | | | 1,380,080 |
Essex (County of), NJ Improvement Authority (Newark); Series 2010 A, RB(e)(f) | | | 6.25% | | | | 11/01/2020 | | | | 1,000 | | | 1,009,750 |
Garden State Preservation Trust; | | | | | | | | | | | | | | |
Series 2003 B, RB (INS - AGM)(h)(i) | | | 0.00% | | | | 11/01/2025 | | | | 2,000 | | | 1,875,860 |
Series 2005 A, RB (INS - AGM)(h) | | | 5.75% | | | | 11/01/2028 | | | | 1,920 | | | 2,423,251 |
New Jersey (State of) Economic Development Authority; | | | | | | | | | | | | | | |
Series 1992, RB (INS - NATL)(h) | | | 5.90% | | | | 03/15/2021 | | | | 5,855 | | | 5,972,568 |
Series 2005 N-1, Ref. RB (INS - NATL)(c)(h)(k) | | | 5.50% | | | | 09/01/2022 | | | | 3,775 | | | 4,103,803 |
Series 2005 N-1, Ref. RB (INS - AMBAC)(h) | | | 5.50% | | | | 09/01/2026 | | | | 1,500 | | | 1,809,285 |
Series 2012, Ref. RB | | | 5.00% | | | | 06/15/2029 | | | | 1,000 | | | 1,023,610 |
New Jersey (State of) Economic Development Authority (Continental Airlines, Inc.); Series 1999, RB(g) | | | 5.13% | | | | 09/15/2023 | | | | 875 | | | 897,330 |
New Jersey (State of) Economic Development Authority (Kapkowski Road Landfill); | | | | | | | | | | | | | | |
Series 2002, Ref. RB | | | 5.75% | | | | 10/01/2021 | | | | 570 | | | 576,412 |
Series 2002, Ref. RB | | | 5.75% | | | | 04/01/2031 | | | | 1,000 | | | 1,046,320 |
New Jersey (State of) Economic Development Authority (Port Newark Container Terminal LLC); Series 2017, Ref. RB(g) | | | 5.00% | | | | 10/01/2037 | | | | 955 | | | 1,055,476 |
New Jersey (State of) Economic Development Authority (The Goethals Bridge Replacement); | | | | | | | | | | | | | | |
Series 2013, RB(g) | | | 5.13% | | | | 01/01/2034 | | | | 1,250 | | | 1,378,200 |
Series 2013, RB(g) | | | 5.38% | | | | 01/01/2043 | | | | 1,000 | | | 1,100,380 |
New Jersey (State of) Health Care Facilities Financing Authority (AHS Hospital Corp.); Series 2011, RB(e)(f) | | | 6.00% | | | | 07/01/2021 | | | | 750 | | | 785,557 |
New Jersey (State of) Health Care Facilities Financing Authority (Barnabas Health); Series 2011 A, Ref. RB(e)(f) | | | 5.63% | | | | 07/01/2021 | | | | 1,000 | | | 1,044,480 |
New Jersey (State of) Health Care Facilities Financing Authority (St. Clare’s Hospital, Inc.); Series 2004 A, Ref. RB(e) | | | 5.25% | | | | 07/01/2023 | | | | 1,000 | | | 1,140,630 |
New Jersey (State of) Higher Education Student Assistance Authority; Series 2018 B, Ref. RB(g) | | | 5.00% | | | | 12/01/2024 | | | | 1,110 | | | 1,269,052 |
New Jersey (State of) Transportation Trust Fund Authority; | | | | | | | | | | | | | | |
Series 2008 A, RB (INS - BAM)(h)(i) | | | 0.00% | | | | 12/15/2037 | | | | 2,020 | | | 1,182,891 |
Series 2009 A, RB(i) | | | 0.00% | | | | 12/15/2039 | | | | 6,000 | | | 3,033,720 |
Series 2010 A, RB(i) | | | 0.00% | | | | 12/15/2030 | | | | 1,600 | | | 1,187,648 |
Series 2010 A, RB(i) | | | 0.00% | | | | 12/15/2031 | | | | 3,000 | | | 2,140,620 |
Series 2011 A, RB(e)(f) | | | 5.50% | | | | 06/15/2021 | | | | 800 | | | 833,608 |
Series 2011 B, RB | | | 5.50% | | | | 06/15/2031 | | | | 1,060 | | | 1,087,942 |
Series 2014, RB | | | 5.00% | | | | 06/15/2030 | | | | 925 | | | 1,106,661 |
Series 2018 A, Ref. RB | | | 5.00% | | | | 12/15/2032 | | | | 1,240 | | | 1,466,436 |
Series 2018 A, Ref. RN(c)(k) | | | 5.00% | | | | 06/15/2029 | | | | 1,590 | | | 1,849,345 |
Series 2018 A, Ref. RN(c)(k) | | | 5.00% | | | | 06/15/2030 | | | | 550 | | | 635,905 |
Series 2018 A, Ref. RN(c)(k) | | | 5.00% | | | | 06/15/2031 | | | | 1,005 | | | 1,155,981 |
Subseries 2016 A-1, RN | | | 5.00% | | | | 06/15/2028 | | | | 1,015 | | | 1,188,230 |
New Jersey (State of) Turnpike Authority; | | | | | | | | | | | | | | |
Series 2005 A, Ref. RB (INS - AGM)(h) | | | 5.25% | | | | 01/01/2027 | | | | 705 | | | 897,120 |
Series 2013 A, RB(e)(f) | | | 5.00% | | | | 07/01/2022 | | | | 1,900 | | | 2,067,295 |
New Jersey Economic Development Authority; Series 2004 A, RB(c)(e)(h) | | | 5.25% | | | | 07/01/2026 | | | | 7,000 | | | 8,425,480 |
New Jersey Institute of Technology; Series 2012 A, RB(e)(f) | | | 5.00% | | | | 07/01/2022 | | | | 500 | | | 543,392 |
Rahway Valley Sewerage Authority; Series 2005 A, RB (INS - NATL)(h)(i) | | | 0.00% | | | | 09/01/2032 | | | | 5,000 | | | 3,979,650 |
Salem (County of), NJ Improvement Authority (Finlaw Street Office Building); Series 2007, RB (INS - AGM)(h) | | | 5.25% | | | | 08/15/2032 | | | | 1,300 | | | 1,304,277 |
Salem (County of), NJ Pollution Control Financing Authority (Chambers); Series 2014 A, Ref. PCR(g) | | | 5.00% | | | | 12/01/2023 | | | | 815 | | | 857,135 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
17 Invesco Municipal Trust
| | | | | | | | | | | | | | |
| | | Interest
Rate | | | Maturity
Date | | | Principal
Amount
(000) | | | Value |
New Jersey–(continued) | | | | | | | | | | | | | | |
Tobacco Settlement Financing Corp.; | | | | | | | | | | | | | | |
Series 2018 A, Ref. RB | | | 5.00% | | | | 06/01/2046 | | | $ | 2,515 | | | $ 2,935,961 |
Series 2018 A, Ref. RB | | | 5.25% | | | | 06/01/2046 | | | | 835 | | | 989,325 |
| | | | | | | | | | | | | | | 73,591,643 |
| | | | |
New Mexico–0.07% | | | | | | | | | | | | | | |
Santa Fe (City of), NM (El Castillo Retirement); Series 2019 A, RB | | | 5.00% | | | | 05/15/2049 | | | | 500 | | | 523,675 |
| | | | |
New York–20.35% | | | | | | | | | | | | | | |
Build NYC Resource Corp. (Brooklyn Navy Yard); Series 2019, Ref. RB(d)(g) | | | 5.25% | | | | 12/31/2033 | | | | 400 | | | 424,620 |
Erie Tobacco Asset Securitization Corp.; Series 2005 A, RB | | | 5.00% | | | | 06/01/2045 | | | | 2,710 | | | 2,711,680 |
Hudson Yards Infrastructure Corp; Series 2020-XF2859, Ctfs. (INS - AGM)(c)(h) | | | 4.00% | | | | 02/15/2047 | | | | 3,320 | | | 3,639,118 |
Metropolitan Transportation Authority; | | | | | | | | | | | | | | |
Series 2010 D, RB(e)(f) | | | 5.25% | | | | 11/15/2020 | | | | 2,500 | | | 2,526,100 |
Series 2013 B, RB | | | 5.00% | | | | 11/15/2038 | | | | 1,850 | | | 1,925,665 |
Series 2016 A, Ref. RB | | | 5.25% | | | | 11/15/2032 | | | | 625 | | | 751,000 |
Series 2016 B, Ref. RB | | | 5.00% | | | | 11/15/2037 | | | | 145 | | | 158,096 |
Series 2019 A, RB (INS - AGM)(c)(h) | | | 4.00% | | | | 11/15/2046 | | | | 2,670 | | | 2,936,733 |
Series 2020 A-2, RB | | | 4.00% | | | | 02/01/2022 | | | | 1,170 | | | 1,191,013 |
Metropolitan Transportation Authority (Green Bonds); | | | | | | | | | | | | | | |
Series 2016 A1, RB | | | 5.00% | | | | 11/15/2041 | | | | 1,980 | | | 2,122,718 |
Series 2017 C1, RB | | | 5.00% | | | | 11/15/2023 | | | | 600 | | | 639,072 |
Series 2020 A-1, RB (INS - BAM)(h) | | | 4.00% | | | | 11/15/2053 | | | | 395 | | | 441,784 |
Series 2020 C-1, RB | | | 5.25% | | | | 11/15/2055 | | | | 1,335 | | | 1,502,756 |
Monroe County Industrial Development Corp. (University of Rochester); Series 2020 A, RB(c) | | | 4.00% | | | | 07/01/2050 | | | | 4,650 | | | 5,382,329 |
New York & New Jersey (States of) Port Authority;
Eighty-Fifth Series 1993, RB (INS - NATL)(h) | | | 5.38% | | | | 03/01/2028 | | | | 2,000 | | | 2,353,020 |
Two Hundred Seventh Series 2018, Ref. RB(c)(g)(k) | | | 5.00% | | | | 09/15/2028 | | | | 3,300 | | | 4,166,184 |
New York & New Jersey (States of) Port Authority (JFK International Air Terminal LLC); | | | | | | | | | | | | | | |
Series 2010 8, RB | | | 6.00% | | | | 12/01/2036 | | | | 2,050 | | | 2,075,072 |
Series 2010, RB | | | 5.50% | | | | 12/01/2031 | | | | 670 | | | 678,174 |
Series 2010, RB | | | 6.00% | | | | 12/01/2042 | | | | 710 | | | 718,683 |
New York (City of), NY Municipal Water Finance Authority; | | | | | | | | | | | | | | |
Series 2012 FF, RB(c) | | | 5.00% | | | | 06/15/2045 | | | | 6,915 | | | 7,440,540 |
Series 2013 DD, RB | | | 5.00% | | | | 06/15/2035 | | | | 3,200 | | | 3,594,368 |
Series 2020 GG-1, RB(c) | | | 5.00% | | | | 06/15/2050 | | | | 4,305 | | | 5,505,535 |
Subseries 2012 A-1, VRD RB(p) | | | 0.02% | | | | 06/15/2044 | | | | 1,200 | | | 1,200,000 |
New York (City of), NY Transitional Finance Authority; | | | | | | | | | | | | | | |
Series 2013 I, RB | | | 5.00% | | | | 05/01/2038 | | | | 5,000 | | | 5,525,300 |
Series 2018 S-2A, Ref. RB | | | 5.00% | | | | 07/15/2034 | | | | 1,240 | | | 1,552,220 |
Subseries 2011 D-1, RB(c) | | | 5.00% | | | | 11/01/2033 | | | | 4,845 | | | 5,091,126 |
Subseries 2013, RB(c) | | | 5.00% | | | | 11/01/2038 | | | | 5,010 | | | 5,631,040 |
New York (City of), NY Water & Sewer System; Series 2019 EE-2, Ref. RB(c) | | | 4.00% | | | | 06/15/2040 | | | | 2,805 | | | 3,290,546 |
New York (Counties of), NY Tobacco Trust VI; Subseries 2016 A-1, Ref. RB | | | 5.75% | | | | 06/01/2043 | | | | 3,170 | | | 3,725,289 |
New York (State of) Dormitory Authority; | | | | | | | | | | | | | | |
Series 2009 C, RB (INS - AGC)(h) | | | 5.00% | | | | 10/01/2023 | | | | 180 | | | 180,668 |
Series 2018 E, RB(c) | | | 5.00% | | | | 03/15/2045 | | | | 5,715 | | | 7,038,708 |
New York (State of) Dormitory Authority (General Purpose); | | | | | | | | | | | | | | |
Series 2011 A, RB(c) | | | 5.00% | | | | 03/15/2030 | | | | 2,220 | | | 2,275,367 |
Series 2013 A, RB(e)(f) | | | 5.00% | | | | 02/15/2023 | | | | 1,750 | | | 1,956,343 |
Series 2014 C, RB(c) | | | 5.00% | | | | 03/15/2040 | | | | 5,510 | | | 6,253,189 |
Series 2018 A, Ref. RB | | | 5.25% | | | | 03/15/2038 | | | | 1,240 | | | 1,568,265 |
New York (State of) Dormitory Authority (New York University); Series 1998 A, RB (INS - NATL)(h) | | | 5.75% | | | | 07/01/2027 | | | | 1,000 | | | 1,203,390 |
New York (State of) Utility Debt Securitization Authority; Series 2013 TE, RB(c) | | | 5.00% | | | | 12/15/2031 | | | | 1,905 | | | 2,179,149 |
New York City Transitional Finance Authority Future Tax Secured Revenue; Series 2020-XF2864, Ctfs.(c) | | | 4.00% | | | | 11/01/2045 | | | | 3,345 | | | 3,841,231 |
New York Liberty Development Corp. (3 World Trade Center); Series 2014, Class 1, Ref. RB(d) | | | 5.00% | | | | 11/15/2044 | | | | 6,570 | | | 6,972,807 |
New York Liberty Development Corp. (7 World Trade Center); Series 2012, Class 2, Ref. RB | | | 5.00% | | | | 09/15/2043 | | | | 1,870 | | | 1,978,086 |
