SEC Form N-CSRS filed by Invesco Municipal Trust
ITEM 1. | REPORTS TO STOCKHOLDERS. |
Semiannual Report to Shareholders | August 31, 2023 | |
Invesco Municipal Trust | ||
NYSE: VKQ |
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Performance summary | ||
Cumulative total returns, 2/28/23 to 8/31/23 | ||
Trust at NAV |
1.77% | |
Trust at Market Value |
-1.98 | |
S&P Municipal Bond Index▼ (Broad Market Index) |
1.22 | |
S&P Municipal Bond 5+ Year Investment Grade Index▼ (Style-Specific Index) |
1.08 | |
Lipper Closed‑End General and Insured Municipal Leveraged Debt Funds Index∎ (Peer Group Index) |
1.16 | |
Market Price Discount to NAV as of 8/31/23 |
-14.27 | |
Source(s): ▼RIMES Technologies Corp.; ∎Lipper Inc. |
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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 Trust may deviate significantly from the performance of the index(es). A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not. |
2 | Invesco Municipal Trust |
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. |
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. |
3 | Invesco Municipal Trust |
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
Municipal Obligations–154.45%(a) |
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Alabama–1.45% |
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Birmingham (City of), AL Special Care Facilities Financing Authority (Methodist Home for the Aging); Series 2016, RB |
5.75 | % | 06/01/2045 | $ | 225 | $ | 188,748 | |||||||||
Black Belt Energy Gas District (Gas); Series 2023 D‑1, Ref. RB(b) |
5.50 | % | 02/01/2029 | 825 | 861,071 | |||||||||||
Black Belt Energy Gas District (The) (No. 8); Series 2022 A, RB(b) |
4.00 | % | 12/01/2029 | 1,420 | 1,363,913 | |||||||||||
Huntsville (City of), AL Special Care Facilities Financing Authority (Redstone Village); Series 2007, RB (Acquired 12/17/2007‑12/18/2007; Cost $1,503,463)(c)(d) |
5.50 | % | 01/01/2043 | 1,725 | 1,035,000 | |||||||||||
Lower Alabama Gas District (The); Series 2016 A, RB |
5.00 | % | 09/01/2046 | 1,345 | 1,375,968 | |||||||||||
Southeast Energy Authority A Cooperative District (No. 2); Series 2021 B, RB(b) |
4.00 | % | 12/01/2031 | 1,495 | 1,425,530 | |||||||||||
Southeast Energy Authority A Cooperative District (No. 3); Series 2022 A‑1, RB(b) |
5.50 | % | 12/01/2029 | 1,405 | 1,473,832 | |||||||||||
Tuscaloosa (County of), AL Industrial Development Authority (Hunt Refining); Series 2019 A, Ref. IDR(e) |
5.25 | % | 05/01/2044 | 825 | 749,497 | |||||||||||
8,473,559 | ||||||||||||||||
Alaska–0.06% |
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Northern Tobacco Securitization Corp.; Series 2021 A‑1, Ref. RB |
4.00 | % | 06/01/2050 | 420 | 371,399 | |||||||||||
Arizona–1.98% |
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Arizona (State of) Industrial Development Authority; Series 2019‑2A, Revenue Ctfs. |
3.63 | % | 05/20/2033 | 1,037 | 946,118 | |||||||||||
Arizona (State of) Industrial Development Authority (Leman Academy of Excellence); Series 2019 A, RB(e) |
5.00 | % | 07/01/2039 | 1,195 | 1,119,112 | |||||||||||
Arizona (State of) Industrial Development Authority (Leman Academy-Parker Colorado); Series 2019, RB(e) |
5.00 | % | 07/01/2049 | 500 | 440,681 | |||||||||||
Arizona (State of) Industrial Development Authority (Master Academy of Nevada - Bonanza Campus); Series 2020 A, RB(e) |
5.00 | % | 12/15/2050 | 820 | 733,688 | |||||||||||
Glendale (City of), AZ Industrial Development Authority (The Beatitudes Campus); |
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Series 2017, Ref. RB |
5.00 | % | 11/15/2030 | 1,150 | 1,097,710 | |||||||||||
Series 2017, Ref. RB |
5.00 | % | 11/15/2045 | 890 | 716,396 | |||||||||||
Maricopa (County of), AZ Industrial Development Authority (Legacy Traditional Schools); Series 2019, Ref. RB(e) |
5.00 | % | 07/01/2049 | 225 | 197,229 | |||||||||||
Phoenix (City of), AZ Industrial Development Authority (Legacy Traditional Schools); Series 2014 A, RB(e) |
6.50 | % | 07/01/2034 | 500 | 507,125 | |||||||||||
Pima (County of), AZ Industrial Development Authority (American Leadership Academy); Series 2019, Ref. RB(e) |
5.00 | % | 06/15/2052 | 360 | 315,805 | |||||||||||
Pima (County of), AZ Industrial Development Authority (Grande Innovations Academy); Series 2018, RB(e) |
5.25 | % | 07/01/2048 | 1,190 | 1,061,387 | |||||||||||
Pima (County of), AZ Industrial Development Authority (Tucson Medical Center); Series 2021, Ref. RB |
3.00 | % | 04/01/2051 | 1,050 | 702,054 | |||||||||||
Salt Verde Financial Corp.; |
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Series 2007, RB |
5.00 | % | 12/01/2032 | 770 | 800,354 | |||||||||||
Series 2007, RB |
5.00 | % | 12/01/2037 | 1,805 | 1,849,967 | |||||||||||
Yuma (City of), AZ Industrial Development Authority (Regional Medical Center); Series 2014 A, RB |
5.25 | % | 08/01/2032 | 1,060 | 1,073,064 | |||||||||||
11,560,690 | ||||||||||||||||
Arkansas–0.10% |
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Arkansas (State of) Development Finance Authority (Baptist Memorial Health); Series 2020, Ref. RB |
5.00 | % | 09/01/2044 | 610 | 610,965 | |||||||||||
California–13.51% |
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Beverly Hills Unified School District (Election of 2008); Series 2009, GO Bonds(f) |
0.00 | % | 08/01/2028 | 800 | 680,284 | |||||||||||
California (State of); |
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Series 2013, Ref. GO Bonds |
5.25 | % | 09/01/2030 | 1,500 | 1,502,950 | |||||||||||
Series 2020, GO Bonds (INS - BAM)(g) |
3.00 | % | 11/01/2050 | 1,680 | 1,310,821 | |||||||||||
Series 2022, Ref. GO Bonds |
4.00 | % | 04/01/2042 | 3,215 | 3,217,257 | |||||||||||
California (State of) Community Housing Agency (Annadel Apartments); Series 2019 A, RB(e) |
5.00 | % | 04/01/2049 | 835 | 689,549 | |||||||||||
California (State of) County Tobacco Securitization Agency; Series 2020 A, Ref. RB |
4.00 | % | 06/01/2037 | 275 | 273,399 | |||||||||||
California (State of) County Tobacco Securitization Agency (Alameda County Tobacco Asset Securitization Corp.); Series 2006 C, RB(f) |
0.00 | % | 06/01/2055 | 11,000 | 987,724 |
4 | Invesco Municipal Trust |
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
California–(continued) |
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California (State of) County Tobacco Securitization Agency (Los Angeles County Securitization Corp.); |
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Series 2020 B‑1, Ref. RB |
5.00 | % | 06/01/2049 | $ | 55 | $ | 55,585 | |||||||||
Series 2020 B‑2, Ref. RB(f) |
0.00 | % | 06/01/2055 | 1,670 | 274,559 | |||||||||||
California (State of) Health Facilities Financing Authority (PIH Health); Series 2020 A, RB |
4.00 | % | 06/01/2050 | 4,185 | 3,686,520 | |||||||||||
California (State of) Housing Finance Agency (Social Certificates); |
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Series 2021‑2A, Revenue Ctfs. (CEP - FHLMC) |
3.75 | % | 03/25/2035 | 4,101 | 3,941,183 | |||||||||||
Series 2023‑1, RB |
4.38 | % | 09/20/2036 | 839 | 816,106 | |||||||||||
California (State of) Infrastructure & Economic Development Bank (California State Teachers’ Retirement System Headquarters Expansion) (Green Bonds); Series 2019, RB |
5.00 | % | 08/01/2049 | 1,940 | 2,046,771 | |||||||||||
California (State of) Municipal Finance Authority (Bella Mente Montessori Academy); Series 2018 A, RB(e) |
5.00 | % | 06/01/2048 | 190 | 169,006 | |||||||||||
California (State of) Municipal Finance Authority (CHF‑Davis I, LLC -West Village Student Housing); Series 2018, RB |
5.00 | % | 05/15/2037 | 1,340 | 1,371,263 | |||||||||||
California (State of) Municipal Finance Authority (Linxs APM); |
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Series 2018 A, RB(h) |
5.00 | % | 12/31/2036 | 1,675 | 1,706,836 | |||||||||||
Series 2018 A, RB(h) |
5.00 | % | 12/31/2047 | 2,010 | 1,985,554 | |||||||||||
California (State of) Municipal Finance Authority (United Airlines, Inc.); Series 2019, RB(h) |
4.00 | % | 07/15/2029 | 835 | 824,661 | |||||||||||
California (State of) Municipal Finance Authority (William Jessup University); Series 2019, Ref. RB(e) |
5.00 | % | 08/01/2039 | 250 | 228,906 | |||||||||||
California (State of) Pollution Control Financing Authority; |
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Series 2012, RB(e)(h) |
5.00 | % | 07/01/2027 | 945 | 948,204 | |||||||||||
Series 2012, RB(e)(h) |
5.00 | % | 07/01/2030 | 1,600 | 1,604,651 | |||||||||||
Series 2012, RB(e)(h) |
5.00 | % | 07/01/2037 | 3,535 | 3,534,502 | |||||||||||
California (State of) Statewide Communities Development Authority (Loma Linda University Medical Center); |
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Series 2016 A, RB(e) |
5.00 | % | 12/01/2041 | 1,355 | 1,329,743 | |||||||||||
Series 2016 A, RB(e) |
5.25 | % | 12/01/2056 | 1,005 | 983,206 | |||||||||||
California State University; |
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Series 2019 A, RB |
5.00 | % | 11/01/2044 | 2,480 | 2,642,085 | |||||||||||
Series 2019 A, RB(i) |
5.00 | % | 11/01/2049 | 2,120 | 2,239,373 | |||||||||||