New York Power Authority; Series 2020-XF0956, Ctfs.(c) | | | 4.00% | | | | 11/15/2050 | | | | 3,675 | | | 4,344,254 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
18 Invesco Municipal Trust
| | | | | | | | | | | | | | |
| | | Interest
Rate | | | Maturity
Date | | | Principal
Amount
(000) | | | Value |
New York–(continued) | | | | | | | | | | | | | | |
New York State Thruway Authority; | | | | | | | | | | | | | | |
Series 2020-XM0830, Ctfs.(c) | | | 4.00% | | | | 01/01/2050 | | | $ | 5,400 | | | $ 6,164,856 |
Series 2020-XX1127, Ctfs. (INS - AGM)(c)(h)(k) | | | 4.00% | | | | 01/01/2050 | | | | 2,625 | | | 3,020,588 |
New York Transportation Development Corp. (American Airlines, Inc. John F. Kennedy International Airport); | | | | | | | | | | | | | | |
Series 2016, Ref. RB(g) | | | 5.00% | | | | 08/01/2021 | | | | 2,075 | | | 2,083,362 |
Series 2020, Ref. RB(g) | | | 5.25% | | | | 08/01/2031 | | | | 660 | | | 683,839 |
Series 2020, Ref. RB(g) | | | 5.38% | | | | 08/01/2036 | | | | 940 | | | 975,118 |
New York Transportation Development Corp. (American Airlines, Inc.); | | | | | | | | | | | | | | |
Series 2016, Ref. RB(g) | | | 5.00% | | | | 08/01/2026 | | | | 1,585 | | | 1,591,245 |
Series 2016, Ref. RB(g) | | | 5.00% | | | | 08/01/2031 | | | | 770 | | | 769,322 |
New York Transportation Development Corp. (Delta Air Lines, Inc. LaGuardia Airport Terminal C&D Redevelopment); | | | | | | | | | | | | | | |
Series 2018, RB(g) | | | 5.00% | | | | 01/01/2031 | | | | 240 | | | 264,391 |
Series 2018, RB(g) | | | 5.00% | | | | 01/01/2033 | | | | 2,100 | | | 2,290,008 |
Series 2018, RB(g) | | | 5.00% | | | | 01/01/2034 | | | | 2,030 | | | 2,185,823 |
Series 2018, RB(g) | | | 4.00% | | | | 01/01/2036 | | | | 1,510 | | | 1,527,697 |
Series 2018, RB(g) | | | 5.00% | | | | 01/01/2036 | | | | 640 | | | 691,251 |
New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment); | | | | | | | | | | | | | | |
Series 2016 A, RB(g) | | | 5.00% | | | | 07/01/2046 | | | | 3,235 | | | 3,469,085 |
Series 2016 A, RB(g) | | | 5.25% | | | | 01/01/2050 | | | | 1,775 | | | 1,919,503 |
Rockland Tobacco Asset Securitization Corp.; Series 2001, RB | | | 5.75% | | | | 08/15/2043 | | | | 1,735 | | | 1,751,309 |
Triborough Bridge & Tunnel Authority; Series 1992 Y, RB(e) | | | 6.13% | | | | 01/01/2021 | | | | 315 | | | 321,228 |
TSASC, Inc.; Series 2016 B, Ref. RB | | | 5.00% | | | | 06/01/2045 | | | | 2,125 | | | 2,203,625 |
| | | | | | | | | | | | | | | 150,603,488 |
| | | | |
North Carolina–3.17% | | | | | | | | | | | | | | |
Charlotte (City of), NC (Charlotte Douglas International Airport); Series 2019, RB | | | 4.00% | | | | 07/01/2044 | | | | 645 | | | 732,972 |
Charlotte-Mecklenburg Hospital Authority (The) (Carolinas Health Care Systems); Series 2007 C, Ref. VRD RB(p) | | | 0.02% | | | | 01/15/2037 | | | | 2,000 | | | 2,000,000 |
North Carolina (State of) Department of Transportation (I-77 HOT Lanes); Series 2015, RB(g) | | | 5.00% | | | | 06/30/2054 | | | | 3,120 | | | 3,312,036 |
North Carolina (State of) Turnpike Authority; Series 2011, RB(c) | | | 5.00% | | | | 07/01/2036 | | | | 2,870 | | | 2,966,145 |
North Carolina Capital Facilities Finance Agency; Series 2015 B, Ref. RB(c)(e)(f) | | | 5.00% | | | | 10/01/2025 | | | | 9,585 | | | 11,838,338 |
University of North Carolina at Chapel Hill (University of North Carolina Hospital); Series 2019, RB | | | 5.00% | | | | 02/01/2049 | | | | 1,645 | | | 2,614,859 |
| | | | | | | | | | | | | | | 23,464,350 |
| | | | |
North Dakota–0.61% | | | | | | | | | | | | | | |
Ward (County of), ND (Trinity Obligated Group); | | | | | | | | | | | | | | |
Series 2017 C, RB | | | 5.00% | | | | 06/01/2043 | | | | 2,165 | | | 2,386,306 |
Series 2017 C, RB | | | 5.00% | | | | 06/01/2048 | | | | 1,930 | | | 2,114,238 |
| | | | | | | | | | | | | | | 4,500,544 |
| | | | |
Ohio–10.42% | | | | | | | | | | | | | | |
Akron (City of), OH (Community Learning Centers); Series 2012, Ref. RB | | | 5.00% | | | | 12/01/2033 | | | | 1,270 | | | 1,366,063 |
Akron, Bath & Copley Joint Township Hospital District (Medical Center of Akron); Series 2012, RB | | | 5.00% | | | | 11/15/2032 | | | | 1,190 | | | 1,257,747 |
Akron, Bath & Copley Joint Township Hospital District (Summa Health Obligated Group); Series 2016, Ref. RB | | | 5.25% | | | | 11/15/2046 | | | | 2,645 | | | 3,098,379 |
American Municipal Power, Inc.; Series 2015 A, Ref. RB | | | 5.00% | | | | 02/15/2042 | | | | 1,075 | | | 1,197,754 |
American Municipal Power, Inc. (AMP Fremont Energy Center); Series 2012, RB | | | 5.00% | | | | 02/15/2037 | | | | 2,470 | | | 2,615,631 |
American Municipal Power, Inc. (Greenup Hydroelectric); Series 2016 A, RB | | | 5.00% | | | | 02/15/2046 | | | | 535 | | | 621,916 |
Buckeye Tobacco Settlement Financing Authority; | | | | | | | | | | | | | | |
Series 2020 A-2, Ref. RB | | | 4.00% | | | | 06/01/2039 | | | | 470 | | | 546,079 |
Series 2020 A-2, Ref. RB | | | 4.00% | | | | 06/01/2048 | | | | 3,165 | | | 3,501,155 |
Series 2020 B-2, Ref. RB | | | 5.00% | | | | 06/01/2055 | | | | 10,970 | | | 12,067,000 |
Series 2020 B-3, Ref. RB(i) | | | 0.00% | | | | 06/01/2057 | | | | 3,595 | | | 522,425 |
Butler (County of), OH (Kettering Health Network Obligated Group); Series 2011, RB | | | 6.38% | | | | 04/01/2036 | | | | 375 | | | 385,013 |
Cincinnati (City of), OH; Series 2011 A, Ref. RB(c)(e)(f) | | | 5.00% | | | | 12/01/2021 | | | | 5,000 | | | 5,300,100 |
Cleveland (City of) & Cuyahoga (County of), OH Port Authority (Constellation Schools); Series 2014 A, Ref. RB | | | 6.50% | | | | 01/01/2034 | | | | 1,100 | | | 1,152,360 |
Columbus-Franklin (County of), OH Finance Authority (Easton); Series 2020,
RB(d) | | | 5.00% | | | | 06/01/2028 | | | | 835 | | | 861,211 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
19 Invesco Municipal Trust
| | | | | | | | | | | | | | |
| | | Interest
Rate | | | Maturity
Date | | | Principal
Amount
(000) | | | Value |
Ohio–(continued) | | | | | | | | | | | | | | |
Cuyahoga (County of), OH (Medical Mart/Convention Center); Series 2010 F, RB | | | 5.00% | | | | 12/01/2027 | | | $ | 500 | | | $ 505,195 |
Cuyahoga (County of), OH (Metrohealth System); Series 2017, Ref. RB | | | 5.50% | | | | 02/15/2052 | | | | 1,690 | | | 1,959,285 |
Franklin (County of), OH (OhioHealth Corp.); | | | | | | | | | | | | | | |
Series 2011 A, RB(c)(e)(f) | | | 5.00% | | | | 11/15/2021 | | | | 2,430 | | | 2,569,433 |
Series 2011 A, RB(e)(f) | | | 5.00% | | | | 11/15/2021 | | | | 750 | | | 793,035 |
Gallia (County of), OH (Holzer Health System Obligated Group); Series 2012, Ref. RB | | | 8.00% | | | | 07/01/2042 | | | | 1,505 | | | 1,644,077 |
Hamilton (County of), OH; | | | | | | | | | | | | | | |
Series 2000 B, RB (INS - AMBAC)(h)(i) | | | 0.00% | | | | 12/01/2023 | | | | 2,000 | | | 1,931,780 |
Series 2011 A, Ref. RB | | | 5.00% | | | | 12/01/2032 | | | | 1,000 | | | 1,045,190 |
Hamilton (County of), OH (Life Enriching Communities); Series 2016, Ref.RB | | | 5.00% | | | | 01/01/2046 | | | | 1,490 | | | 1,543,431 |
Hamilton (County of), OH (Stratford Heights-University of Cincinnati); Series 2010, Ref. RB (INS - AGM)(h) | | | 5.00% | | | | 06/01/2030 | | | | 1,000 | | | 1,003,660 |
Hamilton (County of), OH (Trihealth, Inc. Obligated Group); Series 2017 A, RB | | | 5.00% | | | | 08/15/2047 | | | | 2,470 | | | 2,931,248 |
Hancock (County of), OH (Blanchard Valley Regional Health Center); Series 2011 A, RB(e)(f) | | | 6.25% | | | | 06/01/2021 | | | | 1,300 | | | 1,357,980 |
Lucas (County of), OH (Lutheran Homes); Series 2010 A, Ref. RB(e)(f) | | | 7.00% | | | | 11/01/2020 | | | | 1,000 | | | 1,011,130 |
Lucas (County of), OH (ProMedica Healthcare System); | | | | | | | | | | | | | | |
Series 2011 A, RB(e)(f) | | | 5.75% | | | | 11/15/2021 | | | | 1,000 | | | 1,066,390 |
Series 2011 A, RB(e)(f) | | | 6.00% | | | | 11/15/2021 | | | | 1,000 | | | 1,069,130 |
Series 2018 A, Ref. RB | | | 5.25% | | | | 11/15/2048 | | | | 1,675 | | | 1,920,354 |
Miami University; Series 2011, Ref. RB(c) | | | 5.00% | | | | 09/01/2031 | | | | 5,050 | | | 5,282,502 |
Montgomery (County of), OH (Trousdale Foundation Properties); Series 2018 A, RB(d) | | | 6.00% | | | | 04/01/2038 | | | | 1,410 | | | 852,175 |
Norwood (City of), OH (Cornerstone at Norwood); Series 2006, RB | | | 6.20% | | | | 12/01/2031 | | | | 1,340 | | | 1,340,228 |
Ohio (State of) (Portsmouth Bypass); Series 2015, RB (INS - AGM)(g)(h) | | | 5.00% | | | | 12/31/2039 | | | | 805 | | | 918,384 |
Ohio (State of) Air Quality Development Authority (Ohio Valley Electric Corp.); Series 2014, RB(f)(g) | | | 2.60% | | | | 10/01/2029 | | | | 1,000 | | | 1,031,490 |
Ohio (State of) Air Quality Development Authority (Pratt Paper LLC); Series 2017, RB(d)(g) | | | 4.25% | | | | 01/15/2038 | | | | 585 | | | 622,253 |
Ohio (State of) Higher Educational Facility Commission (Summa Health System); | | | | | | | | | | | | | | |
Series 2010, RB | | | 5.75% | | | | 11/15/2035 | | | | 1,330 | | | 1,335,200 |
Series 2010, RB | | | 5.75% | | | | 11/15/2040 | | | | 220 | | | 220,823 |
Ohio (State of) Higher Educational Facility Commission (University of Dayton); Series 2011 A, RB | | | 5.38% | | | | 12/01/2030 | | | | 750 | | | 757,492 |
Ohio (State of) Housing Finance Agency (Covenant House Apartments); Series 2008 C, RB (CEP - GNMA)(g) | | | 5.85% | | | | 09/20/2028 | | | | 495 | | | 495,787 |
Ohio (State of) Housing Finance Agency (Mortgage-Backed Securities Program); Series 1999 A1, RB (CEP - GNMA)(g) | | | 5.25% | | | | 09/01/2030 | | | | 20 | | | 20,054 |
Ohio (State of) Municipal Electric Generation Agency (Joint Venture 5); Series 2001, Beneficial Interest Ctfs. (INS - NATL)(h)(i) | | | 0.00% | | | | 02/15/2030 | | | | 1,000 | | | 862,740 |
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund); Series 2020 A, RB | | | 5.00% | | | | 12/01/2050 | | | | 1,670 | | | 2,164,320 |
Ohio State University (The); | | | | | | | | | | | | | | |
Series 2010 D, RB(e) | | | 5.00% | | | | 12/01/2030 | | | | 45 | | | 63,235 |
Series 2010 D, RB | | | 5.00% | | | | 12/01/2030 | | | | 955 | | | 1,335,711 |
Summit (County of), OH Port Authority (University of Akron Student Housing); Series 2011, RB(e)(f) | | | 5.00% | | | | 01/01/2021 | | | | 500 | | | 507,940 |
Toledo (City of), OH; Series 2010, Ref. GO Bonds (INS - AGM)(h) | | | 5.00% | | | | 12/01/2028 | | | | 1,000 | | | 1,011,320 |
University of Cincinnati; | | | | | | | | | | | | | | |
Series 2010 F, RB(e)(f) | | | 5.00% | | | | 12/01/2020 | | | | 725 | | | 733,541 |
Series 2010 F, RB | | | 5.00% | | | | 06/01/2034 | | | | 20 | | | 20,212 |
Series 2010, RB(e)(f) | | | 5.00% | | | | 12/01/2020 | | | | 5 | | | 5,058 |
University of Toledo; Series 2011 B, RB(e)(f) | | | 5.00% | | | | 06/01/2021 | | | | 650 | | | 673,283 |
| | | | | | | | | | | | | | | 77,097,899 |
| | | | |
Oklahoma-1.84% | | | | | | | | | | | | | | |
Edmond Public Works Authority; | | | | | | | | | | | | | | |
Series 2017, RB(c) | | | 5.00% | | | | 07/01/2042 | | | | 2,735 | | | 3,323,763 |
Series 2017, RB(c) | | | 5.00% | | | | 07/01/2047 | | | | 2,670 | | | 3,211,476 |
Oklahoma (State of) Development Finance Authority (OU Medicine); Series 2018 B, RB | | | 5.50% | | | | 08/15/2057 | | | | 4,185 | | | 4,904,067 |
Oklahoma (State of) Development Finance Authority (Provident Oklahoma Education Resources, Inc.-Cross Village Student Housing); Series 2017, RB(b) | | | 5.00% | | | | 08/01/2052 | | | | 1,945 | | | 778,000 |
Oklahoma (State of) Water Resources Board; Series 2018 C, RB | | | 4.00% | | | | 10/01/2048 | | | | 1,260 | | | 1,429,709 |
| | | | | | | | | | | | | | | 13,647,015 |
| | | | |
Oregon–0.64% | | | | | | | | | | | | | | |
Clackamas (County of), OR Hospital Facility Authority (Rose Villa); Series 2020 A, Ref. RB | | | 5.38% | | | | 11/15/2055 | | | | 500 | | | 532,560 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
20 Invesco Municipal Trust
| | | | | | | | | | | | | | |
| | | Interest
Rate | | | Maturity
Date | | | Principal
Amount
(000) | | | Value |
Oregon–(continued) | | | | | | | | | | | | | | |
University of Oregon; Series 2020, RB(c)(k) | | | 5.00% | | | | 04/01/2050 | | | $ | 3,350 | | | $ 4,243,479 |
| | | | | | | | | | | | | | | 4,776,039 |
| | | | |
Pennsylvania–3.01% | | | | | | | | | | | | | | |
Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated Group Issue); Series 2018 A, Ref. RB | | | 5.00% | | | | 04/01/2047 | | | | 1,600 | | | 1,895,840 |
Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network); Series 2018 A, Ref. RB | | | 4.00% | | | | 04/01/2044 | | | | 835 | | | 925,990 |
Coatesville School District; Series 2020 A, GO Bonds (INS - BAM)(h)(i) | | | 0.00% | | | | 10/01/2036 | | | | 650 | | | 351,611 |
Franklin (County of), PA Industrial Development Authority (Menno-Haven, Inc.); Series 2018, Ref. RB | | | 5.00% | | | | 12/01/2024 | | | | 500 | | | 525,505 |
Pennsylvania (Commonwealth of) Turnpike Commission; | | | | | | | | | | | | | | |
Series 2014 A, RB(j) | | | 4.75% | | | | 12/01/2037 | | | | 990 | | | 1,089,109 |
Series 2018 A-2, RB | | | 5.00% | | | | 12/01/2048 | | | | 1,195 | | | 1,441,540 |
Series 2018 B, RB | | | 5.25% | | | | 12/01/2048 | | | | 1,170 | | | 1,433,285 |
Subseries 2010 B-2, RB(e)(f) | | | 5.75% | | | | 12/01/2020 | | | | 2,250 | | | 2,281,033 |
Subseries 2010 B-2, RB(e)(f) | | | 6.00% | | | | 12/01/2020 | | | | 1,400 | | | 1,420,176 |
Subseries 2014 A-2, RB(j) | | | 5.13% | | | | 12/01/2039 | | | | 2,000 | | | 2,076,640 |
Philadelphia (City of), PA; | | | | | | | | | | | | | | |
Series 2017 A, RB | | | 5.00% | | | | 10/01/2052 | | | | 1,100 | | | 1,330,483 |
Series 2017 B, Ref. RB(g) | | | 5.00% | | | | 07/01/2047 | | | | 4,940 | | | 5,681,494 |
Philadelphia (City of), PA Industrial Development Authority (Thomas Jefferson University); | | | | | | | | | | | | | | |
Series 2017 A, Ref. RB | | | 5.00% | | | | 09/01/2035 | | | | 720 | | | 850,176 |
Series 2017 A, Ref. RB | | | 5.00% | | | | 09/01/2047 | | | | 845 | | | 975,367 |
| | | | | | | | | | | | | | | 22,278,249 |
| | | | |
Puerto Rico–4.33% | | | | | | | | | | | | | | |
Children’s Trust Fund; | | | | | | | | | | | | | | |
Series 2002, RB | | | 5.50% | | | | 05/15/2039 | | | | 3,450 | | | 3,471,252 |
Series 2002, RB | | | 5.63% | | | | 05/15/2043 | | | | 1,490 | | | 1,497,569 |
Series 2005 A, RB(i) | | | 0.00% | | | | 05/15/2050 | | | | 5,915 | | | 885,180 |
Series 2005 B, RB(i) | | | 0.00% | | | | 05/15/2055 | | | | 2,540 | | | 214,605 |
Series 2008 A, RB(i) | | | 0.00% | | | | 05/15/2057 | | | | 14,970 | | | 960,325 |
Puerto Rico (Commonwealth of); | | | | | | | | | | | | | | |
Series 2003 C-7, Ref. GO Bonds (INS - NATL)(h) | | | 6.00% | | | | 07/01/2027 | | | | 400 | | | 410,400 |
Series 2004 A, GO Bonds (INS - NATL)(h) | | | 5.25% | | | | 07/01/2021 | | | | 490 | | | 492,470 |
Series 2012 A, Ref. GO Bonds (INS - AGM)(h) | | | 5.00% | | | | 07/01/2035 | | | | 460 | | | 479,904 |
Puerto Rico (Commonwealth of) Aqueduct & Sewer Authority; | | | | | | | | | | | | | | |
Series 2008 A, RB | | | 6.00% | | | | 07/01/2044 | | | | 1,505 | | | 1,529,456 |
Series 2012 A, RB | | | 5.00% | | | | 07/01/2033 | | | | 175 | | | 180,031 |
Series 2012 A, RB | | | 5.13% | | | | 07/01/2037 | | | | 1,590 | | | 1,635,712 |
Puerto Rico (Commonwealth of) Electric Power Authority; | | | | | | | | | | | | | | |
Series 2007 VV, Ref. RB (INS - NATL)(h) | | | 5.25% | | | | 07/01/2032 | | | | 1,840 | | | 1,893,047 |
Series 2007 VV, Ref. RB (INS - NATL)(h) | | | 5.25% | | | | 07/01/2033 | | | | 735 | | | 755,514 |
Series 2007 VV, Ref. RB (INS - NATL)(h) | | | 5.25% | | | | 07/01/2035 | | | | 645 | | | 660,480 |
Puerto Rico (Commonwealth of) Highway & Transportation Authority; | | | | | | | | | | | | | | |
Series 2005 L, Ref. RB (INS - NATL)(h) | | | 5.25% | | | | 07/01/2035 | | | | 300 | | | 306,732 |
Series 2007 CC, Ref. RB (INS - AGM)(h) | | | 5.25% | | | | 07/01/2033 | | | | 1,230 | | | 1,340,675 |
Series 2007 N, Ref. RB (INS - NATL)(h) | | | 5.25% | | | | 07/01/2032 | | | | 770 | | | 792,206 |
Series 2007 N, Ref. RB (INS - AGC)(h) | | | 5.25% | | | | 07/01/2034 | | | | 1,205 | | | 1,314,547 |
Series 2007 N, Ref. RB (INS - AGC)(h) | | | 5.25% | | | | 07/01/2036 | | | | 1,000 | | | 1,085,310 |
Puerto Rico (Commonwealth of) Public Buildings Authority; Series 2007 M-3, Ref. RB (INS - NATL)(h) | | | 6.00% | | | | 07/01/2024 | | | | 2,020 | | | 2,072,520 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
21 Invesco Municipal Trust
| | | | | | | | | | | | | | |
| | | Interest
Rate | | | Maturity
Date | | | Principal
Amount
(000) | | | Value |
Puerto Rico–(continued) | | | | | | | | | | | | | | |
Puerto Rico Sales Tax Financing Corp.; | | | | | | | | | | | | | | |
Series 2018 A-1, RB(i) | | | 0.00% | | | | 07/01/2027 | | | $ | 450 | | | $ 382,316 |
Series 2018 A-1, RB(i) | | | 0.00% | | | | 07/01/2029 | | | | 1,495 | | | 1,187,045 |
Series 2018 A-1, RB(i) | | | 0.00% | | | | 07/01/2031 | | | | 338 | | | 249,120 |
Series 2018 A-1, RB(i) | | | 0.00% | | | | 07/01/2033 | | | | 2,120 | | | 1,437,000 |
Series 2018 A-1, RB(i) | | | 0.00% | | | | 07/01/2051 | | | | 4,200 | | | 868,224 |
Series 2018 A-1, RB | | | 4.75% | | | | 07/01/2053 | | | | 1,360 | | | 1,429,414 |
Series 2018 A-1, RB | | | 5.00% | | | | 07/01/2058 | | | | 3,130 | | | 3,341,901 |
Series 2019 A-2, RB | | | 4.33% | | | | 07/01/2040 | | | | 1,095 | | | 1,149,761 |
| | | | | | | | | | | | | | | 32,022,716 |
| | | | |
South Carolina–1.37% | | | | | | | | | | | | | | |
South Carolina (State of) Jobs-Economic Development Authority (Palmetto Health Alliance); Series 2013 A, Ref. RB(e)(f) | | | 5.25% | | | | 08/01/2023 | | | | 1,600 | | | 1,831,616 |
South Carolina (State of) Ports Authority; Series 2015, RB(e)(f)(g) | | | 5.25% | | | | 07/01/2025 | | | | 3,215 | | | 3,958,501 |
South Carolina (State of) Public Service Authority; Series 2014, Ref. RB | | | 5.00% | | | | 12/01/2046 | | | | 1,190 | | | 1,339,726 |
South Carolina (State of) Public Service Authority (Santee Cooper); Series 2010 B, Ref. RB(c) | | | 5.00% | | | | 01/01/2033 | | | | 3,000 | | | 3,006,150 |
| | | | | | | | | | | | | | | 10,135,993 |
| | | | |
South Dakota–0.47% | | | | | | | | | | | | | | |
South Dakota (State of) Health & Educational Facilities Authority (Sanford Obligated Group); | | | | | | | | | | | | | | |
Series 2014 B, RB | | | 5.00% | | | | 11/01/2044 | | | | 1,620 | | | 1,837,226 |
Series 2015, Ref. RB | | | 5.00% | | | | 11/01/2045 | | | | 1,440 | | | 1,635,523 |
| | | | | | | | | | | | | | | 3,472,749 |
| | | | |
Tennessee–0.78% | | | | | | | | | | | | | | |
Greeneville (Town of), TN Health & Educational Facilities Board (Ballad Health Obligated Group); Series 2018 A, Ref. RB | | | 5.00% | | | | 07/01/2036 | | | | 1,735 | | | 2,093,121 |
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (Lipscomb University); Series 2019 A, Ref. RB | | | 5.00% | | | | 10/01/2037 | | | | 1,000 | | | 1,080,920 |
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center); Series 2016 A, RB | | | 5.00% | | | | 07/01/2046 | | | | 1,450 | | | 1,661,091 |
Nashville (City of), TN Metropolitan Airport Authority; Series 2019 B, RB(g) | | | 5.00% | | | | 07/01/2049 | | | | 655 | | | 799,644 |
Tennessee Energy Acquisition Corp.; Series 2006 C, RB | | | 5.00% | | | | 02/01/2024 | | | | 120 | | | 137,390 |
| | | | | | | | | | | | | | | 5,772,166 |
| | | | |
Texas–14.52% | | | | | | | | | | | | | | |
Austin (City of), TX; Series 2012, Ref. RB | | | 5.00% | | | | 11/15/2042 | | | | 1,710 | | | 1,861,814 |
Clifton Higher Education Finance Corp. (International Leadership of Texas); Series 2018 D, RB | | | 5.75% | | | | 08/15/2033 | | | | 1,675 | | | 1,904,508 |
Dallas-Fort Worth (Cities of), TX International Airport; | | | | | | | | | | | | | | |
Series 2012 G, Ref. RB | | | 5.00% | | | | 11/01/2035 | | | | 2,390 | | | 2,409,096 |
Series 2013 A, RB(g) | | | 5.00% | | | | 11/01/2030 | | | | 1,825 | | | 1,973,190 |
Houston (City of), TX; Series 2011 D, RB(c)(e)(f) | | | 5.00% | | | | 11/15/2021 | | | | 3,760 | | | 3,978,118 |
Houston (City of), TX (United Airlines, Inc.); Series 2018, RB(g) | | | 5.00% | | | | 07/15/2028 | | | | 495 | | | 526,690 |