CSCDA Community Improvement Authority (Jefferson-Anaheim Social Bonds); Series 2021 A, RB(e) |
3.13 | % | 08/01/2056 | 840 | 568,665 | |||||||||||
CSCDA Community Improvement Authority (Oceanaire-Long Beach Social Bonds); Series 2021 A‑2, RB(e) |
4.00 | % | 09/01/2056 | 840 | 607,320 | |||||||||||
CSCDA Community Improvement Authority (Parallel-Anaheim Social Bonds); Series 2021, RB(e) |
4.00 | % | 08/01/2056 | 500 | 369,031 | |||||||||||
Daly (City of), CA Housing Development Finance Agency (Franciscan Mobile Home Park Acquisition); Series 2007 C, Ref. RB |
6.50 | % | 12/15/2047 | 380 | 368,244 | |||||||||||
Foothill-Eastern Transportation Corridor Agency; Series 2015, Ref. RB (INS - AGM)(f)(g) |
0.00 | % | 01/15/2034 | 4,125 | 2,749,751 | |||||||||||
Golden State Tobacco Securitization Corp.; Series 2021 B‑2, Ref. RB(f) |
0.00 | % | 06/01/2066 | 2,785 | 276,950 | |||||||||||
Los Angeles (City of), CA Department of Airports; Series 2019 A, Ref. RB(h) |
5.00 | % | 05/15/2034 | 910 | 974,531 | |||||||||||
Los Angeles (City of), CA Department of Airports (Green Bonds); |
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Series 2022 G, RB(h) |
5.50 | % | 05/15/2035 | 1,750 | 1,974,215 | |||||||||||
Series 2022 G, RB(h) |
5.50 | % | 05/15/2037 | 750 | 830,301 | |||||||||||
Los Angeles (City of), CA Department of Water & Power; Series 2020 B, RB(i) |
5.00 | % | 07/01/2050 | 2,340 | 2,482,802 | |||||||||||
Montebello Unified School District; Series 2022 B, GO Bonds (INS - AGM)(g) |
5.00 | % | 08/01/2050 | 1,235 | 1,298,150 | |||||||||||
M‑S‑R Energy Authority; |
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Series 2009 A, RB |
6.50 | % | 11/01/2039 | 2,265 | 2,697,046 | |||||||||||
Series 2009 B, RB |
6.50 | % | 11/01/2039 | 585 | 695,125 | |||||||||||
Mt. San Antonio Community College District (Election of 2008); Series 2013 A, GO Bonds(j) |
6.25 | % | 08/01/2043 | 2,010 | 1,824,738 | |||||||||||
Oxnard School District (Election of 2022); Series 2023 A, GO Bonds (INS - BAM)(g) |
4.25 | % | 08/01/2053 | 3,075 | 2,979,011 | |||||||||||
Regents of the University of California Medical Center; Series 2022 P, RB(i)(k) |
4.00 | % | 05/15/2053 | 5,435 | 5,236,350 | |||||||||||
Sacramento (City of), CA Unified School District (Election of 2020); |
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Series 2022 A, GO Bonds (INS - BAM)(g) |
5.50 | % | 08/01/2047 | 1,305 | 1,420,859 | |||||||||||
Series 2022 A, GO Bonds (INS - BAM)(g) |
5.50 | % | 08/01/2052 | 1,590 | 1,726,953 | |||||||||||
San Diego (County of), CA Regional Airport Authority; |
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Series 2021 A, RB |
4.00 | % | 07/01/2051 | 2,065 | 1,928,226 | |||||||||||
Series 2021 A, RB |
5.00 | % | 07/01/2056 | 2,010 | 2,117,467 | |||||||||||
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport); |
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Series 2019 E, RB(h) |
5.00 | % | 05/01/2037 | 670 | 702,855 | |||||||||||
Series 2019 E, RB(h) |
5.00 | % | 05/01/2050 | 2,360 | 2,408,568 | |||||||||||
Series 2021 A, Ref. RB(h) |
5.00 | % | 05/01/2036 | 610 | 654,798 |
5 | Invesco Municipal Trust |
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
California–(continued) |
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Santa Margarita Water District Community Facilities District No. 2013‑1 (Village of Sendero); Series 2013, RB |
5.50 | % | 09/01/2032 | $ | 660 | $ | 660,000 | |||||||||
Silicon Valley Tobacco Securitization Authority (Santa Clara); Series 2007 A, RB(f) |
0.00 | % | 06/01/2041 | 3,485 | 1,238,087 | |||||||||||
Western Placer Unified School District; Series 2017, Ref. COP (INS - AGM)(g) |
4.00 | % | 08/01/2049 | 1,360 | 1,260,022 | |||||||||||
79,100,763 | ||||||||||||||||
Colorado–5.80% |
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Aurora Highlands Community Authority Board; Series 2021 A, Ref. RB |
5.75 | % | 12/01/2051 | 840 | 748,359 | |||||||||||
Belford North Metropolitan District; Series 2020 A, GO Bonds |
5.50 | % | 12/01/2050 | 1,040 | 916,833 | |||||||||||
Centerra Metropolitan District No. 1 (In the City of Loveland); |
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Series 2017, RB(e) |
5.00 | % | 12/01/2047 | 1,680 | 1,509,349 | |||||||||||
Series 2020 A, Ref. GO Bonds |
5.00 | % | 12/01/2051 | 670 | 580,934 | |||||||||||
Series 2022, RB |
6.50 | % | 12/01/2053 | 585 | 585,926 | |||||||||||
Colorado (State of) Health Facilities Authority (Adventhealth Obligated Group); Series 2021 A, Ref. RB |
4.00 | % | 11/15/2050 | 745 | 683,085 | |||||||||||
Colorado (State of) Health Facilities Authority (CommonSpirit Health); |
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Series 2019 A‑2, Ref. RB |
5.00 | % | 08/01/2044 | 3,680 | 3,758,914 | |||||||||||
Series 2019 A‑2, Ref. RB |
4.00 | % | 08/01/2049 | 1,675 | 1,451,656 | |||||||||||
Colorado (State of) Health Facilities Authority (Evangelical Lutheran Good Samaritan Society (The)); Series 2017, Ref. RB(b)(l) |
5.00 | % | 06/01/2027 | 585 | 623,483 | |||||||||||
Colorado (State of) Health Facilities Authority (Volunteers of America Care); |
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Series 2007 A, RB |
5.25 | % | 07/01/2027 | 245 | 227,711 | |||||||||||
Series 2007 A, RB |
5.30 | % | 07/01/2037 | 175 | 136,998 | |||||||||||
Colorado (State of) High Performance Transportation Enterprise (C‑470 Express Lanes); Series 2017, RB |
5.00 | % | 12/31/2047 | 920 | 914,809 | |||||||||||
Colorado (State of) Science and Technology Park Metropolitan District No. 1; Series 2018, Ref. RB |
5.00 | % | 12/01/2033 | 500 | 490,711 | |||||||||||
Colorado Crossing Metropolitan District No. 2; Series 2020 A‑1, Ref. GO Bonds |
5.00 | % | 12/01/2047 | 500 | 374,647 | |||||||||||
Denver (City & County of), CO; |
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Series 2018 A, Ref. RB(h) |
5.00 | % | 12/01/2048 | 5,260 | 5,307,878 | |||||||||||
Series 2018 A, Ref. RB(h) |
5.25 | % | 12/01/2048 | 1,735 | 1,772,280 | |||||||||||
Series 2018 A‑2, RB(f) |
0.00 | % | 08/01/2034 | 1,325 | 822,589 | |||||||||||
Series 2022 A, RB(h) |
5.50 | % | 11/15/2035 | 865 | 978,466 | |||||||||||
Series 2022 A, RB(h) |
5.50 | % | 11/15/2042 | 1,215 | 1,321,805 | |||||||||||
Series 2022 A, RB(h) |
5.00 | % | 11/15/2047 | 2,010 | 2,070,019 | |||||||||||
Series 2022 A, RB(h) |
5.50 | % | 11/15/2053 | 615 | 655,107 | |||||||||||
Great Western Metropolitan District; Series 2020, Ref. GO Bonds |
4.75 | % | 12/01/2050 | 460 | 391,449 | |||||||||||
Jefferson (County of), CO Center Metropolitan District No. 1; Series 2020 B, Ref. RB |
5.75 | % | 12/15/2050 | 735 | 699,659 | |||||||||||
Johnstown Plaza Metropolitan District; Series 2022, Ref. GO Bonds |
4.25 | % | 12/01/2046 | 820 | 650,954 | |||||||||||
Mulberry Metropolitan District No. 2; Series 2022, RB |
7.00 | % | 12/01/2034 | 755 | 764,369 | |||||||||||
Neu Town Metropolitan District; Series 2018 A, Ref. GO Bonds |
5.38 | % | 12/01/2046 | 705 | 661,937 | |||||||||||
North Range Metropolitan District No. 3; Series 2020 A, GO Bonds |
5.00 | % | 12/01/2040 | 500 | 456,728 | |||||||||||
Rampart Range Metropolitan District No. 5; Series 2021, RB |
4.00 | % | 12/01/2051 | 500 | 351,621 | |||||||||||
Sky Ranch Community Authority Board; Series 2022 A, RB |
5.75 | % | 12/01/2052 | 500 | 462,161 | |||||||||||
Village Metropolitan District (The); Series 2020, Ref. GO Bonds |
5.00 | % | 12/01/2040 | 550 | 522,868 | |||||||||||
White Buffalo Metropolitan District No. 3; |
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Series 2020, GO Bonds |
5.50 | % | 12/01/2050 | 500 | 456,583 | |||||||||||
Series 2023, GO Bonds |
8.00 | % | 12/15/2035 | 608 | 582,311 | |||||||||||
Windler Public Improvement Authority; |
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Series 2021 A‑1, RB |
4.13 | % | 12/01/2051 | 1,335 | 802,910 | |||||||||||
Series 2021 A‑2, RB(j) |
4.50 | % | 12/01/2041 | 2,065 | 1,183,117 | |||||||||||
33,918,226 | ||||||||||||||||
District of Columbia–2.87% |
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District of Columbia; |
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Series 2014 C, GO Bonds(i) |
5.00 | % | 06/01/2035 | 6,890 | 6,966,456 | |||||||||||
Series 2022 A, RB |
5.00 | % | 07/01/2047 | 1,670 | 1,800,333 | |||||||||||
District of Columbia (Provident Group - Howard Properties LLC); Series 2013, RB |
5.00 | % | 10/01/2045 | 660 | 621,301 | |||||||||||
District of Columbia Water & Sewer Authority (Green Bonds); Series 2022 C‑1, RB |
4.00 | % | 10/01/2051 | 3,370 | 3,176,362 | |||||||||||
Metropolitan Washington Airports Authority; Series 2017, Ref. RB(h) |
5.00 | % | 10/01/2042 | 2,675 | 2,721,194 |
6 | Invesco Municipal Trust |
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
District of Columbia–(continued) |
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Metropolitan Washington Airports Authority (Dulles Metrorail and Capital Improvement); Series 2019 B, Ref. RB |
4.00 | % | 10/01/2049 | $ | 1,675 | $ | 1,512,192 | |||||||||
16,797,838 | ||||||||||||||||
Florida–9.78% |
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Alachua (County of), FL Health Facilities Authority (Terraces at Bonita Springs); |
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Series 2022 A, Ref. RB(e) |
5.00 | % | 11/15/2061 | 1,075 | 723,664 | |||||||||||
Series 2022 B, RB(e) |
6.50 | % | 11/15/2033 | 100 | 87,092 | |||||||||||
Brevard (County of), FL Health Facilities Authority (Health First Obligated Group); Series 2022 A, Ref. RB |
4.00 | % | 04/01/2052 | 505 | 443,051 | |||||||||||
Broward (County of), FL; |
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Series 2017, RB(h)(i)(k) |
5.00 | % | 10/01/2047 | 4,015 | 4,047,603 | |||||||||||
Series 2019 A, RB(h) |
5.00 | % | 10/01/2049 | 1,325 | 1,350,170 | |||||||||||
Series 2019 B, RB(h) |
4.00 | % | 09/01/2044 | 835 | 771,947 | |||||||||||
Series 2022 A, RB(i)(k) |
4.00 | % | 10/01/2047 | 3,350 | 3,190,865 | |||||||||||
Series 2022, RB |
5.00 | % | 01/01/2047 | 1,675 | 1,792,350 | |||||||||||
Broward (County of), FL (Convention Center Expansion); Series 2021, RB |
4.00 | % | 09/01/2047 | 3,340 | 3,090,634 | |||||||||||
Collier (County of), FL Industrial Development Authority (The Arlington of Naples); Series 2014 A, RB (Acquired 12/16/2013; Cost $947,089)(c)(d)(e) |
7.75 | % | 05/15/2035 | 970 | 53,317 | |||||||||||
Florida (State of) North Broward Hospital District; Series 2017 B, Ref. RB |
5.00 | % | 01/01/2042 | 1,205 | 1,218,917 | |||||||||||
Florida (State of) South Broward Hospital District (South Broward Hospital District Obligated Group); Series 2021 A, RB |
3.00 | % | 05/01/2051 | 835 | 584,162 | |||||||||||
Florida Development Finance Corp. (Brightline Florida Passenger Rail Expansion); Series 2022 A, Ref. RB(b)(e)(h) |
7.25 | % | 10/03/2023 | 835 | 852,131 | |||||||||||
Florida Development Finance Corp. (Green Bonds); Series 2019 B, RB(e)(h) |
7.38 | % | 01/01/2049 | 670 | 671,358 | |||||||||||
Greater Orlando Aviation Authority; |
||||||||||||||||
Series 2017 A, RB(h) |
5.00 | % | 10/01/2052 | 685 | 688,540 | |||||||||||
Series 2019 A, RB(h) |
4.00 | % | 10/01/2044 | 2,500 | 2,339,711 | |||||||||||
Lake (County of), FL (Lakeside at Waterman Village); |
||||||||||||||||
Series 2020 A, Ref. RB |
5.50 | % | 08/15/2040 | 650 | 583,185 | |||||||||||
Series 2020 A, Ref. RB |
5.75 | % | 08/15/2050 | 285 | 247,926 | |||||||||||
Series 2020 A, Ref. RB |
5.75 | % | 08/15/2055 | 1,055 | 901,639 | |||||||||||
Lee (County of), FL; |
||||||||||||||||
Series 2021 B, RB(h) |
5.00 | % | 10/01/2034 | 1,030 | 1,112,582 | |||||||||||
Series 2022, RB |
5.25 | % | 08/01/2049 | 4,180 | 4,415,481 | |||||||||||
Miami (City of) & Dade (County of), FL School Board; Series 2022 A, GO Bonds (INS - BAM)(g) |
5.00 | % | 03/15/2052 | 1,985 | 2,119,512 | |||||||||||
Miami Beach (City of), FL; Series 2017, Ref. RB |
5.00 | % | 09/01/2047 | 1,150 | 1,149,479 | |||||||||||
Miami Beach (City of), FL Health Facilities Authority (Mt. Sinai Medical Center); Series 2014, Ref. RB |
5.00 | % | 11/15/2039 | 935 | 937,726 | |||||||||||
Miami-Dade (County of), FL; |
||||||||||||||||
Series 2021, RB |
4.00 | % | 10/01/2048 | 3,325 | 3,113,926 | |||||||||||
Series 2022 A, Ref. RB(h) |
5.25 | % | 10/01/2052 | 1,345 | 1,382,201 | |||||||||||
Subseries 2021 A‑2, Ref. RB (INS - AGM)(g) |
4.00 | % | 10/01/2049 | 2,520 | 2,372,673 | |||||||||||
Miami-Dade (County of), FL Expressway Authority; Series 2010 A, RB |
5.00 | % | 07/01/2040 | 2,605 | 2,605,571 | |||||||||||
Miami-Dade (County of), FL Transit System; Series 2022, RB |
5.00 | % | 07/01/2051 | 4,195 | 4,420,040 | |||||||||||
Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group); Series 2023 A, RB |
5.00 | % | 10/01/2053 | 1,010 | 1,034,642 | |||||||||||
Orlando (City of), FL Utilities Commission; Series 2015 B, Ref. VRD RB(m) |
3.51 | % | 10/01/2039 | 1,650 | 1,650,000 | |||||||||||
Osceola (County of), FL; |
||||||||||||||||
Series 2020 A‑2, Ref. RB(f) |
0.00 | % | 10/01/2050 | 2,000 | 456,755 | |||||||||||
Series 2020 A‑2, Ref. RB(f) |
0.00 | % | 10/01/2052 | 450 | 91,492 | |||||||||||
Series 2020 A‑2, Ref. RB(f) |
0.00 | % | 10/01/2053 | 445 | 85,339 | |||||||||||
Series 2020 A‑2, Ref. RB(f) |
0.00 | % | 10/01/2054 | 385 | 69,677 | |||||||||||
Putnam (County of), FL Development Authority (Seminole Electric Cooperative); Series 2018 B, Ref. PCR |
5.00 | % | 03/15/2042 | 840 | 862,678 | |||||||||||
Reunion East Community Development District; Series 2005, RB(c)(n) |
5.80 | % | 05/01/2036 | 235 | 2 | |||||||||||
Sarasota (County of), FL Public Hospital District (Sarasota Memorial Hospital); Series 2022, RB |
4.00 | % | 07/01/2052 | 1,670 | 1,480,217 | |||||||||||
South Miami Health Facilities Authority, Inc. (Baptist Health South Florida Obligated Group); Series 2017, Ref. RB |
4.00 | % | 08/15/2047 | 840 | 758,669 | |||||||||||
Sterling Hill Community Development District; Series 2003 A, RB(n)(o) |
6.20 | % | 05/01/2035 | 735 | 375,044 |
7 | Invesco Municipal Trust |
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
Florida–(continued) |
||||||||||||||||
Sumter (County of), FL Industrial Development Authority (Central Florida Health Alliance); Series 2014 A, RB |
5.25 | % | 07/01/2044 | $ | 1,000 | $ | 1,000,380 | |||||||||
Tallahassee (City of), FL (Tallahassee Memorial Health Care, Inc.); Series 2016, RB |
5.00 | % | 12/01/2055 | 1,350 | 1,287,549 | |||||||||||
Tampa (City of), FL; Series 2020 A, RB(f) |
0.00 | % | 09/01/2049 | 3,340 | 807,814 | |||||||||||
57,227,711 | ||||||||||||||||
Georgia–2.36% |
||||||||||||||||
Augusta (City of), GA Development Authority; Series 2018, RB |
4.00 | % | 07/01/2039 | 2,860 | 2,346,960 | |||||||||||
Brookhaven Development Authority (Children’s Healthcare of Atlanta, Inc.); Series 2019 A, RB(i)(k) |
4.00 | % | 07/01/2044 | 3,345 | 3,209,179 | |||||||||||
Gainesville (City of) & Hall (County of), GA Hospital Authority (Northeast Georgia Health System, Inc.); Series 2021 A, RB |
3.00 | % | 02/15/2051 | 505 | 356,375 | |||||||||||
Georgia (State of) Municipal Electric Authority of Georgia (Plant Vogtle Units 3 & 4); Series 2021 A, Ref. RB |
4.00 | % | 01/01/2046 | 660 | 599,722 | |||||||||||
Glynn (County of) & Brunswick (City of), GA Memorial Hospital Authority (Southeast Georgia Health System); Series 2017, RAC |
5.00 | % | 08/01/2047 | 3,950 | 3,564,030 | |||||||||||
Main Street Natural Gas, Inc.; |
||||||||||||||||
Series 2021 A, RB(b) |
4.00 | % | 09/01/2027 | 1,340 | 1,328,907 | |||||||||||
Series 2021 C, RB(b) |
4.00 | % | 12/01/2028 | 1,240 | 1,208,029 | |||||||||||
Series 2022 C, RB(b)(e) |
4.00 | % | 11/01/2027 | 1,260 | 1,205,996 | |||||||||||
13,819,198 | ||||||||||||||||
Idaho–0.81% |
||||||||||||||||
Idaho (State of) Health Facilities Authority (Valley Vista Care Corp.); |
||||||||||||||||
Series 2017 A, Ref. RB |
5.00 | % | 11/15/2032 | 355 | 309,601 | |||||||||||
Series 2017 A, Ref. RB |
5.25 | % | 11/15/2037 | 500 | 414,145 | |||||||||||
Idaho (State of) Housing & Finance Association; Series 2023 A, RB |
5.25 | % | 08/15/2048 | 2,520 | 2,748,251 | |||||||||||
Spring Valley Community Infrastructure District No. 1; Series 2021, RB(e) |
3.75 | % | 09/01/2051 | 1,675 | 1,276,989 | |||||||||||
4,748,986 | ||||||||||||||||
Illinois–13.44% |
||||||||||||||||
Bolingbrook (Village of), IL; Series 2005, RB |
6.25 | % | 01/01/2024 | 461 | 454,954 | |||||||||||
Chicago (City of), IL; |
||||||||||||||||
Series 2002 B, GO Bonds |
5.50 | % | 01/01/2037 | 1,050 | 1,063,170 | |||||||||||
Series 2005 D, Ref. GO Bonds |
5.50 | % | 01/01/2040 | 1,190 | 1,203,418 | |||||||||||
Series 2007 E, Ref. GO Bonds |
5.50 | % | 01/01/2042 | 340 | 343,348 | |||||||||||
Series 2014, RB |
5.00 | % | 11/01/2039 | 860 | 865,239 | |||||||||||
Series 2015 A, GO Bonds |
5.50 | % | 01/01/2033 | 3,395 | 3,451,785 | |||||||||||
Series 2017 A, Ref. GO Bonds |
6.00 | % | 01/01/2038 | 2,025 | 2,135,084 | |||||||||||
Chicago (City of), IL (Diversey/Narragansett); Series 2006, COP(n) |
7.46 | % | 02/15/2026 | 424 | 309,863 | |||||||||||
Chicago (City of), IL (O’Hare International Airport); |
||||||||||||||||
Series 2012 B, Ref. RB(h) |
5.00 | % | 01/01/2030 | 4,500 | 4,501,281 | |||||||||||
Series 2013, RB(l) |
5.75 | % | 09/28/2023 | 2,450 | 2,453,205 | |||||||||||
Series 2017 D, RB |
5.25 | % | 01/01/2042 | 1,355 | 1,395,221 | |||||||||||
Series 2017 D, RB |
5.00 | % | 01/01/2052 | 1,465 | 1,482,428 | |||||||||||
Series 2022 A, RB (INS - AGM)(g)(h) |
5.50 | % | 01/01/2053 | 1,390 | 1,458,086 | |||||||||||
Chicago (City of), IL Board of Education; |
||||||||||||||||
Series 2017 H, GO Bonds |
5.00 | % | 12/01/2036 | 1,705 | 1,718,690 | |||||||||||
Series 2018 A, Ref. GO Bonds |
5.00 | % | 12/01/2035 | 750 | 764,227 | |||||||||||
Series 2018 A, Ref. GO Bonds (INS - AGM)(g) |
5.00 | % | 12/01/2035 | 650 | 674,132 | |||||||||||
Chicago (City of), IL Midway International Airport; |
||||||||||||||||
Series 2013 A, Ref. RB(h) |
5.50 | % | 01/01/2031 | 2,650 | 2,651,681 | |||||||||||
Series 2014 A, Ref. RB(h) |
5.00 | % | 01/01/2041 | 1,250 | 1,250,111 | |||||||||||
Chicago (City of), IL Park District; |
||||||||||||||||
Series 2020 D, GO Bonds (INS - BAM)(g) |
4.00 | % | 01/01/2035 | 1,000 | 997,166 | |||||||||||
Series 2020 D, GO Bonds (INS - BAM)(g) |