Houston (City of), TX Airport System (United Airlines, Inc. Terminal E); Series 2014, Ref. RB(g) | | | 4.75% | | | | 07/01/2024 | | | | 2,650 | | | 2,711,400 |
La Vernia Higher Education Finance Corp. (Meridian World School); Series 2015 A, RB(d) | | | 5.50% | | | | 08/15/2045 | | | | 1,330 | | | 1,401,248 |
Lower Colorado River Authority; | | | | | | | | | | | | | | |
Series 2012 A, Ref. RB(e)(f) | | | 5.00% | | | | 05/15/2022 | | | | 5 | | | 5,396 |
Series 2012 A, Ref. RB | | | 5.00% | | | | 05/15/2030 | | | | 2,335 | | | 2,508,841 |
Lower Colorado River Authority (LCRA Transmission Services Corp.); | | | | | | | | | | | | | | |
Series 2011 A, Ref. RB | | | 5.00% | | | | 05/15/2041 | | | | 1,400 | | | 1,438,892 |
Series 2019, Ref. RB | | | 5.00% | | | | 05/15/2038 | | | | 1,250 | | | 1,522,013 |
Mission Economic Development Corp. (Natgasoline); Series 2018, Ref.
RB(d)(g) | | | 4.63% | | | | 10/01/2031 | | | | 3,085 | | | 3,268,311 |
New Hope Cultural Education Facilities Corp. (Presbyterian Village North); | | | | | | | | | | | | | | |
Series 2018, Ref. RB | | | 5.00% | | | | 10/01/2031 | | | | 560 | | | 586,113 |
Series 2018, Ref. RB | | | 5.00% | | | | 10/01/2032 | | | | 1,015 | | | 1,054,605 |
New Hope Cultural Education Facilities Finance Corp. (4-K Housing, Inc.-Stoney Brook); Series 2017 B, RB | | | 5.00% | | | | 07/01/2052 | | | | 1,500 | | | 1,011,060 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
22 Invesco Municipal Trust
| | | | | | | | | | | | | | |
| | | Interest
Rate | | | Maturity
Date | | | Principal
Amount
(000) | | | Value |
Texas–(continued) | | | | | | | | | | | | | | |
New Hope Cultural Education Facilities Finance Corp. (Carillon Lifecare Community); | | | | | | | | | | | | | | |
Series 2016, Ref. RB | | | 5.00% | | | | 07/01/2036 | | | $ | 650 | | | $ 646,445 |
Series 2016, Ref. RB | | | 5.00% | | | | 07/01/2046 | | | | 800 | | | 759,912 |
New Hope Cultural Education Facilities Finance Corp. (CHF-Collegiate Housing College Station I, LLC-Texas A&M University); Series 2014 A, RB (INS - AGM)(h) | | | 5.00% | | | | 04/01/2046 | | | | 2,010 | | | 2,170,217 |
New Hope Cultural Education Facilities Finance Corp. (Longhorn Village); | | | | | | | | | | | | | | |
Series 2017, Ref. RB | | | 5.00% | | | | 01/01/2042 | | | | 495 | | | 532,011 |
Series 2017, Ref. RB | | | 5.00% | | | | 01/01/2047 | | | | 620 | | | 664,318 |
North Texas Tollway Authority; | | | | | | | | | | | | | | |
Series 2008 I, Ref. RB (INS - AGC)(h) | | | 6.20% | | | | 01/01/2042 | | | | 1,000 | | | 1,201,890 |
Series 2011 A, RB(c)(e)(f)(k) | | | 5.50% | | | | 09/01/2021 | | | | 2,895 | | | 3,048,667 |
Series 2015 B, Ref. RB(c)(k) | | | 5.00% | | | | 01/01/2040 | | | | 9,860 | | | 10,677,394 |
San Antonio (City of), TX; Series 2013, RB | | | 5.00% | | | | 02/01/2038 | | | | 2,795 | | | 3,081,068 |
Tarrant County Cultural Education Facilities Finance Corp.; Series 2016 A, Ref. RB(c) | | | 5.00% | | | | 02/15/2047 | | | | 3,455 | | | 4,022,587 |
Tarrant County Cultural Education Facilities Finance Corp. (Air Force Village Obligated Group); | | | | | | | | | | | | | | |
Series 2016, Ref. RB | | | 5.00% | | | | 05/15/2037 | | | | 2,295 | | | 2,437,313 |
Series 2016, Ref. RB | | | 5.00% | | | | 05/15/2045 | | | | 1,660 | | | 1,747,266 |
Tarrant County Cultural Education Facilities Finance Corp. (Buckingham Senior Living Community, Inc.); | | | | | | | | | | | | | | |
Series 2007, RB(b) | | | 5.63% | | | | 11/15/2027 | | | | 1,000 | | | 650,000 |
Series 2007, RB(b) | | | 5.75% | | | | 11/16/2037 | | | | 550 | | | 357,500 |
Tarrant County Cultural Education Facilities Finance Corp. (C.C. Young Memorial Home); | | | | | | | | | | | | | | |
Series 2007, RB | | | 5.75% | | | | 02/15/2025 | | | | 305 | | | 243,899 |
Series 2017 A, RB | | | 6.38% | | | | 02/15/2048 | | | | 1,940 | | | 1,546,781 |
Tarrant County Cultural Education Facilities Finance Corp. (MRC Stevenson Oaks); | | | | | | | | | | | | | | |
Series 2020, Ref. RB | | | 6.63% | | | | 11/15/2041 | | | | 85 | | | 85,270 |
Series 2020, Ref. RB | | | 6.75% | | | | 11/15/2051 | | | | 85 | | | 85,237 |
Series 2020, Ref. RB | | | 6.88% | | | | 11/15/2055 | | | | 85 | | | 85,266 |
Tarrant County Cultural Education Facilities Finance Corp. (Texas Health Resources System); Series 2016 A, Ref. RB | | | 5.00% | | | | 02/15/2041 | | | | 4,225 | | | 4,973,628 |
Texas (State of) Transportation Commission; | | | | | | | | | | | | | | |
Series 2016 A, GO Bonds | | | 5.00% | | | | 04/01/2044 | | | | 1,695 | | | 2,042,712 |
Series 2019, RB(i) | | | 0.00% | | | | 08/01/2043 | | | | 3,000 | | | 1,137,930 |
Texas (State of) Transportation Commission (Central Texas Turnpike System); | | | | | | | | | | | | | | |
Series 2012 A, Ref. RB(e)(f) | | | 5.00% | | | | 08/15/2022 | | | | 4,130 | | | 4,517,022 |
Series 2015 B, Ref. RB(i) | | | 0.00% | | | | 08/15/2036 | | | | 3,475 | | | 1,864,616 |
Series 2015 B, Ref. RB(i) | | | 0.00% | | | | 08/15/2037 | | | | 1,175 | | | 601,624 |
Series 2015 C, Ref. RB | | | 5.00% | | | | 08/15/2042 | | | | 5,170 | | | 5,777,940 |
Texas (State of) Water Development Board (State Water Implementation Revenue Fund); Series 2017 A, RB | | | 4.00% | | | | 10/15/2035 | | | | 280 | | | 333,049 |
Texas Municipal Gas Acquisition & Supply Corp. I; Series 2008 D, RB | | | 6.25% | | | | 12/15/2026 | | | | 5,265 | | | 6,231,812 |
Texas Municipal Gas Acquisition & Supply Corp. III; | | | | | | | | | | | | | | |
Series 2012, RB | | | 5.00% | | | | 12/15/2027 | | | | 1,500 | | | 1,614,315 |
Series 2012, RB | | | 5.00% | | | | 12/15/2028 | | | | 1,475 | | | 1,583,693 |
Series 2012, RB | | | 5.00% | | | | 12/15/2030 | | | | 1,500 | | | 1,603,905 |
Series 2012, RB | | | 5.00% | | | | 12/15/2031 | | | | 4,475 | | | 4,775,183 |
Series 2012, RB | | | 5.00% | | | | 12/15/2032 | | | | 1,000 | | | 1,064,780 |
Texas Private Activity Bond Surface Transportation Corp. (Blueridge Transportation Group, LLC SH 288 Toll Lanes); Series 2016, RB(g) | | | 5.00% | | | | 12/31/2055 | | | | 1,140 | | | 1,195,837 |
Texas Private Activity Bond Surface Transportation Corp. (LBJ Infrastructure); Series 2010, RB | | | 7.00% | | | | 06/30/2040 | | | | 870 | | | 874,202 |
Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners Segments 3 LLC Segments 3A and 3B Facility); Series 2013,
RB(g) | | | 7.00% | | | | 12/31/2038 | | | | 1,475 | | | 1,695,483 |
Texas Private Activity Bond Surface Transportation Corp. (Segment 3C); Series 2019, RB(g) | | | 5.00% | | | | 06/30/2058 | | | | 2,385 | | | 2,800,944 |
Travis County Cultural Education Facilities Finance Corp. (Wayside Schools); Series 2012 A, RB | | | 5.25% | | | | 08/15/2042 | | | | 545 | | | 551,142 |
| | | | | | | | | | | | | | | 107,444,153 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
23 Invesco Municipal Trust
| | | | | | | | | | | | | | |
| | | Interest
Rate | | | Maturity
Date | | | Principal
Amount
(000) | | | Value |
Utah–1.40% | | | | | | | | | | | | | | |
Salt Lake (City of), UT; | | | | | | | | | | | | | | |
Series 2017 A, RB(c)(g) | | | 5.00% | | | | 07/01/2047 | | | $ | 2,705 | | | $ 3,157,087 |
Series 2018 A, RB(g) | | | 5.00% | | | | 07/01/2048 | | | | 1,305 | | | 1,546,033 |
Series 2018 A, RB(g) | | | 5.25% | | | | 07/01/2048 | | | | 1,735 | | | 2,086,251 |
Utah (County of), UT; Series 2016 B, RB(c) | | | 4.00% | | | | 05/15/2047 | | | | 3,300 | | | 3,551,922 |
| | | | | | | | | | | | | | | 10,341,293 |
| | | | |
Virgin Islands–0.50% | | | | | | | | | | | | | | |
Virgin Islands (Government of) Public Finance Authority (Matching Fund Loan Note - Diageo); Series 2009 A, RB | | | 6.63% | | | | 10/01/2029 | | | | 725 | | | 725,297 |
Virgin Islands (Government of) Public Finance Authority (Matching Fund Loan Note); | | | | | | | | | | | | | | |
Series 2009 B, Ref. RB | | | 5.00% | | | | 10/01/2025 | | | | 1,500 | | | 1,485,885 |
Series 2010 A, RB | | | 5.00% | | | | 10/01/2025 | | | | 425 | | | 421,001 |
Series 2010 A, RB | | | 5.00% | | | | 10/01/2029 | | | | 1,095 | | | 1,077,710 |
| | | | | | | | | | | | | | | 3,709,893 |
| | | | |
Virginia–2.28% | | | | | | | | | | | | | | |
Roanoke (City of), VA Economic Development Authority (Carilion Clinic Obligated Group); Series 2020, Ref. RB | | | 5.00% | | | | 07/01/2047 | | | | 1,255 | | | 1,971,755 |
Roanoke (City of), VA Economic Development Authority (Richfield Living); Series 2020, RB | | | 5.00% | | | | 09/01/2050 | | | | 325 | | | 318,565 |
Virginia (Commonwealth of) Small Business Financing Authority (95 Express Lanes LLC); | | | | | | | | | | | | | | |
Series 2017, RB(g) | | | 5.00% | | | | 01/01/2040 | | | | 370 | | | 383,801 |
Series 2019, RB(g) | | | 5.00% | | | | 01/01/2044 | | | | 1,985 | | | 2,055,448 |
Virginia (Commonwealth of) Small Business Financing Authority (Elizabeth River Crossings Opco, LLC); | | | | | | | | | | | | | | |
Series 2012, RB(g) | | | 6.00% | | | | 01/01/2037 | | | | 880 | | | 943,263 |
Series 2012, RB(g) | | | 5.50% | | | | 01/01/2042 | | | | 2,950 | | | 3,095,789 |
Virginia (Commonwealth of) Small Business Financing Authority (Express Lanes, LLC); Series 2012, RB(g) | | | 5.00% | | | | 07/01/2034 | | | | 3,320 | | | 3,454,427 |
Virginia (Commonwealth of) Small Business Financing Authority (Transform 66 P3); | | | | | | | | | | | | | | |
Series 2017, RB(g) | | | 5.00% | | | | 12/31/2049 | | | | 910 | | | 1,027,563 |
Series 2017, RB(g) | | | 5.00% | | | | 12/31/2052 | | | | 1,900 | | | 2,141,585 |
Virginia (Commonwealth of) Transportation Board; Series 2017, RB | | | 4.00% | | | | 05/15/2042 | | | | 1,320 | | | 1,506,173 |
| | | | | | | | | | | | | | | 16,898,369 |
| | | | |
Washington–4.81% | | | | | | | | | | | | | | |
Bellevue (City of), WA Convention Center Authority (Compound Interest); Series 1994, Ref. RB (INS - NATL)(h)(i) | | | 0.00% | | | | 02/01/2024 | | | | 5,000 | | | 4,740,600 |
Chelan (County of), WA Public Utility District No. 1; Series 2011 A, Ref. RB(g) | | | 5.50% | | | | 07/01/2026 | | | | 1,525 | | | 1,585,634 |
Energy Northwest (Columbia Generating Station); Series 2020 A, Ref. RB | | | 4.00% | | | | 07/01/2039 | | | | 1,535 | | | 1,871,856 |
Kalispel Tribe of Indians; Series 2018 A, RB(d) | | | 5.25% | | | | 01/01/2038 | | | | 1,320 | | | 1,479,020 |