4.00 | % | 01/01/2038 | 1,330 | 1,258,387 | |||||||||||
Gilberts (Village of), IL Special Service Area No. 24 (The Conservancy); Subseries 2014 A, RB |
5.38 | % | 03/01/2034 | 546 | 488,316 |
8 | Invesco Municipal Trust |
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
Illinois–(continued) |
||||||||||||||||
Illinois (State of); |
||||||||||||||||
Series 2014, GO Bonds |
5.25 | % | 02/01/2033 | $ | 1,250 | $ | 1,254,359 | |||||||||
Series 2014, GO Bonds |
5.00 | % | 05/01/2035 | 450 | 451,314 | |||||||||||
Series 2014, GO Bonds |
5.00 | % | 05/01/2036 | 1,210 | 1,212,616 | |||||||||||
Series 2016, GO Bonds |
5.00 | % | 11/01/2036 | 1,120 | 1,132,636 | |||||||||||
Series 2017 C, GO Bonds |
5.00 | % | 11/01/2029 | 265 | 278,517 | |||||||||||
Series 2017 D, GO Bonds |
5.00 | % | 11/01/2023 | 1,675 | 1,677,933 | |||||||||||
Series 2017 D, GO Bonds |
5.00 | % | 11/01/2026 | 1,115 | 1,159,048 | |||||||||||
Series 2018 A, GO Bonds |
6.00 | % | 05/01/2027 | 770 | 831,623 | |||||||||||
Series 2018 A, GO Bonds |
5.00 | % | 05/01/2030 | 1,225 | 1,297,864 | |||||||||||
Series 2020, GO Bonds |
5.50 | % | 05/01/2039 | 1,385 | 1,487,508 | |||||||||||
Illinois (State of) Development Finance Authority (CITGO Petroleum Corp.); Series 2002, RB(h) |
8.00 | % | 06/01/2032 | 360 | 360,250 | |||||||||||
Illinois (State of) Finance Authority (Centegra Health System); Series 2014 A, RB(b)(l) |
5.00 | % | 09/01/2024 | 1,430 | 1,451,498 | |||||||||||
Illinois (State of) Finance Authority (Lutheran Communities Obligated Group); |
||||||||||||||||
Series 2019 A, Ref. RB |
5.00 | % | 11/01/2040 | 60 | 51,829 | |||||||||||
Series 2019 A, Ref. RB |
5.00 | % | 11/01/2049 | 1,220 | 978,253 | |||||||||||
Illinois (State of) Finance Authority (Mercy Health Corp.); Series 2016, Ref. RB |
5.00 | % | 12/01/2046 | 4,075 | 4,075,811 | |||||||||||
Illinois (State of) Finance Authority (Park Place of Elmhurst); Series 2016, RB |
5.13 | % | 05/15/2060 | 887 | 489,229 | |||||||||||
Illinois (State of) Finance Authority (Roosevelt University); Series 2007, RB |
5.50 | % | 04/01/2037 | 1,000 | 899,005 | |||||||||||
Illinois (State of) Finance Authority (Three Crowns Park); |
||||||||||||||||
Series 2017, Ref. RB |
5.00 | % | 02/15/2032 | 155 | 152,898 | |||||||||||
Series 2017, Ref. RB |
5.25 | % | 02/15/2037 | 195 | 191,492 | |||||||||||
Series 2017, Ref. RB |
5.25 | % | 02/15/2047 | 835 | 769,493 | |||||||||||
Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion); |
||||||||||||||||
Series 2002, RB (INS - AGM)(f)(g) |
0.00 | % | 12/15/2029 | 2,750 | 2,152,726 | |||||||||||
Series 2015 A, RB |
5.50 | % | 06/15/2053 | 2,200 | 2,224,147 | |||||||||||
Illinois (State of) Regional Transportation Authority; Series 2000, RB (INS - NATL)(g) |
6.50 | % | 07/01/2030 | 2,260 | 2,636,778 | |||||||||||
Illinois (State of) Sports Facilities Authority; |
||||||||||||||||
Series 2014, Ref. RB (INS - AGM)(g) |
5.25 | % | 06/15/2031 | 1,205 | 1,216,275 | |||||||||||
Series 2014, Ref. RB (INS - AGM)(g) |
5.25 | % | 06/15/2032 | 1,100 | 1,109,956 | |||||||||||
Illinois (State of) Toll Highway Authority; |
||||||||||||||||
Series 2013 A, RB(i) |
5.00 | % | 01/01/2038 | 3,875 | 3,877,138 | |||||||||||
Series 2013 A, RB |
5.00 | % | 01/01/2038 | 2,990 | 2,991,650 | |||||||||||
Series 2015 A, RB(i) |
5.00 | % | 01/01/2040 | 11,210 | 11,347,538 | |||||||||||
78,679,176 | ||||||||||||||||
Indiana–0.67% |
||||||||||||||||
Indiana (State of) Finance Authority (Ohio Valley Electrical Corp.); Series 2012 A, RB |
4.25 | % | 11/01/2030 | 1,540 | 1,537,541 | |||||||||||
Indiana (State of) Finance Authority (US Steel Corp.); Series 2012, RB(h) |
5.75 | % | 08/01/2042 | 240 | 240,988 | |||||||||||
Valparaiso (City of), IN (Pratt Paper, LLC); Series 2013, RB(h) |
6.75 | % | 01/01/2034 | 1,500 | 1,513,429 | |||||||||||
Whiting (City of), IN (BP Products North America, Inc.); Series 2015, RB(b)(h) |
4.40 | % | 06/10/2031 | 620 | 627,049 | |||||||||||
3,919,007 | ||||||||||||||||
Iowa–1.60% |
||||||||||||||||
Iowa (State of) Board of Regents (University of Iowa Hospital & Clinics); Series 2022 B, RB |
3.00 | % | 09/01/2056 | 1,625 | 1,109,156 | |||||||||||
Iowa (State of) Finance Authority (Alcoa, Inc.); Series 2012, RB |
4.75 | % | 08/01/2042 | 1,245 | 1,188,116 | |||||||||||
Iowa (State of) Finance Authority (Iowa Fertilizer Co.); Series 2022, Ref. RB(b) |
5.00 | % | 12/01/2042 | 2,740 | 2,755,869 | |||||||||||
Iowa (State of) Tobacco Settlement Authority; |
||||||||||||||||
Series 2021 A‑2, Ref. RB |
4.00 | % | 06/01/2034 | 1,300 | 1,324,223 | |||||||||||
Series 2021 B‑1, Ref. RB |
4.00 | % | 06/01/2049 | 1,200 | 1,169,779 | |||||||||||
PEFA, Inc.; Series 2019, RB(b) |
5.00 | % | 09/01/2026 | 1,805 | 1,822,590 | |||||||||||
9,369,733 | ||||||||||||||||
Kentucky–1.98% |
||||||||||||||||
Henderson (City of), KY (Pratt Paper LLC); Series 2022 A, RB(e)(h) |
4.70 | % | 01/01/2052 | 670 | 632,901 | |||||||||||
Kentucky (Commonwealth of) Economic Development Finance Authority (Catholic Health Initiatives); Series 2011 B, RB (SIFMA Municipal Swap Index + 1.40%)(b)(p) |
5.46 | % | 02/01/2025 | 710 | 710,803 | |||||||||||
Kentucky (Commonwealth of) Economic Development Finance Authority (Louisville Arena Authority, Inc.); Series 2017 A, Ref. RB (INS - AGM)(g) |
5.00 | % | 12/01/2047 | 530 | 527,952 |
9 | Invesco Municipal Trust |
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
Kentucky–(continued) |
||||||||||||||||
Kentucky (Commonwealth of) Economic Development Finance Authority (Next Generation Kentucky Information Highway); |
||||||||||||||||
Series 2015 A, RB |
5.00 | % | 07/01/2037 | $ | 1,110 | $ | 1,116,464 | |||||||||
Series 2015 A, RB |
5.00 | % | 07/01/2040 | 1,985 | 1,988,836 | |||||||||||
Series 2015 A, RB |
5.00 | % | 01/01/2045 | 335 | 329,558 | |||||||||||
Kentucky (Commonwealth of) Economic Development Finance Authority (Owensboro Health, Inc.); |
||||||||||||||||
Series 2017 A, Ref. RB |
5.25 | % | 06/01/2041 | 1,265 | 1,279,935 | |||||||||||
Series 2017 A, Ref. RB |
5.00 | % | 06/01/2045 | 1,015 | 950,694 | |||||||||||
Kentucky Bond Development Corp.; Series 2020, RB (INS - BAM)(g)(i)(k) |
5.00 | % | 09/01/2044 | 3,840 | 4,023,353 | |||||||||||
11,560,496 | ||||||||||||||||
Louisiana–0.83% |
||||||||||||||||
Jefferson (Parish of), LA Sales Tax District; Series 2019 B, RB (INS - AGM)(g) |
4.00 | % | 12/01/2042 | 1,000 | 962,685 | |||||||||||
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (St. James Parish Gomesa); Series 2019, RB(e) |
3.90 | % | 11/01/2044 | 885 | 759,782 | |||||||||||
New Orleans (City of), LA Aviation Board; Series 2015 A, RB |
5.00 | % | 01/01/2045 | 2,680 | 2,693,236 | |||||||||||
New Orleans (City of), LA Aviation Board (Parking Facilities Corp. Consolidated Garage System); Series 2018 A, RB (INS - AGM)(g) |
5.00 | % | 10/01/2043 | 445 | 459,689 | |||||||||||
4,875,392 | ||||||||||||||||
Maryland–0.54% |
||||||||||||||||
Brunswick (City of), MD (Brunswick Crossing); Series 2019, RB |
5.00 | % | 07/01/2036 | 384 | 386,480 | |||||||||||
Maryland (State of) Health & Higher Educational Facilities Authority (Stevenson University); Series 2021 A, Ref. RB |
4.00 | % | 06/01/2041 | 375 | 344,124 | |||||||||||
Maryland Economic Development Corp. (Green Bonds); Series 2022, RB(h) |
5.25 | % | 06/30/2052 | 1,540 | 1,546,616 | |||||||||||
Prince George’s (County of), MD (Collington Episcopal Life Care Community, Inc.); Series 2017, Ref. RB |
5.00 | % | 04/01/2029 | 905 | 863,038 | |||||||||||
3,140,258 | ||||||||||||||||
Massachusetts–3.07% |
||||||||||||||||
Massachusetts (Commonwealth of); Series 2004 A, Ref. GO Bonds (INS - AMBAC)(g) |
5.50 | % | 08/01/2030 | 1,500 | 1,716,670 | |||||||||||
Massachusetts (Commonwealth of) (Rail Enhancement Program) (Sustainability Bonds); Series 2022, RB |
5.00 | % | 06/01/2050 | 3,530 | 3,738,261 | |||||||||||
Massachusetts (Commonwealth of) Bay Transportation Authority (Sustainability Bonds); Subseries 2023 A‑1, RB |
5.25 | % | 07/01/2053 | 3,360 | 3,666,689 | |||||||||||
Massachusetts (Commonwealth of) Development Finance Agency (Atrius Health); Series 2015, Ref. RB |
5.00 | % | 01/01/2041 | 1,205 | 1,194,136 | |||||||||||
Massachusetts (Commonwealth of) Development Finance Agency (Boston Medical Center) (Sustainability Bopnds); Series 2023, Ref. RB |
5.25 | % | 07/01/2052 | 1,180 | 1,208,335 | |||||||||||
Massachusetts (Commonwealth of) Development Finance Agency (Massachusetts Institute of Technology); Series 2002 K, RB(i) |
5.50 | % | 07/01/2032 | 2,500 | 3,048,661 | |||||||||||
Massachusetts (Commonwealth of) Development Finance Agency (Milford Regional Medical Center); Series 2020, Ref. RB(e) |
5.00 | % | 07/15/2035 | 270 | 249,936 | |||||||||||
Massachusetts (Commonwealth of) Health & Educational Facilities Authority (Boston College); Series 2008, RB |
5.50 | % | 06/01/2026 | 400 | 426,314 | |||||||||||
Massachusetts (Commonwealth of) Port Authority; |
||||||||||||||||
Series 2019 A, Ref. RB(h) |
5.00 | % | 07/01/2040 | 1,000 | 1,038,913 | |||||||||||
Series 2021 E, RB(h) |
5.00 | % | 07/01/2046 | 1,060 | 1,095,758 | |||||||||||
Massachusetts (Commonwealth of) Water Resources Authority; Series 2007 B, Ref. RB (INS - AGM)(g) |