King (County of), WA; Series 2020 A, Ref. RB | | | 4.00% | | | | 01/01/2052 | | | | 3,000 | | | 3,521,250 |
Washington (State of); Series 2019 A, GO Bonds(c) | | | 5.00% | | | | 08/01/2042 | | | | 1,875 | | | 2,352,394 |
Washington (State of) (SR 520 Corridor Program -Toll Revenue); Series 2011 C, GO Bonds(c)(e) | | | 5.00% | | | | 06/01/2033 | | | | 1,500 | | | 1,551,420 |
Washington (State of) Convention Center Public Facilities District; | | | | | | | | | | | | | | |
Series 2018, RB | | | 5.00% | | | | 07/01/2043 | | | | 1,175 | | | 1,319,126 |
Series 2018, RB(c)(k) | | | 5.00% | | | | 07/01/2048 | | | | 4,190 | | | 4,675,286 |
Series 2018, RB | | | 5.00% | | | | 07/01/2048 | | | | 840 | | | 923,294 |
Washington (State of) Health Care Facilities Authority; Series 2019 A-2, Ref.
RB(c)(k) | | | 5.00% | | | | 08/01/2044 | | | | 3,635 | | | 4,383,519 |
Washington (State of) Health Care Facilities Authority (Catholic Health Initiatives); Series 2011 A, RB(c)(e)(f) | | | 5.00% | | | | 02/01/2021 | | | | 2,325 | | | 2,370,268 |
Washington (State of) Health Care Facilities Authority (Swedish Health Services); Series 2011 A, RB(e)(f) | | | 6.25% | | | | 05/15/2021 | | | | 1,025 | | | 1,068,081 |
Washington (State of) Higher Education Facilities Authority (Whitworth University); Series 2012, RB | | | 5.25% | | | | 10/01/2046 | | | | 1,250 | | | 1,289,750 |
Washington (State of) Housing Finance Commission (Bayview Manor Homes); | | | | | | | | | | | | | | |
Series 2016 A, Ref. RB(d) | | | 5.00% | | | | 07/01/2046 | | | | 435 | | | 448,041 |
Series 2016 A, Ref. RB(d) | | | 5.00% | | | | 07/01/2051 | | | | 360 | | | 369,864 |
Washington (State of) Tobacco Settlement Authority; | | | | | | | | | | | | | | |
Series 2013, Ref. RB | | | 5.25% | | | | 06/01/2031 | | | | 595 | | | 596,077 |
Series 2013, Ref. RB | | | 5.25% | | | | 06/01/2033 | | | | 1,000 | | | 1,051,260 |
| | | | | | | | | | | | | | | 35,596,740 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
24 Invesco Municipal Trust
| | | | | | | | | | | | | | |
| | | Interest
Rate | | Maturity
Date | | | Principal
Amount
(000) | | | Value | |
| |
West Virginia–0.12% | | | | | | | | | | | | | | |
Monongalia (County of), WV Commission Special District (University Town Centre Economic Opportunity Development District); Series 2020, Ref. RB(d) | | 7.50% | | | 06/01/2043 | | | $ | 830 | | | $ | 855,896 | |
| |
| | | | |
Wisconsin–2.27% | | | | | | | | | | | | | | |
Public Finance Authority (American Dream at Meadowlands); | | | | | | | | | | | | | | |
Series 2017, RB(d) | | 6.75% | | | 08/01/2031 | | | | 915 | | | | 787,897 | |
| |
Series 2017, RB(d) | | 6.75% | | | 12/01/2042 | | | | 2,135 | | | | 1,841,587 | |
| |
Public Finance Authority (KU Campus Development Corp.); Series 2016, RB(c) | | 5.00% | | | 03/01/2046 | | | | 3,735 | | | | 4,265,519 | |
| |
Public Finance Authority (Mallard Creek Stem Academy); Series 2019 A, RB(d) | | 5.13% | | | 06/15/2039 | | | | 625 | | | | 662,619 | |
| |
Superior (City of), WI (Superior Water, Light & Power Co.); | | | | | | | | | | | | | | |
Series 2007 A, Ref. RB(g) | | 5.38% | | | 11/01/2021 | | | | 450 | | | | 451,854 | |
| |
Series 2007 B, RB(g) | | 5.75% | | | 11/01/2037 | | | | 410 | | | | 411,697 | |
| |
Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Alliance); Series 2013, RB | | 4.00% | | | 11/15/2043 | | | | 2,375 | | | | 2,729,445 | |
| |
Wisconsin (State of) Public Finance Authority (Explore Academy); Series 2020 A, RB(d) | | 6.13% | | | 02/01/2050 | | | | 415 | | | | 421,644 | |
| |
Wisconsin (State of) Public Finance Authority (Maryland Proton Treatment Center); Series 2018 A-1, RB(d) | | 6.38% | | | 01/01/2048 | | | | 650 | | | | 529,574 | |
| |
Wisconsin (State of) Public Finance Authority (Prime Healthcare Foundation, Inc.); | | | | | | | | | | | | | | |
Series 2018 A, RB | | 5.20% | | | 12/01/2037 | | | | 1,675 | | | | 1,860,523 | |
| |
Series 2018 A, RB | | 5.35% | | | 12/01/2045 | | | | 1,675 | | | | 1,849,786 | |
| |
Wisconsin (State of) Public Finance Authority (Roseman University of Health Sciences); Series 2015, Ref. RB | | 5.75% | | | 04/01/2035 | | | | 875 | | | | 952,604 | |
| |
| | | | | | | | | | | | | 16,764,749 | |
| |
| | | | |
Wyoming–0.35% | | | | | | | | | | | | | | |
Wyoming (State of) Municipal Power Agency; Series 2017 A, Ref. RB (INS - BAM)(c)(h) | | 5.00% | | | 01/01/2047 | | | | 2,205 | | | | 2,607,589 | |
| |
TOTAL INVESTMENTS IN SECURITIES(q) –162.74%
(Cost $1,122,570,866) | | | | | | | | | | | | | 1,204,186,125 | |
| |
FLOATING RATE NOTE OBLIGATIONS–(28.81)% | | | | | | | | | | | | | | |
Notes with interest and fee rates ranging from 0.61% to 1.16% at 08/31/2020 and contractual maturities of collateral ranging from 09/01/2022 to 04/01/2056 (See Note 1J)(r) | | | | | | | | | | | | | (213,175,000 | ) |
| |
VARIABLE RATE MUNI TERM PREFERRED SHARES–(35.52)% | | | | | | | | | | | | | (262,798,093 | ) |
| |
OTHER ASSETS LESS LIABILITIES–1.59% | | | | | | | | | | | | | 11,728,867 | |
| |
NET ASSETS APPLICABLE TO COMMON SHARES–100.00% | | | | | | | | | | | | $ | 739,941,899 | |
| |
Investment Abbreviations:
| | |
| AGC | | – Assured Guaranty Corp. |
| AGM | | – Assured Guaranty Municipal Corp. |
| AMBAC | | – American Municipal Bond Assurance Corp. |
| BAM | | – Build America Mutual Assurance Co. |
| CEP | | – Credit Enhancement Provider |
| COP | | – Certificates of Participation |
| Ctfs. | | – Certificates |
| GNMA | | – Government National Mortgage Association |
| GO | | – General Obligation |
| IDR | | – Industrial Development Revenue Bonds |
| INS | | – Insurer |
| NATL | | – National Public Finance Guarantee Corp. |
| PCR | | – Pollution Control Revenue Bonds |
| RAC | | – Revenue Anticipation Certificates |
| RB | | – Revenue Bonds |
| Ref. | | – Refunding |
| RN | | – Revenue Notes |
| SIFMA | | – Securities Industry and Financial Markets Association |
| VRD | | – Variable Rate Demand |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
25 Invesco Municipal Trust
Notes to Schedule of Investments:
| (a) | Calculated as a percentage of net assets. Amounts in excess of 100% are due to the Trust’s use of leverage. |
| (b) | Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at August 31, 2020 was $3,879,570, which represented less than 1% of the Trust’s Net Assets. |
| (c) | Underlying security related to TOB Trusts entered into by the Trust. See Note 1J. |
| (d) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2020 was $41,204,530, which represented 5.57% of the Trust’s Net Assets. |
| (e) | Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral. |
| (f) | Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put. |
| (g) | Security subject to the alternative minimum tax. |
| (h) | Principal and/or interest payments are secured by the bond insurance company listed. |
| (i) | Zero coupon bond issued at a discount. |
| (j) | Convertible capital appreciation bond. The interest rate shown represents the coupon rate at which the bond will accrue at a specified future date. |
| (k) | Security is subject to a reimbursement agreement which may require the Trust to pay amounts to a counterparty in the event of a significant decline in the market value of the security underlying the TOB Trusts. In case of a shortfall, the maximum potential amount of payments the Trust could ultimately be required to make under the agreement is $41,546,000. However, such shortfall payment would be reduced by the proceeds from the sale of the security underlying the TOB Trusts. |
| (l) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2020. |
| (m) | Security valued using significant unobservable inputs (Level 3). See Note 3. |
| (n) | The issuer is paying less than stated interest, but is not in default on principal because scheduled principal payments have not yet begun. |
| (o) | Security subject to crossover refunding. |
| (p) | Demand security payable upon demand by the Trust at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on August 31, 2020. |
| (q) | Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligation but may be called upon to satisfy issuer’s obligations. No concentration of any single entity was greater than 5% each. |
| (r) | Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at August 31, 2020. At August 31, 2020, the Trust’s investments with a value of $339,419,222 are held by TOB Trusts and serve as collateral for the $213,175,000 in the floating rate note obligations outstanding at that date. |
Portfolio Composition
By credit sector, based on total investments
As of August 31, 2020
| | | | |
Revenue Bonds | | | 82.0% | |
| |
Pre-Refunded Bonds | | | 11.0 | |
| |
General Obligation Bonds | | | 6.7 | |
| |
Other | | | 0.3 | |
| |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
26 Invesco Municipal Trust
Statement of Assets and Liabilities
August 31, 2020
(Unaudited)
| | | | |
Assets: | | | | |
Investments in securities, at value
(Cost $1,122,570,866) | | | $1,204,186,125 | |
| |
Receivable for: | | | | |
Investments sold | | | 2,896,085 | |
| |
Interest | | | 12,792,778 | |
| |
Investments matured, at value
(Cost $1,962,394) | | | 788,276 | |
| |
Investment for trustee deferred compensation and retirement plans | | | 22,624 | |
| |
Total assets | | | 1,220,685,888 | |
| |
| |
Liabilities: | | | | |
Floating rate note obligations | | | 213,175,000 | |
| |
Variable rate muni term preferred shares ($0.01 par value, 2,628 shares issued with liquidation preference of $100,000 per share) | | | 262,798,093 | |
| |
Payable for: | | | | |
Investments purchased | | | 1,132,055 | |
| |
Dividends | | | 83,103 | |
| |
Amount due custodian | | | 2,986,864 | |
| |
Accrued fees to affiliates | | | 101,892 | |
| |
Accrued interest expense | | | 236,520 | |
| |
Accrued trustees’ and officers’ fees and benefits | | | 4,063 | |
| |
Accrued other operating expenses | | | 203,775 | |
| |
Trustee deferred compensation and retirement plans | | | 22,624 | |
| |
Total liabilities | | | 480,743,989 | |
| |
Net assets applicable to common shares | | | $ 739,941,899 | |