5.25 | % | 08/01/2031 | 500 | 588,117 | |||||||||||
17,971,790 | ||||||||||||||||
Michigan–3.47% |
||||||||||||||||
Academy of Warren; Series 2020 A, RB(e) |
5.50 | % | 05/01/2050 | 250 | 217,655 | |||||||||||
Detroit (City of), MI Downtown Development Authority (Catalyst Development); Series 2018 A, Ref. RB (INS - AGM)(g) |
5.00 | % | 07/01/2043 | 2,110 | 2,114,289 | |||||||||||
Michigan (State of) Building Authority (Facilities Program); Series 2016 I, RB(i) |
5.00 | % | 04/15/2041 | 2,865 | 2,944,897 | |||||||||||
Michigan (State of) Finance Authority (Detroit Water & Sewerage Department); |
||||||||||||||||
Series 2014 C‑3, RB (INS - AGM)(g) |
5.00 | % | 07/01/2032 | 2,500 | 2,526,831 | |||||||||||
Series 2014 C‑6, Ref. RB |
5.00 | % | 07/01/2033 | 625 | 631,150 | |||||||||||
Series 2014 D‑4, Ref. RB |
5.00 | % | 07/01/2029 | 625 | 631,100 | |||||||||||
Michigan (State of) Finance Authority (Henry Ford Health System); Series 2019 A, RB |
5.00 | % | 11/15/2048 | 1,655 | 1,683,534 |
10 | Invesco Municipal Trust |
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
Michigan–(continued) |
||||||||||||||||
Michigan (State of) Finance Authority (Landmark Academy); |
||||||||||||||||
Series 2020, Ref. RB |
5.00 | % | 06/01/2035 | $ | 165 | $ | 152,271 | |||||||||
Series 2020, Ref. RB |
5.00 | % | 06/01/2045 | 490 | 420,786 | |||||||||||
Michigan (State of) Finance Authority (Trinity Health Credit Group); |
||||||||||||||||
Series 2017 MI, RB(i)(k)(l) |
5.00 | % | 12/01/2046 | 3,890 | 3,949,075 | |||||||||||
Series 2017, Ref. RB |
4.00 | % | 12/01/2040 | 860 | 828,729 | |||||||||||
Michigan (State of) Housing Development Authority; Series 2023 A, RB |
5.10 | % | 10/01/2053 | 1,950 | 1,985,310 | |||||||||||
Michigan (State of) Strategic Fund (Green Bonds); Series 2021, RB(b)(h) |
4.00 | % | 10/01/2026 | 1,690 | 1,674,551 | |||||||||||
Michigan (State of) Strategic Fund (I‑75 Improvement Project); Series 2018, RB(h) |
5.00 | % | 06/30/2030 | 545 | 569,257 | |||||||||||
20,329,435 | ||||||||||||||||
Minnesota–0.35% |
||||||||||||||||
Bethel (City of), MN (Spectrum High School); |
||||||||||||||||
Series 2017 A, Ref. RB |
4.25 | % | 07/01/2047 | 305 | 235,852 | |||||||||||
Series 2017 A, Ref. RB |
4.38 | % | 07/01/2052 | 500 | 380,287 | |||||||||||
Duluth (City of), MN Economic Development Authority (Essentia Health Obligated Group); Series 2018, Ref. RB |
5.00 | % | 02/15/2048 | 595 | 596,211 | |||||||||||
St. Paul (City of), MN Housing & Redevelopment Authority (Higher Ground Academy); Series 2023, Ref. RB |
5.50 | % | 12/01/2057 | 500 | 487,171 | |||||||||||
St. Paul (City of), MN Housing & Redevelopment Authority (Hope Community Academy); Series 2020, RB |
5.00 | % | 12/01/2055 | 425 | 339,794 | |||||||||||
2,039,315 | ||||||||||||||||
Mississippi–0.12% |
||||||||||||||||
Mississippi Business Finance Corp. (System Energy Resources, Inc.); Series 2021, RB |
2.38 | % | 06/01/2044 | 1,120 | 691,881 | |||||||||||
Missouri–2.09% |
||||||||||||||||
Kansas City (City of), MO Industrial Development Authority (Downtown Redevelopment District); |
||||||||||||||||
Series 2011 A, Ref. RB |
5.50 | % | 09/01/2027 | 750 | 751,309 | |||||||||||
Series 2011 A, Ref. RB |
5.50 | % | 09/01/2028 | 1,515 | 1,517,645 | |||||||||||
Kansas City (City of), MO Industrial Development Authority (Kansas City International Airport); |
||||||||||||||||
Series 2019 B, RB(h) |
5.00 | % | 03/01/2046 | 4,740 | 4,818,847 | |||||||||||
Series 2019 B, RB (INS - AGM)(g)(h) |
5.00 | % | 03/01/2049 | 1,005 | 1,019,588 | |||||||||||
Kirkwood (City of), MO Industrial Development Authority (Aberdeen Heights); Series 2017 A, Ref. RB |
5.25 | % | 05/15/2050 | 510 | 381,649 | |||||||||||
Missouri (State of) Health & Educational Facilities Authority (Lutheran Senior Services); |
||||||||||||||||
Series 2014, RB |
5.00 | % | 02/01/2035 | 1,000 | 999,092 | |||||||||||
Series 2019, Ref. RB |
5.00 | % | 02/01/2048 | 330 | 303,811 | |||||||||||
St. Louis (County of), MO Industrial Development Authority (Friendship Village West County); Series 2018 A, RB |
5.00 | % | 09/01/2038 | 1,845 | 1,710,721 | |||||||||||
Taney (County of), MO Industrial Development Authority (Big Cedar Infrastructure); Series 2023, RB(e) |
6.00 | % | 10/01/2049 | 770 | 747,271 | |||||||||||
12,249,933 | ||||||||||||||||
Nebraska–1.87% |
||||||||||||||||
Central Plains Energy Project (No. 3); |
||||||||||||||||
Series 2017 A, Ref. RB |
5.00 | % | 09/01/2034 | 205 | 217,031 | |||||||||||
Series 2017 A, Ref. RB |
5.00 | % | 09/01/2042 | 3,740 | 3,809,127 | |||||||||||
Omaha (City of), NE Public Power District; |
||||||||||||||||
Series 2022 A, RB |
5.25 | % | 02/01/2052 | 4,345 | 4,687,287 | |||||||||||
Series 2022, RB(i)(k) |
5.25 | % | 02/01/2052 | 2,075 | 2,238,463 | |||||||||||
10,951,908 | ||||||||||||||||
Nevada–1.55% |
||||||||||||||||
Clark (County of), NV Water Reclamation District; Series 2023, GO Bonds |
5.00 | % | 07/01/2053 | 5,185 | 5,515,572 | |||||||||||
Las Vegas Valley Water District; Series 2022 A, GO Bonds |
4.00 | % | 06/01/2044 | 3,705 | 3,566,314 | |||||||||||
9,081,886 | ||||||||||||||||
New Hampshire–0.51% |
||||||||||||||||
New Hampshire (State of) Business Finance Authority; Series 2020‑1A, RB |
4.13 | % | 01/20/2034 | 304 | 292,927 | |||||||||||
New Hampshire (State of) Business Finance Authority (Social Bonds); Series 2022‑1A, RB |
4.38 | % | 09/20/2036 | 1,645 | 1,593,143 | |||||||||||
New Hampshire (State of) Health and Education Facilities Authority; Series 2020 A, RB |
5.00 | % | 08/01/2059 | 1,105 | 1,108,556 | |||||||||||
2,994,626 |
11 | Invesco Municipal Trust |
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
New Jersey–8.68% |
||||||||||||||||
East Orange (City of), NJ Board of Education; |
||||||||||||||||
Series 1998, COP (INS - AGM)(f)(g) |
0.00 | % | 02/01/2025 | $ | 1,845 | $ | 1,747,490 | |||||||||
Series 1998, COP (INS - AGM)(f)(g) |
0.00 | % | 02/01/2028 | 2,850 | 2,413,055 | |||||||||||
Essex (County of), NJ Improvement Authority; Series 2004, Ref. RB (INS - NATL)(g) |
5.50 | % | 10/01/2028 | 1,000 | 1,123,268 | |||||||||||
Garden State Preservation Trust; |
||||||||||||||||
Series 2003 B, RB (INS - AGM)(f)(g) |
0.00 | % | 11/01/2025 | 2,000 | 1,849,802 | |||||||||||
Series 2005 A, RB (INS - AGM)(g) |
5.75 | % | 11/01/2028 | 1,000 | 1,067,660 | |||||||||||
New Jersey (State of) Economic Development Authority; |
||||||||||||||||
Series 2004 A, RB (INS - BHAC)(g)(i) |
5.25 | % | 07/01/2026 | 7,000 | 7,356,164 | |||||||||||
Series 2005 N‑1, Ref. RB (INS - AMBAC)(g) |
5.50 | % | 09/01/2026 | 1,500 | 1,588,609 | |||||||||||
New Jersey (State of) Economic Development Authority (Continental Airlines, Inc.); |
||||||||||||||||
Series 1999, RB(h) |
5.13 | % | 09/15/2023 | 240 | 240,007 | |||||||||||
Series 2012, RB(h) |
5.75 | % | 09/15/2027 | 450 | 450,411 | |||||||||||
New Jersey (State of) Economic Development Authority (Kapkowski Road Landfill); Series 2002, Ref. RB |
5.75 | % | 04/01/2031 | 1,000 | 991,494 | |||||||||||
New Jersey (State of) Economic Development Authority (Port Newark Container Terminal LLC); Series 2017, Ref. RB(h) |
5.00 | % | 10/01/2047 | 955 | 960,902 | |||||||||||
New Jersey (State of) Economic Development Authority (Social Bonds); Series 2021, RB |
5.00 | % | 06/15/2033 | 1,460 | 1,600,357 | |||||||||||
New Jersey (State of) Economic Development Authority (The Goethals Bridge Replacement); |
||||||||||||||||
Series 2013, RB(h) |
5.13 | % | 01/01/2034 | 1,250 | 1,254,096 | |||||||||||
Series 2013, RB(h) |
5.38 | % | 01/01/2043 | 1,250 | 1,251,690 | |||||||||||
New Jersey (State of) Health Care Facilities Financing Authority (Inspira Health Obligated Group); Series 2017, RB |
4.00 | % | 07/01/2047 | 3,835 | 3,445,760 | |||||||||||
New Jersey (State of) Transportation Trust Fund Authority; |
||||||||||||||||
Series 2009 A, RB(f) |
0.00 | % | 12/15/2039 | 6,000 | 2,825,656 | |||||||||||
Series 2010 A, RB(f) |
0.00 | % | 12/15/2030 | 1,600 | 1,210,217 | |||||||||||
Series 2010 A, RB(f) |
0.00 | % | 12/15/2031 | 3,000 | 2,170,555 | |||||||||||
Series 2014, RB |
5.00 | % | 06/15/2030 | 925 | 993,772 | |||||||||||
Series 2018 A, RN(i)(k) |
5.00 | % | 06/15/2029 | 1,590 | 1,657,112 | |||||||||||
Series 2018 A, RN(i)(k) |
5.00 | % | 06/15/2030 | 550 | 572,426 | |||||||||||
Series 2018 A, RN(i)(k) |
5.00 | % | 06/15/2031 | 1,005 | 1,044,871 | |||||||||||
Series 2021 A, Ref. RB |
5.00 | % | 06/15/2033 | 495 | 545,439 | |||||||||||
Series 2022, RB |
5.25 | % | 06/15/2046 | 1,430 | 1,535,040 | |||||||||||
New Jersey (State of) Turnpike Authority; Series 2005 A, Ref. RB (INS - AGM)(g) |
5.25 | % | 01/01/2027 | 705 | 754,169 | |||||||||||
Rahway Valley Sewerage Authority (The); Series 2005 A, RB (INS - NATL)(f)(g) |
0.00 | % | 09/01/2032 | 5,000 | 3,608,404 | |||||||||||
Tobacco Settlement Financing Corp.; |
||||||||||||||||
Series 2018 A, Ref. RB |
5.00 | % | 06/01/2046 | 2,935 | 2,988,025 | |||||||||||
Series 2018 A, Ref. RB |
5.25 | % | 06/01/2046 | 1,670 | 1,724,958 | |||||||||||
Series 2018 B, Ref. RB |
5.00 | % | 06/01/2046 | 1,845 | 1,815,310 | |||||||||||
50,786,719 | ||||||||||||||||
New Mexico–0.58% |