| |
| | | | |
Net assets applicable to common shares consist of: | | | | |
Shares of beneficial interest – common shares | | $ | 698,447,449 | |
| |
Distributable earnings | | | 41,494,450 | |
| |
| | $ | 739,941,899 | |
| |
| |
Common shares outstanding, no par value, with an unlimited number of common shares authorized: | | | | |
Common shares outstanding | | | 55,320,227 | |
| |
Net asset value per common share | | $ | 13.38 | |
| |
Market value per common share | | $ | 12.36 | |
| |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
27 Invesco Municipal Trust
Statement of Operations
For the six months ended August 31, 2020
(Unaudited)
| | | | |
Investment income: | | | | |
Interest | | | $ 24,321,863 | |
| |
| |
Expenses: | | | | |
Advisory fees | | | 3,280,877 | |
| |
Administrative services fees | | | 52,571 | |
| |
Custodian fees | | | 3,887 | |
| |
Interest, facilities and maintenance fees | | | 3,973,604 | |
| |
Transfer agent fees | | | 27,566 | |
| |
Trustees’ and officers’ fees and benefits | | | 11,321 | |
| |
Registration and filing fees | | | 32,290 | |
| |
Reports to shareholders | | | 25,345 | |
| |
Professional services fees | | | 26,735 | |
| |
Other | | | 9,569 | |
| |
Total expenses | | | 7,443,765 | |
| |
Net investment income | | | 16,878,098 | |
| |
| |
Realized and unrealized gain (loss) from: | | | | |
Net realized gain (loss) from: | | | | |
Investment securities | | | (8,189,404 | ) |
| |
Futures contracts | | | (254,506 | ) |
| |
| | | (8,443,910 | ) |
| |
Change in net unrealized appreciation (depreciation) of investment securities | | | (25,190,535 | ) |
| |
Net realized and unrealized gain (loss) | | | (33,634,445 | ) |
| |
Net increase (decrease) in net assets resulting from operations applicable to common shares | | | $(16,756,347 | ) |
| |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
28 Invesco Municipal Trust
Statement of Changes in Net Assets
For the six months ended August 31, 2020 and the year ended February 29, 2020
(Unaudited)
| | | | | | | | |
| | | August 31, | | | February 29, | |
| | | 2020 | | | 2020 | |
| |
Operations: | | | | | | | | |
Net investment income | | | $ 16,878,098 | | | | $ 31,309,179 | |
| |
Net realized gain (loss) | | | (8,443,910 | ) | | | 1,098,527 | |
| |
Change in net unrealized appreciation (depreciation) | | | (25,190,535 | ) | | | 60,676,465 | |
| |
Net increase (decrease) in net assets resulting from operations applicable to common shares | | | (16,756,347 | ) | | | 93,084,171 | |
| |
Distributions to common shareholders from distributable earnings | | | (16,230,955 | ) | | | (31,928,498 | ) |
| |
Return of capital applicable to common shares | | | – | | | | (1,617,689 | ) |
| |
Total distributions | | | (16,230,955 | ) | | | (33,546,187 | ) |
| |
Net increase (decrease) in net assets applicable to common shares | | | (32,987,302 | ) | | | 59,537,984 | |
| |
| | |
Net assets applicable to common shares: | | | | | | | | |
Beginning of period | | | 772,929,201 | | | | 713,391,217 | |
| |
End of period | | | $739,941,899 | | | | $772,929,201 | |
| |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
29 Invesco Municipal Trust
Statement of Cash Flows
For the six months ended August 31, 2020
(Unaudited)
| | | | |
Cash provided by operating activities: | | | | |
Net increase (decrease) in net assets resulting from operations applicable to common shares | | $ | (16,756,347 | ) |
| |
| |
Adjustments to reconcile the change in net assets applicable to common shares from operations to net cash provided by operating activities: | | | | |
Purchases of investments | | | (184,388,141 | ) |
| |
Proceeds from sales of investments | | | 194,959,012 | |
| |
Proceeds from sales of short-term investments, net | | | (3,732,416 | ) |
| |
Amortization of premium on investment securities | | | 3,567,041 | |
| |
Accretion of discount on investment securities | | | (1,336,660 | ) |
| |
Increase in receivables and other assets | | | (322,027 | ) |
| |
Decrease in accrued expenses and other payables | | | (175,171 | ) |
| |
Net realized loss from investment securities | | | 8,189,404 | |
| |
Net change in unrealized depreciation on investment securities | | | 25,190,535 | |
| |
Net cash provided by operating activities | | | 25,195,230 | |
| |
| |
Cash provided by (used in) financing activities: | | | | |
Dividends paid to common shareholders from distributable earnings | | | (16,229,098 | ) |
| |
Increase in payable for amount due custodian | | | 2,986,864 | |
| |
Proceeds of TOB Trusts | | | 33,285,000 | |
| |
Repayments of TOB Trusts | | | (45,465,000 | ) |
| |
Net cash provided by (used in) financing activities | | | (25,422,234 | ) |
| |
Net decrease in cash and cash equivalents | | | (227,004 | ) |
| |
Cash and cash equivalents at beginning of period | | | 227,004 | |
| |
Cash and cash equivalents at end of period | | $ | – | |
| |
| |
Supplemental disclosure of cash flow information: | | | | |
| |
Cash paid during the period for interest, facilities and maintenance fees | | $ | 4,201,329 | |
| |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
30 Invesco Municipal Trust
Financial Highlights
(Unaudited)
The following schedule presents financial highlights for a share of the Trust outstanding throughout the periods indicated.
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months Ended
August 31, | | | Year Ended
February 29, | | | Years Ended
February 28, | | | Year Ended
February 29, | |
| | | 2020 | | | 2020 | | | 2019 | | | 2018 | | | 2017 | | | 2016 | |
| |
Net asset value per common share, beginning of period | | | $ 13.97 | | | | $ 12.90 | | | | $ 13.14 | | | | $ 13.38 | | | | $ 14.11 | | | | $ 14.15 | |
| |
Net investment income(a) | | | 0.31 | | | | 0.57 | | | | 0.61 | | | | 0.71 | | | | 0.76 | | | | 0.83 | |
| |
Net gains (losses) on securities (both realized and unrealized) | | | (0.61 | ) | | | 1.11 | | | | (0.20 | ) | | | (0.23 | ) | | | (0.71 | ) | | | (0.05) | |
| |
Total from investment operations | | | (0.30 | ) | | | 1.68 | | | | 0.41 | | | | 0.48 | | | | 0.05 | | | | 0.78 | |
| |
Less: | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends paid to common shareholders from net investment income | | | (0.29 | ) | | | (0.58 | ) | | | (0.63 | ) | | | (0.72 | ) | | | (0.78 | ) | | | (0.82) | |
| |
Return of capital | | | – | | | | (0.03 | ) | | | (0.02 | ) | | | – | | | | – | | | | – | |
| |
Total distributions | | | (0.29 | ) | | | (0.61 | ) | | | (0.65 | ) | | | (0.72 | ) | | | (0.78 | ) | | | (0.82) | |
| |
Net asset value per common share, end of period | | | $ 13.38 | | | | $ 13.97 | | | | $ 12.90 | | | | $ 13.14 | | | | $ 13.38 | | | | $ 14.11 | |
| |
Market value per common share, end of period | | | $ 12.36 | | | | $ 12.61 | | | | $ 11.89 | | | | $ 11.82 | | | | $ 12.63 | | | | $ 13.02 | |
| |
Total return at net asset value(b) | | | (1.82 | )% | | | 13.68 | % | | | 3.83 | % | | | 3.99 | % | | | 0.54 | % | | | 6.40 | % |
| |
Total return at market value(c) | | | 0.47 | % | | | 11.33 | % | | | 6.39 | % | | | (0.90 | )% | | | 2.85 | % | | | 9.06 | % |
| |
Net assets applicable to common shares, end of period (000’s omitted) | | | $739,942 | | | | $772,929 | | | | $713,391 | | | | $726,753 | | | | $740,251 | | | | $780,532 | |
| |
Portfolio turnover rate(d) | | | 15 | % | | | 11 | % | | | 15 | % | | | 14 | % | | | 14 | % | | | 11 | % |
| |
| | | | | | |
Ratios/supplemental data based on average net assets applicable to common shares outstanding: | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Ratio of expenses: | | | | | | | | | | | | | | | | | | | | | | | | |
| |
With fee waivers and/or expense reimbursements | | | 2.05 | %(e) | | | 2.45 | % | | | 2.43 | % | | | 2.24 | % | | | 1.88 | % | | | 1.55 | % |
| |
With fee waivers and/or expense reimbursements excluding interest, facilities and maintenance fees | | | 0.96 | %(e) | | | 0.98 | % | | | 1.01 | % | | | 1.01 | % | | | 0.98 | % | | | 0.97 | % |
| |
Without fee waivers and/or expense reimbursements | | | 2.05 | %(e) | | | 2.45 | % | | | 2.43 | % | | | 2.24 | % | | | 1.88 | % | | | 1.55 | % |
| |
Ratio of net investment income to average net assets | | | 4.66 | %(e) | | | 4.22 | % | | | 4.68 | % | | | 5.27 | % | | | 5.41 | % | | | 5.98 | % |
| |
| | | | | | |
Senior securities: | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Total amount of preferred shares outstanding (000’s omitted) | | | $262,800 | | | | $262,800 | | | | $262,789 | | | | $262,800 | | | | $262,800 | | | | $262,800 | |
| |
Asset coverage per preferred share(f) | | | $381,561 | | | | $394,113 | | | | $371,454 | | | | $376,542 | | | | $381,676 | | | | $397,006 | |
| |
Liquidating preference per preferred share | | | $100,000 | | | | $100,000 | | | | $100,000 | | | | $100,000 | | | | $100,000 | | | | $100,000 | |
| |
| (a) | Calculated using average shares outstanding. |
| (b) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Not annualized for periods less than one year, if applicable. |
| (c) | Total return assumes an investment at the common share market price at the beginning of the period indicated, reinvestment of all distributions for the period in accordance with the Trust’s dividend reinvestment plan, and sale of all shares at the closing common share market price at the end of the period indicated. Not annualized for periods less than one year, if applicable. |
| (d) | Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. |
| (e) | Ratios are annualized and based on average daily net assets applicable to common shares (000’s omitted) of $718,921. |
| (f) | Calculated by subtracting the Trust’s total liabilities (not including preferred shares, at liquidation value) from the Trust’s total assets and dividing this by the total number of preferred shares outstanding. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
31 Invesco Municipal Trust
Notes to Financial Statements
August 31, 2020
(Unaudited)
NOTE 1–Significant Accounting Policies
Invesco Municipal Trust (the “Trust”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as a diversified, closed-end management investment company.
The Trust’s investment objective is to seek to provide common shareholders with a high level of current income exempt from federal income tax, consistent with preservation of capital. Under normal market conditions, the Trust will invest at least 80% of its assets in municipal securities rated investment grade at the time of investment.
The Trust is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.
The following is a summary of the significant accounting policies followed by the Trust in the preparation of its financial statements.
| A. | Security Valuations – Securities, including restricted securities, are valued according to the following policy. |
Securities are fair valued using an evaluated quote provided by an independent pricing service approved by the Board of Trustees. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a trust may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Securities for which market quotations either are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on transferability or disposition; trading in similar securities by the same issuer or comparable companies; relevant political, economic or issuer specific news; and other relevant factors under the circumstances.
The Trust may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Trust investments.
Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
| B. | Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. |
The Trust may periodically participate in litigation related to Trust investments. As such, the Trust may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Trust’s net asset value and, accordingly, they reduce the Trust’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Trust and the investment adviser.
| C. | Country Determination – For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
| D. | 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 declared and paid annually and are distributed on a pro rata basis to common and preferred shareholders. |
| E. | 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. |
| F. | Federal Income Taxes – The Trust intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Trust’s 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. |
The Trust recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Trust’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
In addition, the Trust intends to invest in such municipal securities to allow it to qualify to pay shareholders “exempt dividends”, as defined in the Internal Revenue Code.
The Trust files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Trust is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
| G. | Interest, Facilities and Maintenance Fees – Interest, Facilities and Maintenance Fees include interest and related borrowing costs such as commitment |
32 Invesco Municipal Trust
| | fees, rating and bank agent fees and other expenses associated with lines of credit and Variable Rate Muni Term Preferred Shares (“VMTP Shares”), and interest and administrative expenses related to establishing and maintaining floating rate note obligations, if any. |
| H. | 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. |
| I. | Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into contracts, including the Trust’s servicing agreements, that contain a variety of indemnification clauses. The Trust’s 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. Currently, the risk of material loss as a result of such indemnification claims is considered remote. |
| J. | Floating Rate Note Obligations – The Trust invests in inverse floating rate securities, such as Tender Option Bonds (“TOBs”), for investment purposes and to enhance the yield of the Trust. Such securities may be purchased in the secondary market without first owning an underlying bond but generally are created through the sale of fixed rate bonds by the Trust to special purpose trusts established by a broker dealer or by the Trust (“TOB Trusts”) in exchange for cash and residual interests in the TOB Trusts’ assets and cash flows, which are in the form of inverse floating rate securities. The TOB Trusts finance the purchases of the fixed rate bonds by issuing floating rate notes to third parties and allowing the Trust to retain residual interests in the bonds. The floating rate notes issued by the TOB Trusts have interest rates that reset weekly and the floating rate note holders have the option to tender their notes to the TOB Trusts for redemption at par at each reset date. The residual interests held by the Trust (inverse floating rate securities) include the right of the Trust (1) to cause the holders of the floating rate notes to tender their notes at par at the next interest rate reset date, and (2) to transfer the municipal bond from the TOB Trust to the Trust, thereby collapsing the TOB Trust. Inverse floating rate securities tend to underperform the market for fixed rate bonds in a rising interest rate environment, but tend to outperform the market for fixed rate bonds when interest rates decline or remain relatively stable. |
The Trust generally invests in inverse floating rate securities that include embedded leverage, thus exposing the Trust to greater risks and increased costs. The primary risks associated with inverse floating rate securities are varying degrees of liquidity and decreases in the value of such securities in response to changes in interest rates to a greater extent than fixed rate securities having similar credit quality, redemption provisions and maturity, which may cause the Trust’s net asset value to be more volatile than if it had not invested in inverse floating rate securities. In certain instances, the short-term floating rate notes created by the TOB Trust may not be able to be sold to third parties or, in the case of holders tendering (or putting) such notes for repayment of principal, may not be able to be remarketed to third parties. In such cases, the TOB Trust holding the fixed rate bonds may be collapsed with the entity that contributed the fixed rate bonds to the TOB Trust. In the case where a TOB Trust is collapsed with the Trust, the Trust will be required to repay the principal amount of the tendered securities, which may require the Trust to sell other portfolio holdings to raise cash to meet that obligation. The Trust could therefore be required to sell other portfolio holdings at a disadvantageous time or price to raise cash to meet this obligation, which risk will be heightened during times of market volatility, illiquidity or uncertainty. The embedded leverage in the TOB Trust could cause the Trust to lose more money than the value of the asset it has contributed to the TOB Trust and greater levels of leverage create the potential for greater losses. In addition, a Trust may enter into reimbursement agreements with the liquidity provider of certain TOB transactions in connection with certain residuals held by the Trust. These agreements commit a Trust to reimburse the liquidity provider to the extent that the liquidity provider must provide cash to a TOB Trust, including following the termination of a TOB Trust resulting from a mandatory tender event (“liquidity shortfall”). The reimbursement agreement will effectively make the Trust liable for the amount of the negative difference, if any, between the liquidation value of the underlying security and the purchase price of the floating rate notes issued by the TOB Trust.
The Trust accounts for the transfer of fixed rate bonds to the TOB Trusts as secured borrowings, with the securities transferred remaining in the Trust’s investment assets, and the related floating rate notes reflected as Trust liabilities under the caption Floating rate note obligations on the Statement of Assets and Liabilities. The carrying amount of the Trust’s floating rate note obligations as reported on the Statement of Assets and Liabilities approximates its fair value. The Trust records the interest income from the fixed rate bonds under the caption Interest and records the expenses related to floating rate obligations and any administrative expenses of the TOB Trusts as a component of Interest, facilities and maintenance fees on the Statement of Operations.
Final rules implementing section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Volcker Rule”) prohibit banking entities from engaging in proprietary trading of certain instruments and limit such entities’ investments in, and relationships with, “covered funds”, as defined in the rules. These rules preclude banking entities and their affiliates from sponsoring and/or providing services for existing TOB Trusts. A new TOB structure is being utilized by the Trust wherein the Trust, as holder of the residuals, will perform certain duties previously performed by banking entities as “sponsors” of TOB Trusts. These duties may be performed by a third-party service provider. The Trust’s expanded role under the new TOB structure may increase its operational and regulatory risk. The new structure is substantially similar to the previous structure; however, pursuant to the Volcker Rule, the remarketing agent would not be able to repurchase tendered floaters for its own account upon a failed remarketing. In the event of a failed remarketing, a banking entity serving as liquidity provider may loan the necessary funds to the TOB Trust to purchase the tendered floaters. The TOB Trust, not the Trust, would be the borrower and the loan from the liquidity provider will be secured by the purchased floaters now held by the TOB Trust. However, as previously described, the Trust would bear the risk of loss with respect to any liquidity shortfall to the extent it entered into a reimbursement agreement with the liquidity provider.
Further, the SEC and various banking agencies have adopted rules implementing credit risk retention requirements for asset-backed securities (the “Risk Retention Rules”). The Risk Retention Rules require the sponsor of a TOB Trust to retain at least 5% of the credit risk of the underlying assets supporting the TOB Trust’s municipal bonds. The Trust has adopted policies intended to comply with the Risk Retention Rules. The Risk Retention Rules may adversely affect the Trust’s ability to engage in TOB Trust transactions or increase the costs of such transactions in certain circumstances.
There can be no assurances that the new TOB structure will continue to be a viable form of leverage. Further, there can be no assurances that alternative forms of leverage will be available to the Trust in order to maintain current levels of leverage. Any alternative forms of leverage may be less advantageous to the Trust, and may adversely affect the Trust’s net asset value, distribution rate and ability to achieve its investment objective.
TOBs are presently classified as private placement securities. Private placement securities are subject to restrictions on resale because they have not been registered under the Securities Act of 1933, as amended (the “1933 Act”), or are otherwise not readily marketable. As a result of the absence of a public trading market for these securities, they may be less liquid than publicly traded securities. Although atypical, these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by the Trust or less than what may be considered the fair value of such securities.
| 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 Trust’s investments in municipal securities. There is some risk that a portion or all of the interest received from certain tax-free municipal securities could become taxable as a result of determinations by the Internal Revenue Service. |
The current low interest rate environment was created in part by the Federal Reserve Board (FRB) and certain foreign central banks keeping the federal funds and equivalent foreign rates near historical lows. Increases in the federal funds and equivalent foreign rates may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. In addition, decreases in fixed income dealer
33 Invesco Municipal Trust
market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Trust’s investments and share price may decline. Changes in central bank policies could also result in higher than normal shareholder redemptions, which could potentially increase portfolio turnover and the Trust’s transaction costs.
NOTE 2–Advisory 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 accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of 0.55% of the Trust’s average daily managed assets. Managed assets for this purpose means the Trust’s net assets, plus assets attributable to outstanding preferred shares and the amount of any borrowings incurred for the purpose of leverage (whether or not such borrowed amounts are reflected in the Trust’s financial statements for purposes of GAAP).
Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Trust, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Trust based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).
The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Trust has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Trust. For the six months ended August 31, 2020, expenses incurred under this agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Trust. Pursuant to a custody agreement with the Trust, SSB also serves as the Trust’s custodian.
Certain officers and trustees of the Trust are officers and directors of Invesco.
NOTE 3–Additional 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 investment’s assigned level:
| | |
| Level 1 - | | Prices are determined using quoted prices in an active market for identical assets. |
| Level 2 - | | Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. |
| Level 3 - | | Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Trust’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information. |
The following is a summary of the tiered valuation input levels, as of August 31, 2020. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
| | | | | | | | | | | | | | | | |
| | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| |
Investments in Securities | | | | | | | | | | | | | | | | |
| |
Municipal Obligations | | | $– | | | | $1,203,329,238 | | | | $ 856,887 | | | | $1,204,186,125 | |
| |
| | | | |
Other Investments - Assets | | | | | | | | | | | | | | | | |
| |
Investments Matured | | | – | | | | 640,976 | | | | 147,300 | | | | 788,276 | |
| |
Total Investments | | | $– | | | | $1,203,970,214 | | | | $1,004,187 | | | | $1,204,974,401 | |
| |
NOTE 4–Derivative Investments
The Trust may enter into an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) under which a trust may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.
For financial reporting purposes, the Trust does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.
Effect of Derivative Investments for the six months ended August 31, 2020
The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:
| | | | |
| | | Location of Gain (Loss) on Statement of Operations | |
| | | | |
| | | Interest Rate Risk | |
Realized Gain (Loss): | | | | |
Futures contracts | | | $(254,506) | |
The table below summarizes the average notional value of derivatives held during the period.
| | | | |
| | | Futures | |
| | | Contracts | |
Average notional value | | | $15,236,646 | |
34 Invesco Municipal Trust
NOTE 5–Security Transactions with Affiliated Funds
The Trust is permitted to purchase or sell securities from or to certain other Invesco Funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Trust from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the six months ended August 31, 2020, the Trust engaged in securities purchases of $18,491,803 and securities sales of $23,982,197, which did not result in any net realized gains (losses).
NOTE 6–Trustees’ and Officers’ Fees and Benefits
Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Trust to pay remuneration to certain Trustees and Officers of the Trust. Trustees have the option to defer compensation payable by the Trust, and “Trustees’ and Officers’ Fees and Benefits” includes amounts accrued by the Trust to fund such deferred compensation amounts.