||||||||||||||||
New Mexico (State of) Finance Authority; Series 2023 A‑2, RB |
5.25 | % | 06/01/2053 | 2,955 | 2,996,658 | |||||||||||
Santa Fe (City of), NM (El Castillo Retirement); Series 2019 A, RB |
5.00 | % | 05/15/2049 | 500 | 405,276 | |||||||||||
3,401,934 | ||||||||||||||||
New York–21.36% |
||||||||||||||||
Build NYC Resource Corp. (Brooklyn Navy Yard); Series 2019, Ref. RB(e)(h) |
5.25 | % | 12/31/2033 | 400 | 365,599 | |||||||||||
Erie Tobacco Asset Securitization Corp.; Series 2005 A, RB |
5.00 | % | 06/01/2045 | 2,710 | 2,510,015 | |||||||||||
Hudson Yards Infrastructure Corp.; Series 2017 A, Ref. RB |
4.00 | % | 02/15/2044 | 2,525 | 2,354,728 | |||||||||||
Metropolitan Transportation Authority; Series 2013 B, RB |
5.00 | % | 11/15/2038 | 1,850 | 1,850,006 | |||||||||||
Metropolitan Transportation Authority (Green Bonds); |
||||||||||||||||
Series 2016 A‑1, RB |
5.00 | % | 11/15/2041 | 1,980 | 1,997,214 | |||||||||||
Series 2020 A‑1, RB (INS - AGM)(g) |
4.00 | % | 11/15/2041 | 2,000 | 1,934,956 | |||||||||||
Series 2020 A‑1, RB (INS - BAM)(g) |
4.00 | % | 11/15/2053 | 395 | 362,517 | |||||||||||
Series 2020 C‑1, RB |
5.25 | % | 11/15/2055 | 1,335 | 1,373,547 | |||||||||||
New York & New Jersey (States of) Port Authority; |
||||||||||||||||
Eighty-Fifth Series 1993, RB (INS - NATL)(g) |
5.38 | % | 03/01/2028 | 1,240 | 1,296,606 | |||||||||||
Series 2020 221, RB(h) |
4.00 | % | 07/15/2055 | 2,345 | 2,089,726 | |||||||||||
Two Hundred Fifth Series 2017, Ref. RB |
5.25 | % | 11/15/2057 | 1,645 | 1,710,665 |
12 | Invesco Municipal Trust |
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
New York–(continued) |
||||||||||||||||
New York (City of), NY; |
||||||||||||||||
Series 2020 C, GO Bonds |
5.00 | % | 08/01/2043 | $ | 2,470 | $ | 2,607,687 | |||||||||
Subseries 2022 B‑1, GO Bonds |
5.25 | % | 10/01/2047 | 1,505 | 1,631,748 | |||||||||||
Subseries 2022 D‑1, GO Bonds(i) |
5.25 | % | 05/01/2038 | 1,355 | 1,506,621 | |||||||||||
Subseries 2022 D‑1, GO Bonds(i) |
5.25 | % | 05/01/2042 | 2,305 | 2,519,230 | |||||||||||
New York (City of), NY Industrial Development Agency (Queens Baseball Stadium); Series 2021 A, Ref. RB (INS - AGM)(g) |
3.00 | % | 01/01/2046 | 2,525 | 1,866,519 | |||||||||||
New York (City of), NY Municipal Water Finance Authority; |
||||||||||||||||
Series 2020 BB‑1, RB |
4.00 | % | 06/15/2050 | 1,675 | 1,585,621 | |||||||||||
Series 2020 BB‑1, RB |
5.00 | % | 06/15/2050 | 3,240 | 3,396,417 | |||||||||||
Series 2020, Ref. RB |
5.00 | % | 06/15/2050 | 1,635 | 1,713,933 | |||||||||||
Series 2021, VRD RB(m) |
2.95 | % | 06/15/2045 | 3,300 | 3,300,000 | |||||||||||
New York (City of), NY Transitional Finance Authority; |
||||||||||||||||
Series 2019 B‑1, RB |
4.00 | % | 11/01/2045 | 860 | 825,690 | |||||||||||
Series 2023 F‑1, RB |
4.00 | % | 02/01/2051 | 2,540 | 2,387,761 | |||||||||||
Series 2024 B, RB |
4.38 | % | 05/01/2053 | 2,145 | 2,102,552 | |||||||||||
Subseries 2013, RB(i) |
5.00 | % | 11/01/2038 | 5,010 | 5,020,323 | |||||||||||
New York (State of) Dormitory Authority; |
||||||||||||||||
Series 2009 C, RB (INS - AGC)(g) |
5.00 | % | 10/01/2023 | 180 | 180,217 | |||||||||||
Series 2018 A, Ref. RB |
5.25 | % | 03/15/2039 | 1,240 | 1,330,959 | |||||||||||
Series 2018 E, RB(i) |
5.00 | % | 03/15/2045 | 5,715 | 5,960,842 | |||||||||||
New York (State of) Dormitory Authority (Bidding Group 3); Series 2017 B, Ref. RB |
4.00 | % | 02/15/2047 | 1,945 | 1,841,630 | |||||||||||
New York (State of) Dormitory Authority (Memorial Sloan Kettering Cancer); Series 2022 1‑B, RB |
4.00 | % | 07/01/2051 | 3,640 | 3,372,664 | |||||||||||
New York (State of) Power Authority; Series 2020 A, RB(i) |
4.00 | % | 11/15/2045 | 3,675 | 3,553,216 | |||||||||||
New York (State of) Power Authority (Green Bonds); Series 2020, RB(i) |
4.00 | % | 11/15/2055 | 4,185 | 3,938,956 | |||||||||||
New York (State of) Thruway Authority; |
||||||||||||||||
Series 2019 B, RB |
4.00 | % | 01/01/2050 | 5,400 | 4,945,331 | |||||||||||
Series 2019 B, RB (INS - AGM)(g)(i)(k) |
4.00 | % | 01/01/2050 | 2,625 | 2,484,948 | |||||||||||
New York (State of) Thruway Authority (Group 3); Series 2021 A‑1, Ref. RB |
4.00 | % | 03/15/2046 | 2,485 | 2,343,654 | |||||||||||
New York Counties Tobacco Trust IV; Series 2005 A, RB |
5.00 | % | 06/01/2045 | 285 | 261,953 | |||||||||||
New York Counties Tobacco Trust VI; Series 2016 A‑1, Ref. RB |
5.75 | % | 06/01/2043 | 3,170 | 3,245,758 | |||||||||||
New York Liberty Development Corp. (3 World Trade Center); Series 2014, Class 1, Ref. RB(e) |
5.00 | % | 11/15/2044 | 5,735 | 5,488,907 | |||||||||||
New York State Urban Development Corp. (Bidding Group 3); Series 2021 A, Ref. RB |
4.00 | % | 03/15/2045 | 3,350 | 3,214,045 | |||||||||||
New York Transportation Development Corp. (American Airlines, Inc. John F. Kennedy International Airport); |
||||||||||||||||
Series 2020, Ref. RB(h) |
5.25 | % | 08/01/2031 | 520 | 537,707 | |||||||||||
Series 2020, Ref. RB(h) |
5.38 | % | 08/01/2036 | 940 | 958,115 | |||||||||||
New York Transportation Development Corp. (American Airlines, Inc.); |
||||||||||||||||
Series 2016, Ref. RB(h) |
5.00 | % | 08/01/2026 | 1,000 | 1,002,209 | |||||||||||
Series 2016, Ref. RB(h) |
5.00 | % | 08/01/2031 | 1,440 | 1,443,587 | |||||||||||
New York Transportation Development Corp. (Delta Air Lines, Inc. LaGuardia Airport Terminals C&D Redevelopment); |
||||||||||||||||
Series 2018, RB(h) |
5.00 | % | 01/01/2033 | 2,100 | 2,162,353 | |||||||||||
Series 2018, RB(h) |
5.00 | % | 01/01/2034 | 2,030 | 2,087,530 | |||||||||||
Series 2018, RB(h) |
5.00 | % | 01/01/2036 | 975 | 994,158 | |||||||||||
Series 2020, RB(h) |
5.00 | % | 10/01/2040 | 2,005 | 2,026,592 | |||||||||||
Series 2020, RB(h) |
4.38 | % | 10/01/2045 | 1,175 | 1,108,120 | |||||||||||
New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment); |
||||||||||||||||
Series 2016 A, RB(h) |
5.00 | % | 07/01/2046 | 3,235 | 3,224,742 | |||||||||||
Series 2016 A, RB(h) |
5.25 | % | 01/01/2050 | 1,775 | 1,774,981 | |||||||||||
New York Transportation Development Corp. (Terminal 4 JFK International Airport); Series 2022, RB(h) |
5.00 | % | 12/01/2038 | 1,870 | 1,939,194 | |||||||||||
Onondaga (County of), NY Trust for Cultural Resources (Syracuse University); Series 2019, Ref. RB |
4.00 | % | 12/01/2047 | 690 | 652,729 | |||||||||||
Rockland Tobacco Asset Securitization Corp.; Series 2001, RB |
5.75 | % | 08/15/2043 | 1,735 | 1,760,590 | |||||||||||
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels); |
||||||||||||||||
Series 2020 A, RB |
5.00 | % | 11/15/2049 | 750 | 785,606 | |||||||||||
Series 2021 A, RB |
5.00 | % | 11/15/2056 | 1,135 | 1,185,725 | |||||||||||
Series 2022 C, RB |
5.00 | % | 05/15/2047 | 2,960 | 3,142,512 | |||||||||||
Series 2022, RB(i) |
5.00 | % | 05/15/2051 | 5,475 | 5,758,088 |
13 | Invesco Municipal Trust |
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
New York–(continued) |
||||||||||||||||
TSASC, Inc.; Series 2016 B, Ref. RB |
5.00 | % | 06/01/2045 | $ | 2,125 | $ | 1,980,831 | |||||||||
124,998,130 | ||||||||||||||||
North Carolina–0.25% |
||||||||||||||||
Raleigh (City of), NC Combined Enterprise System; Series 2023, Ref. RB |
4.00 | % | 09/01/2053 | 1,545 | 1,484,830 | |||||||||||
North Dakota–0.54% |
||||||||||||||||
Ward (County of), ND (Trinity Obligated Group); |
||||||||||||||||
Series 2017 C, RB |
5.00 | % | 06/01/2048 | 2,350 | 1,832,733 | |||||||||||
Series 2017 C, RB |
5.00 | % | 06/01/2053 | 1,745 | 1,317,580 | |||||||||||
3,150,313 | ||||||||||||||||
Ohio–5.54% |
||||||||||||||||
Akron, Bath & Copley Joint Township Hospital District (Summa Health Obligated Group); Series 2016, Ref. RB |
5.25 | % | 11/15/2046 | 2,645 | 2,656,895 | |||||||||||
Buckeye Tobacco Settlement Financing Authority; |
||||||||||||||||
Series 2020 A‑2, Ref. RB |
4.00 | % | 06/01/2048 | 5,290 | 4,687,730 | |||||||||||
Series 2020 B‑2, Ref. RB |
5.00 | % | 06/01/2055 | 7,865 | 7,200,219 | |||||||||||
Series 2020 B‑3, Ref. RB(f) |
0.00 | % | 06/01/2057 | 8,605 | 994,183 | |||||||||||
Cleveland (City of) & Cuyahoga (County of), OH Port Authority (Constellation Schools); Series 2014 A, Ref. RB(e) |
6.50 | % | 01/01/2034 | 1,100 | 1,100,512 | |||||||||||
Cleveland (City of), OH (Continental Airlines, Inc.); Series 1998, RB(h) |
5.38 | % | 09/15/2027 | 805 | 807,207 | |||||||||||
Columbus (City of) & Franklin (County of), OH Finance Authority (Easton); Series 2020, RB(e) |
5.00 | % | 06/01/2028 | 645 | 642,721 | |||||||||||
Cuyahoga (County of), OH (MetroHealth System); Series 2017, Ref. RB |
5.50 | % | 02/15/2052 | 845 | 851,348 | |||||||||||
Franklin (County of), OH (Nationwide Children’s Hospital); Series 2019, RB |
5.00 | % | 11/01/2048 | 1,360 | 1,432,637 | |||||||||||
Hamilton (County of), OH; Series 2000 B, RB (INS - AMBAC)(f)(g) |
0.00 | % | 12/01/2023 | 2,000 | 1,982,452 | |||||||||||
Hamilton (County of), OH (Cincinnati Children’s Hospital); Series 2019 CC, RB |
5.00 | % | 11/15/2049 | 1,645 | 1,753,117 | |||||||||||
Hamilton (County of), OH (Life Enriching Communities); Series 2016, Ref. RB |
5.00 | % | 01/01/2046 | 1,490 | 1,333,148 | |||||||||||
Montgomery (County of), OH (Trousdale Foundation Properties); Series 2018 A, RB (Acquired 08/29/2018; Cost $1,382,133)(c)(d)(e) |
6.00 | % | 04/01/2038 | 1,410 | 310,200 | |||||||||||
Muskingum (County of), OH (Genesis Healthcare System); Series 2013, RB |
5.00 | % | 02/15/2044 | 920 | 833,234 | |||||||||||
Ohio (State of) (University Hospitals Health System, Inc.); Series 2020 A, Ref. RB |
4.00 | % | 01/15/2050 | 2,515 | 2,221,813 | |||||||||||
Ohio (State of) Air Quality Development Authority (Ohio Valley Electric Corp.); Series 2014, RB(b)(h) |
2.60 | % | 10/01/2029 | 1,000 | 865,985 | |||||||||||
Ohio (State of) Air Quality Development Authority (Pratt Paper LLC); Series 2017, RB(e)(h) |
4.25 | % | 01/15/2038 | 585 | 566,016 | |||||||||||
Ohio (State of) Housing Finance Agency (Covenant House Apartments); Series 2008 C, RB (CEP - GNMA)(h) |
5.85 | % | 09/20/2028 | 285 | 285,169 | |||||||||||
Ohio (State of) Municipal Electric Generation Agency (Joint Venture 5); Series 2001, Beneficial Interest Ctfs. (INS - NATL)(f)(g) |
0.00 | % | 02/15/2030 | 1,000 | 784,785 | |||||||||||
Ohio State University (The); |
||||||||||||||||
Series 2010 D, RB(l) |
5.00 | % | 12/01/2030 | 45 | 50,928 | |||||||||||
Series 2010 D, RB |
5.00 | % | 12/01/2030 | 955 | 1,080,795 | |||||||||||
32,441,094 | ||||||||||||||||
Oklahoma–2.35% |
||||||||||||||||
Edmond Public Works Authority; |
||||||||||||||||
Series 2017, RB(i) |
5.00 | % | 07/01/2042 | 2,735 | 2,864,337 | |||||||||||
Series 2017, RB(i) |
5.00 | % | 07/01/2047 | 2,670 | 2,783,659 | |||||||||||
Oklahoma (State of) Development Finance Authority (OU Medicine); |
||||||||||||||||
Series 2018 B, RB |
5.50 | % | 08/15/2052 | 3,780 | 3,617,837 | |||||||||||
Series 2018 B, RB |
5.50 | % | 08/15/2057 | 1,240 | 1,174,431 | |||||||||||
Oklahoma (State of) Development Finance Authority (Provident Oklahoma Education Resources, Inc.-Cross Village Student Housing); Series 2017, RB(c) |
5.00 | % | 08/01/2052 | 1,945 | 1,945 | |||||||||||
Oklahoma (State of) Water Resources Board; Series 2022 B, RB |
5.00 | % | 10/01/2047 | 1,585 | 1,717,209 | |||||||||||
Oklahoma (State of) Water Resources Board (2019 Master Trust); |
||||||||||||||||
Series 2023, RB |
4.00 | % | 04/01/2048 | 720 | 695,849 | |||||||||||
Series 2023, RB |
4.13 | % | 04/01/2053 | 895 | 872,549 | |||||||||||
13,727,816 | ||||||||||||||||
Ontario–0.14% |
||||||||||||||||
Affordable Housing Tax‑Exempt Bond Pass-Thru Trust; Series 2023‑1, RB(e) |
6.00 | % | 10/05/2040 | 839 | 802,328 |
14 | Invesco Municipal Trust |
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
Oregon–1.23% |
||||||||||||||||
Clackamas (County of), OR Hospital Facility Authority (Rose Villa); Series 2020 A, Ref. RB |
5.38 | % | 11/15/2055 | $ | 500 | $ | 455,634 | |||||||||
Oregon (State of); Series 2019, GO Bonds(i)(k) |
5.00 | % | 08/01/2044 | 3,350 | 3,549,878 | |||||||||||
Portland (Port of), OR (Green Bonds); Twenty Ninth Series 2023, RB(h) |
5.50 | % | 07/01/2048 | 1,425 | 1,531,194 | |||||||||||
Portland (Port of), OR (Portland International Airport); Series 2022 28, RB(h) |
5.00 | % | 07/01/2052 | 1,605 | 1,639,623 | |||||||||||
7,176,329 | ||||||||||||||||
Pennsylvania–4.43% |
||||||||||||||||
Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated Group Issue); Series 2018 A, Ref. RB |
4.00 | % | 04/01/2044 | 2,905 | 2,514,944 | |||||||||||
Coatesville School District; Series 2020 A, GO Bonds (INS - BAM)(f)(g) |
0.00 | % | 10/01/2036 | 650 | 343,239 | |||||||||||
Franklin (County of), PA Industrial Development Authority (Menno-Haven, Inc.); Series 2018, Ref. RB |
5.00 | % | 12/01/2024 | 500 | 494,361 | |||||||||||
Lancaster (County of), PA Hospital Authority (Penn State Health); |
||||||||||||||||
Series 2021, RB |
5.00 | % | 11/01/2046 | 515 | 527,649 | |||||||||||
Series 2021, RB |
5.00 | % | 11/01/2051 | 685 | 699,225 | |||||||||||
Pennsylvania (Commonwealth of) Economic Development Financing Authority (Penndot Major Bridges); |
||||||||||||||||
Series 2022, RB(h) |
5.25 | % | 06/30/2053 | 2,015 | 2,048,433 | |||||||||||
Series 2022, RB (INS - AGM)(g)(h) |
5.00 | % | 12/31/2057 | 1,010 | 1,022,514 | |||||||||||
Pennsylvania (Commonwealth of) Economic Development Financing Authority (UPMC); |
||||||||||||||||
Series 2021 A, Ref. RB |
4.00 | % | 10/15/2039 | 660 | 625,483 | |||||||||||
Series 2023 A‑2, RB |
4.00 | % | 05/15/2048 | 545 | 493,029 | |||||||||||
Pennsylvania (Commonwealth of) Turnpike Commission; |
||||||||||||||||
Series 2014 A, RB |
4.75 | % | 12/01/2037 | 990 | 1,013,304 | |||||||||||
Series 2014 A‑2, RB(j) |
5.13 | % | 12/01/2039 | 2,000 | 1,996,055 | |||||||||||
Series 2019 A, RB |
5.00 | % | 12/01/2049 | 220 | 229,061 | |||||||||||
Series 2020 B, RB |
5.00 | % | 12/01/2050 | 595 | 619,316 | |||||||||||
Series 2021 A, RB |
4.00 | % | 12/01/2050 | 1,250 | 1,139,987 | |||||||||||
Pennsylvania Higher Education Assistance Agency (Senior Bonds); |
||||||||||||||||
Series 2023 A, RB(h) |
5.00 | % | 06/01/2029 | 500 | 523,159 | |||||||||||
Series 2023 A, RB(h) |
5.00 | % | 06/01/2030 | 685 | 723,343 | |||||||||||
Series 2023 A, RB(h) |
5.00 | % | 06/01/2031 | 745 | 789,222 | |||||||||||
Series 2023 A, RB(h) |
5.00 | % | 06/01/2032 | 870 | 923,886 | |||||||||||
Philadelphia (City of), PA; |
||||||||||||||||
Series 2017 B, Ref. RB(h) |
5.00 | % | 07/01/2042 | 5,295 | 5,362,585 | |||||||||||
Series 2017 B, Ref. RB(h) |
5.00 | % | 07/01/2047 | 525 | 529,007 | |||||||||||
Series 2021, Ref. RB (INS - AGM)(g)(h) |
4.00 | % | 07/01/2041 | 1,230 | 1,156,796 | |||||||||||
Philadelphia (City of), PA Authority for Industrial Development (St. Joseph’s University); Series 2022, RB |
5.50 | % | 11/01/2060 | 1,670 | 1,755,626 | |||||||||||
Philadelphia (City of), PA Authority for Industrial Development (String Theory Charter School); Series 2020, Ref. RB(e) |
5.00 | % | 06/15/2050 | 400 | 374,232 | |||||||||||
25,904,456 | ||||||||||||||||
Puerto Rico–6.01% |
||||||||||||||||
Children’s Trust Fund; |
||||||||||||||||
Series 2002, RB |
5.50 | % | 05/15/2039 | 3,030 | 3,030,354 | |||||||||||
Series 2002, RB |
5.63 | % | 05/15/2043 | 1,490 | 1,497,481 | |||||||||||
Series 2005 A, RB(f) |
0.00 | % | 05/15/2050 | 5,915 | 1,072,443 | |||||||||||
Series 2005 B, RB(f) |
0.00 | % | 05/15/2055 | 2,540 | 265,813 | |||||||||||
Series 2008 A, RB(f) |
0.00 | % | 05/15/2057 | 14,970 | 1,041,158 | |||||||||||
Series 2008 B, RB(f) |
0.00 | % | 05/15/2057 | 37,695 | 2,073,858 | |||||||||||
Puerto Rico (Commonwealth of); |
||||||||||||||||
Series 2021 A‑1, GO Bonds |
5.63 | % | 07/01/2027 | 1,170 | 1,220,257 | |||||||||||
Series 2021 A‑1, GO Bonds |
4.00 | % | 07/01/2035 | 1,260 | 1,158,014 | |||||||||||
Series 2021 A‑1, GO Bonds |
4.00 | % | 07/01/2037 | 980 | 881,710 | |||||||||||
Subseries 2022, RN |
0.00 | % | 11/01/2043 | 801 | 413,659 | |||||||||||
Subseries 2022, RN |
0.00 | % | 11/01/2051 | 1,466 | 758,299 | |||||||||||
Puerto Rico (Commonwealth of) Electric Power Authority; |
||||||||||||||||
Series 2007 VV, Ref. RB (INS - NATL)(g) |
5.25 | % | 07/01/2032 | 1,840 | 1,805,071 | |||||||||||
Series 2007 VV, Ref. RB (INS - NATL)(g) |
5.25 | % | 07/01/2033 | 735 | 723,160 | |||||||||||
Series 2007 VV, Ref. RB (INS - NATL)(g) |
5.25 | % | 07/01/2035 | 645 | 627,790 |
15 | Invesco Municipal Trust |
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
Puerto Rico–(continued) |
||||||||||||||||
Puerto Rico (Commonwealth of) Highway & Transportation Authority; Series 2022 A, RB |
5.00 | % | 07/01/2062 | $ | 1,680 | $ | 1,656,900 | |||||||||
Puerto Rico Sales Tax Financing Corp.; |
||||||||||||||||
Series 2018 A‑1, RB(f) |
0.00 | % | 07/01/2027 | 450 | 385,194 | |||||||||||
Series 2018 A‑1, RB(f) |
0.00 | % | 07/01/2029 | 1,495 | 1,169,649 | |||||||||||
Series 2018 A‑1, RB(f) |
0.00 | % | 07/01/2033 | 2,458 | 1,590,691 | |||||||||||
Series 2018 A‑1, RB(f) |
0.00 | % | 07/01/2046 | 8,305 | 2,313,177 | |||||||||||
Series 2018 A‑1, RB(f) |
0.00 | % | 07/01/2051 | 10,905 | 2,253,927 | |||||||||||
Series 2018 A‑1, RB |
4.75 | % | 07/01/2053 | 1,825 | 1,710,900 | |||||||||||
Series 2018 A‑1, RB |
5.00 | % | 07/01/2058 | 5,880 | 5,705,984 | |||||||||||
Series 2019 A‑2, RB |
4.33 | % | 07/01/2040 | 1,930 | 1,832,739 | |||||||||||
35,188,228 | ||||||||||||||||
Rhode Island–0.36% |
||||||||||||||||
Tobacco Settlement Financing Corp.; Series 2015 B, Ref. RB |
5.00 | % | 06/01/2050 | 2,185 | 2,120,856 | |||||||||||
South Carolina–0.40% |
||||||||||||||||
South Carolina (State of) Ports Authority; Series 2015, RB(b)(h)(l) |
5.25 | % | 07/01/2025 | 1,115 | 1,143,119 | |||||||||||
South Carolina (State of) Public Service Authority; Series 2014 C, Ref. RB |
5.00 | % | 12/01/2046 | 1,190 | 1,190,432 | |||||||||||
2,333,551 | ||||||||||||||||
South Dakota–0.37% |
||||||||||||||||
South Dakota (State of) Health & Educational Facilities Authority (Sanford Obligated Group); Series 2014 B, RB |
5.00 | % | 11/01/2044 | 2,185 | 2,185,138 | |||||||||||
Tennessee–3.88% |
||||||||||||||||
Chattanooga (City of), TN Health, Educational & Housing Facility Board (CommonSpirit Health); Series 2019 A‑2, Ref. RB |
5.00 | % | 08/01/2049 | 1,260 | 1,273,064 | |||||||||||
Clarksville (City of), TN; Series 2021 A, RB |