NOTE 7–Cash Balances and Borrowings
The Trust is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn 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 TOB Trusts are accounted for as secured borrowings. The average floating rate notes outstanding and average annual interest and fee rate related to inverse floating rate note obligations during the six months ended August 31, 2020 were $207,135,286 and 1.64%, respectively.
NOTE 8–Tax Information
The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Trust’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Trust’s fiscal year-end.
Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Trust to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The Trust had a capital loss carryforward as of February 29, 2020, as follows:
| | | | | | | | | | | | |
| Capital Loss Carryforward* | |
| |
| Expiration | | Short-Term | | | Long-Term | | | Total | |
| |
Not subject to expiration | | $ | 13,675,808 | | | $ | 15,588,828 | | | $ | 29,264,636 | |
| |
| * | Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization. |
NOTE 9–Investment Transactions
The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Trust during the six months ended August 31, 2020 was $178,375,140 and $194,364,235, respectively. Cost of investments, including any derivatives, 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 Investments on a Tax Basis | |
| |
Aggregate unrealized appreciation of investments | | $ | 91,196,162 | |
| |
Aggregate unrealized (depreciation) of investments | | | (12,624,049 | ) |
| |
Net unrealized appreciation of investments | | $ | 78,572,113 | |
| |
Cost of investments for tax purposes is $1,126,402,288.
NOTE 10–Common Shares of Beneficial Interest
Transactions in common shares of beneficial interest were as follows:
| | | | | | | | |
| | | Six Months Ended | | Year Ended | |
| | | August 31, | | February 29, | |
| | | 2020 | | 2020 | |
| |
Beginning shares | | | 55,320,227 | | | | 55,320,227 | |
| |
Shares issued through dividend reinvestment | | | – | | | | – | |
| |
Ending shares | | | 55,320,227 | | | | 55,320,227 | |
| |
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 11–Variable Rate Muni Term Preferred Shares
On May 17, 2012, the Trust issued 1,787 Series 2015/12-VKQ VMTP Shares, with a liquidation preference of $100,000 per share, pursuant to an offering exempt from registration under the 1933 Act. Proceeds from the issuance of VMTP Shares on May 17, 2012 were used to redeem all of the Trust’s outstanding Auction Rate Preferred Shares (“ARPS”). In addition, the Trust issued 841 Series 2015/12-VKQ VMTP shares in connection with the reorganization of Invesco Van Kampen Massachusetts Value Municipal Income Trust, Invesco Van Kampen Ohio Quality Municipal Trust and Invesco Van Kampen Trust for Investment Grade New Jersey
35 Invesco Municipal Trust
Municipals into the Trust with a liquidation preference of $100,000 per share. VMTP Shares are a floating-rate form of preferred shares with a mandatory redemption date and are considered debt for financial reporting purposes. On June 5, 2015, the Trust extended the term of the VMTP Shares and was required to redeem all outstanding VMTP Shares on December 31, 2018, unless earlier redeemed, repurchased or extended. On June 1, 2017, the Trust extended the term of the VMTP Shares and was required to redeem all outstanding VMTP Shares on December 1, 2020, unless earlier redeemed, repurchased or extended. VMTP Shares are subject to optional and mandatory redemption in certain circumstances. The redemption price per share is equal to the sum of the liquidation value per share plus any accumulated but unpaid dividends and a redemption premium, if any. On or prior to the redemption date, the Trust will be required to segregate assets having a value equal to 110% of the redemption amount.
The Trust incurred costs in connection with the issuance of the VMTP Shares. These costs were recorded as a deferred charge and were amortized over the original three year life of the VMTP Shares. In addition, the Trust incurred costs in connection with the extension of the VMTP Shares that are recorded as a deferred charge and are being amortized over the extended term. Amortization of these costs is included in Interest, facilities and maintenance fees on the Statement of Operations, and the unamortized balance is included in the value of Variable rate muni term preferred shares on the Statement of Assets and Liabilities.
Dividends paid on the VMTP Shares (which are treated as interest expense for financial reporting purposes) are declared daily and paid monthly. The initial rate for dividends was equal to the sum of 1.10% per annum plus the Securities Industry and Financial Markets Association Municipal Swap Index (the “SIFMA” Index). As of August 31, 2020, the dividend rate is equal to the SIFMA Index plus a spread of 0.95%, which is based on the long term preferred share ratings assigned to the VMTP Shares by a ratings agency. The average aggregate liquidation preference outstanding and the average annualized dividend rate of the VMTP Shares during the six months ended August 31, 2020 were $262,800,000 and 1.69%, respectively.
The Trust utilizes the VMTP Shares as leverage in order to enhance the yield of its common shareholders. The primary risk associated with VMTP Shares is exposing the net asset value of the common shares and total return to increased volatility if the value of the Trust decreases while the value of the VMTP Shares remains unchanged. Fluctuations in the dividend rates on the VMTP Shares can also impact the Trust’s yield or its distributions to common shareholders. The Trust is subject to certain restrictions relating to the VMTP Shares, such as maintaining certain asset coverage and leverage ratio requirements. 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 an increased rate which, if not cured, could cause the mandatory redemption of VMTP Shares at the liquidation preference plus any accumulated but unpaid dividends.
The liquidation preference of VMTP Shares, which approximates fair value, is recorded as a liability under the caption Variable rate muni term preferred shares on the Statement of Assets and Liabilities. The fair value of VMTP Shares is expected to be approximately their liquidation preference so long as the credit rating on the VMTP Shares, and therefore the “spread” on the VMTP Shares (determined in accordance with the VMTP Shares’ governing document) remains unchanged. At period-end, the Trust’s Adviser has determined that fair value of VMTP Shares is approximately their liquidation preference. Fair value could vary if market conditions change materially. Unpaid dividends on VMTP Shares are recognized as Accrued interest expense on the Statement of Assets and Liabilities. Dividends paid on VMTP Shares are recognized as a component of Interest, facilities and maintenance fees on the Statement of Operations.
NOTE 12–Dividends
The Trust declared the following dividends to common shareholders from net investment income subsequent to August 31, 2020:
| | | | | | | | | | |
| Declaration Date | | Amount per Share | | Record Date | | | Payable Date | |
| |
September 1, 2020 | | $0.0489 | | | September 15, 2020 | | | | September 30, 2020 | |
| |
October 1, 2020 | | $0.0520 | | | October 15, 2020 | | | | October 30, 2020 | |
| |
NOTE 13–Coronavirus (COVID-19) Pandemic
During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Trust’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.
The extent of the impact on the performance of the Trust and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.
36 Invesco Municipal Trust
Approval of Investment Advisory and Sub-Advisory Contracts
At meetings held on June 3, 2020, the Board of Trustees (the Board or the Trustees) of Invesco Municipal Trust (the Fund) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Fund’s Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2020. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.
The Board’s Evaluation Process
The Board’s Investments Committee has established Sub-Committees, which meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review detailed information about investment performance and portfolio attributes of these funds. The Board took into account evaluations and reports that it received from the Investments Committee and Sub-Committees, as well as the information provided to such committees and the Board throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts.
As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees. The Board receives comparative investment performance and fee data regarding the Invesco Funds prepared by Invesco Advisers and Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel throughout the year, the independent Trustees also discuss the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.
The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. This information is current as of June 3, 2020.
Factors and Conclusions and Summary of Independent Written Fee Evaluation
| A. | Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers |
The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process oversight and structure, credit analysis, investment risk management and research capabilities. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the Invesco family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in conducting an investment management business, as well as its commitment of financial and other resources to such business. The Board also reviewed and considered information regarding the benefits to the Fund resulting from Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the Transaction) and the resources that Invesco Advisers has committed to managing the Invesco family of funds following the Transaction. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.
The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its
shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided by the Affiliated Sub-Advisers are appropriate and satisfactory.
| B. | Fund Investment Performance |
The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.
The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the S&P Municipal Bond 5+ Year Investment Grade Index. The Board noted that the Fund’s performance was in the fourth quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that the Fund’s performance was above the performance of the Index for the one and five year periods and reasonably comparable to the performance of the Index for the three year period. The Board noted that security selection in certain types of bonds and states detracted from the Fund’s performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions. The Board also reviewed supplementally historic premium and discount levels of the Fund as provided to the Board at meetings throughout the year.
| C. | Advisory and Sub-Advisory Fees and Fund Expenses |
The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for shares of the Fund was the same as the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most audited annual reports for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.
The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.
The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to
37 Invesco Municipal Trust
the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.
| D. | Economies of Scale and Breakpoints |
The Board noted that most closed-end funds do not have fund level breakpoints because closed-end funds generally do not experience substantial asset growth after the initial public offering. The Board noted that the Fund does not benefit from economies of scale through contractual breakpoints, but does share in economies of scale through lower fees charged by third party service providers based on the combined size of the Invesco Funds. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements. The Board also considered Invesco’s reinvestment in its business, including investments in business infrastructure, technology and cybersecurity.
| E. | Profitability and Financial Resources |
The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and noted the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to certain Funds on an individual fund level. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive given the nature, extent and quality of the services provided. The Board received information from Invesco Advisers demonstrating that Invesco Advisers and the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement and sub-advisory contracts.
| F. | Collateral Benefits to Invesco Advisers and its Affiliates |
The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund. The Board considered the organizational structure employed to provide these services.
The Board considered that the Fund’s uninvested cash may be invested in registered money market funds advised by Invesco Advisers pursuant to procedures approved by the Board. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the costs to the Fund of such investments. The Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to such investments, although Invesco Advisers has contractually agreed to waive through varying periods the advisory fees payable by the Invesco Funds with respect to certain investments in the affiliated money market funds. The waiver is in an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash.
38 Invesco Municipal Trust
Proxy Results
A Virtual Joint Annual Meeting (“Meeting”) of Shareholders of Invesco Municipal Trust (the “Fund”) was held on August 7, 2020. The Meeting was held for the following purposes:
(1). Election of Trustees by Common Shareholders and Preferred Shareholders voting together as a single class.
(2). Election of Trustees by Preferred Shareholders voting as a separate class.
The results of the voting on the above matters were as follows:
| | | | | | | | | | |
| | | Matters | | Votes For | | | Votes Withheld | |
| |
(1). | | Beth Ann Brown | | | 46,398,990.73 | | | | 2,134,613.87 | |
| | Anthony J. LaCava, Jr. | | | 45,068,385.73 | | | | 3,465,218.87 | |
| | Joel W. Motley | | | 46,399,638.05 | | | | 2,133,966.55 | |
| | Teresa M. Ressel | | | 45,168,442.05 | | | | 3,365,162.55 | |
| | Christopher L. Wilson | | | 46,413,725.05 | | | | 2,119,879.55 | |
(2). | | David C. Arch | | | 2,628.00 | | | | 0.00 | |
39 Invesco Municipal Trust
Correspondence information
Send general correspondence to Computershare Trust Company, N.A., P.O. Box 505000, Louisville, KY 40233-5000.
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 Trust’s semiannual and annual reports to shareholders. For the first and third quarters, the Trust files the lists with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/us. Shareholders can also look up the Trust’s Form N-PORT filings on the SEC website at sec.gov. The SEC file number for the Trust is shown below.
| | |
A description of the policies and procedures that the Trust uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 341 2929 or at invesco.com/proxyguidelines. The information is also available on the SEC website, sec.gov. Information regarding how the Trust voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov. | |  |
| | | | |
| SEC file number: 811-06362 | | VK-CE-MUNI-SAR-1 | | |
ITEM 2. CODE OF ETHICS.
Not applicable for a semi-annual report.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable.
ITEM 6. SCHEDULE OF INVESTMENTS.
Investments in securities of unaffiliated issuers is included as part of the reports to stockholders filed under Item 1 of this Form.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES
Not applicable.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
None
ITEM 11. CONTROLS AND PROCEDURES.
| | (a) | As of October 14, 2020, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”), to assess the effectiveness of the Registrant’s disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Investment Company Act of 1940 (“Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of October 14, 2020, the Registrant’s disclosure controls and procedures were reasonably designed so as to ensure: (1) that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure. |
| | (b) | There have been no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 13. EXHIBITS.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant: Invesco Municipal Trust
| | |
| By: | | /s/ Sheri Morris |
| | Sheri Morris |
| | Principal Executive Officer |
| |
| Date: | | November 6, 2020 |
Pursuant to the requirements of the Securities and Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
| | |
| By: | | /s/ Sheri Morris |
| | Sheri Morris |
| | Principal Executive Officer |
| |
| Date: | | November 6, 2020 |
| | |
| By: | | /s/ Kelli Gallegos |
| | Kelli Gallegos |
| | Principal Financial Officer |
| |
| Date: | | November 6, 2020 |