4.00 | % | 02/01/2051 | 1,695 | 1,609,480 | |||||||||||
Greeneville (Town of), TN Health & Educational Facilities Board (Ballad Health Obligated Group); Series 2018 A, Ref. RB |
5.00 | % | 07/01/2037 | 1,800 | 1,843,160 | |||||||||||
Kingsport (City of), TN; Series 2023, GO Bonds |
4.13 | % | 03/01/2053 | 2,035 | 1,926,835 | |||||||||||
Knox (County of), TN & Knoxville (City of), TN Sports Authority (Multi‑Use Stadium); Series 2023 A, RB |
6.00 | % | 12/01/2054 | 6,000 | 6,810,341 | |||||||||||
Knoxville (City of), TN; Series 2022 OO, RB |
4.00 | % | 07/01/2052 | 3,225 | 3,051,793 | |||||||||||
Memphis (City of) & Shelby (County of), TN Airport Authority; Series 2018, RB(h) |
5.00 | % | 07/01/2043 | 1,305 | 1,324,139 | |||||||||||
Metropolitan Nashville Airport Authority (The); Series 2019 B, RB(h) |
5.00 | % | 07/01/2054 | 570 | 576,514 | |||||||||||
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Lipscomb University); Series 2019 A, Ref. RB |
5.00 | % | 10/01/2034 | 715 | 725,240 | |||||||||||
Shelby (County of), TN Health, Educational & Housing Facilities Board (Methodist Le Bonheur Healthcare); Series 2008, VRD RB (INS - AGM)(g) |
0.02 | % | 06/01/2042 | 1,000 | 1,000,000 | |||||||||||
Tennessee Energy Acquisition Corp.; Series 2021 A, RB(b) |
5.00 | % | 11/01/2031 | 2,510 | 2,596,887 | |||||||||||
22,737,453 | ||||||||||||||||
Texas–15.07% |
||||||||||||||||
Austin (City of), TX; |
||||||||||||||||
Series 2023, Ref. RB |
5.00 | % | 11/15/2037 | 1,540 | 1,709,594 | |||||||||||
Series 2023, Ref. RB |
5.25 | % | 11/15/2053 | 2,185 | 2,356,530 | |||||||||||
Bay Area Toll Authority (San Francisco Bay Area); Series 2023, VRD RB (LOC - Barclays Bank PLC)(e)(m)(q) |
3.66 | % | 06/01/2063 | 820 | 820,000 | |||||||||||
Central Texas Regional Mobility Authority; Series 2021 B, RB |
5.00 | % | 01/01/2046 | 1,015 | 1,049,306 | |||||||||||
Clifton Higher Education Finance Corp. (Idea Public Schools); Series 2021 T, RB (CEP—Texas Permanent School Fund) |
4.00 | % | 08/15/2050 | 1,360 | 1,205,305 | |||||||||||
Clifton Higher Education Finance Corp. (International Leadership of Texas); Series 2018 D, RB |
5.75 | % | 08/15/2033 | 1,675 | 1,692,126 | |||||||||||
Crowley Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School Fund) |
4.25 | % | 02/01/2053 | 1,650 | 1,608,550 | |||||||||||
Denton (County of), TX; Series 2023, Ref. GO Bonds |
4.00 | % | 07/15/2048 | 4,250 | 3,965,736 | |||||||||||
El Paso (City of), TX; Series 2022 A, RB |
4.00 | % | 03/01/2048 | 3,065 | 2,835,278 | |||||||||||
Forney Independent School District; Series 2022 B, GO Bonds (CEP - Texas Permanent School Fund) |
4.00 | % | 08/15/2052 | 2,225 | 2,096,966 | |||||||||||
Greater Texoma Utility Authority (City of Sherman); |
||||||||||||||||
Series 2023 A, RB (INS - BAM)(g) |
4.38 | % | 10/01/2053 | 1,340 | 1,268,074 | |||||||||||
Series 2023, RB (INS - AGM)(g) |
4.25 | % | 10/01/2053 | 1,430 | 1,324,653 | |||||||||||
Harris (County of), TX Toll Road Authority (The); Series 2021, Ref. RB |
4.00 | % | 08/15/2050 | 1,295 | 1,169,962 | |||||||||||
Harris County Industrial Development Corp. (Energy Transfer L.P.); Series 2023, Ref. RB(b) |
4.05 | % | 06/01/2033 | 1,345 | 1,322,438 |
16 | Invesco Municipal Trust |
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
Texas–(continued) |
||||||||||||||||
Houston (City of), TX; |
||||||||||||||||
Series 2023 A, Ref. RB (INS - AGM)(g)(h) |
5.25 | % | 07/01/2048 | $ | 1,175 | $ | 1,236,652 | |||||||||
Series 2023 A, Ref. RB (INS - AGM)(g)(h) |
5.25 | % | 07/01/2053 | 1,175 | 1,229,968 | |||||||||||
Houston (City of), TX Airport System (United Airlines, Inc. Terminal E); |
||||||||||||||||
Series 2014, Ref. RB(h) |
4.75 | % | 07/01/2024 | 905 | 905,882 | |||||||||||
Series 2021 A, RB(h) |
4.00 | % | 07/01/2041 | 585 | 517,704 | |||||||||||
Houston (City of), TX Airport System (United Airlines, Inc.); Series 2018, RB(h) |
5.00 | % | 07/15/2028 | 495 | 501,434 | |||||||||||
La Vernia Higher Education Finance Corp. (Meridian World School); Series 2015 A, RB(b)(e)(l) |
5.50 | % | 08/15/2024 | 1,330 | 1,348,347 | |||||||||||
Lamar Consolidated Independent School District; Series 2023, GO Bonds |
4.00 | % | 02/15/2053 | 1,860 | 1,708,037 | |||||||||||
Lockhart Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School Fund) |
4.13 | % | 08/01/2053 | 1,250 | 1,203,285 | |||||||||||
Lower Colorado River Authority (LCRA Transmission Services Corp.); Series 2022, Ref. RB |
5.50 | % | 05/15/2047 | 1,170 | 1,264,688 | |||||||||||
Mission Economic Development Corp. (Natgasoline); Series 2018, Ref. RB(e)(h) |
4.63 | % | 10/01/2031 | 3,085 | 3,014,825 | |||||||||||
Montgomery Independent School District; |
||||||||||||||||
Series 2023, GO Bonds (CEP - Texas Permanent School Fund) |
4.00 | % | 02/15/2048 | 885 | 832,208 | |||||||||||
Series 2023, GO Bonds (CEP - Texas Permanent School Fund) |
4.00 | % | 02/15/2053 | 2,125 | 1,960,839 | |||||||||||
New Hope Cultural Education Facilities Finance Corp. (4‑K Housing, Inc.-Stoney Brook); Series 2017 B, RB(c) |
5.00 | % | 07/01/2052 | 1,500 | 675,000 | |||||||||||
New Hope Cultural Education Facilities Finance Corp. (Buckingham Senior Living Community); |
||||||||||||||||
Series 2021 A‑1, RB |
7.50 | % | 11/15/2037 | 60 | 45,736 | |||||||||||
Series 2021, RB |
2.00 | % | 11/15/2061 | 1,596 | 631,107 | |||||||||||
New Hope Cultural Education Facilities Finance Corp. (Carillon Lifecare Community); |
||||||||||||||||
Series 2016, Ref. RB |
5.00 | % | 07/01/2036 | 650 | 544,485 | |||||||||||
Series 2016, Ref. RB |
5.00 | % | 07/01/2046 | 800 | 587,777 | |||||||||||
New Hope Cultural Education Facilities Finance Corp. (CHF‑Collegiate Housing College Station I, LLC - Texas A&M University); Series 2014 A, RB (INS - AGM)(g) |
5.00 | % | 04/01/2046 | 520 | 517,682 | |||||||||||
New Hope Cultural Education Facilities Finance Corp. (Jubilee Academic Center); Series 2021, Ref. RB(e) |
4.00 | % | 08/15/2051 | 1,010 | 728,185 | |||||||||||
New Hope Cultural Education Facilities Finance Corp. (Longhorn Village); |
||||||||||||||||
Series 2017, Ref. RB |
5.00 | % | 01/01/2042 | 495 | 442,919 | |||||||||||
Series 2017, Ref. RB |
5.00 | % | 01/01/2047 | 620 | 539,143 | |||||||||||
New Hope Cultural Education Facilities Finance Corp. (Presbyterian Village North); |
||||||||||||||||
Series 2018, Ref. RB |
5.00 | % | 10/01/2031 | 560 | 528,662 | |||||||||||
Series 2018, Ref. RB |
5.00 | % | 10/01/2032 | 1,015 | 949,452 | |||||||||||
Series 2020, RB |
5.25 | % | 10/01/2055 | 2,505 | 1,932,027 | |||||||||||
San Antonio (City of), TX; |
||||||||||||||||
Series 2023 A, Ref. RB |
5.25 | % | 02/01/2046 | 1,760 | 1,915,423 | |||||||||||
Series 2023 A, Ref. RB |
5.50 | % | 02/01/2050 | 1,300 | 1,432,246 | |||||||||||
Tarrant (County of), TX Hospital District; |
||||||||||||||||
Series 2023, GO Bonds |
4.25 | % | 08/15/2048 | 805 | 770,469 | |||||||||||
Series 2023, GO Bonds |
4.25 | % | 08/15/2053 | 2,280 | 2,154,504 | |||||||||||
Tarrant County Cultural Education Facilities Finance Corp.; Series 2016 A, Ref. RB(i) |
5.00 | % | 02/15/2047 | 3,455 | 3,498,799 | |||||||||||
Tarrant County Cultural Education Facilities Finance Corp. (Air Force Village Obligated Group); |
||||||||||||||||
Series 2016, Ref. RB |
5.00 | % | 05/15/2037 | 2,295 | 2,046,120 | |||||||||||
Series 2016, Ref. RB |
5.00 | % | 05/15/2045 | 1,660 | 1,360,396 | |||||||||||
Tarrant County Cultural Education Facilities Finance Corp. (C.C. Young Memorial Home); |
||||||||||||||||
Series 2007, RB (Acquired 12/19/2007; Cost $286,020)(c)(d) |
5.75 | % | 02/15/2025 | 305 | 167,750 | |||||||||||
Series 2017 A, RB (Acquired 12/15/2016; Cost $1,958,240)(c)(d) |
6.38 | % | 02/15/2048 | 1,940 | 1,067,000 | |||||||||||
Tarrant County Cultural Education Facilities Finance Corp. (MRC Stevenson Oaks); |
||||||||||||||||
Series 2020, Ref. RB |
6.63 | % | 11/15/2041 | 85 | 78,939 | |||||||||||
Series 2020, Ref. RB |
6.75 | % | 11/15/2051 | 85 | 76,192 | |||||||||||
Series 2020, Ref. RB |
6.88 | % | 11/15/2055 | 85 | 76,772 | |||||||||||
Texas (State of) Transportation Commission; Series 2019, RB(f) |
0.00 | % | 08/01/2043 | 3,000 | 1,072,384 | |||||||||||
Texas (State of) Transportation Commission (Central Texas Turnpike System); |
||||||||||||||||
Series 2015 B, Ref. RB(f) |
0.00 | % | 08/15/2036 | 3,475 | 1,844,712 | |||||||||||
Series 2015 B, Ref. RB(f) |
0.00 | % | 08/15/2037 | 1,175 | 586,867 | |||||||||||
Series 2015 C, Ref. RB |
5.00 | % | 08/15/2042 | 5,480 | 5,480,000 | |||||||||||
Texas City Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School Fund) |
4.00 | % | 08/15/2053 | 1,430 | 1,346,662 | |||||||||||
Texas Municipal Gas Acquisition & Supply Corp. I; Series 2008 D, RB |
6.25 | % | 12/15/2026 | 3,410 | 3,531,319 | |||||||||||
Texas Private Activity Bond Surface Transportation Corp. (Blueridge Transportation Group, LLC SH 288 Toll Lanes); Series 2016, RB(h) |
5.00 | % | 12/31/2055 | 1,140 | 1,125,445 |
17 | Invesco Municipal Trust |
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
Texas–(continued) |
||||||||||||||||
Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners Segments 3 LLC Segments 3A and 3B Facility); Series 2013, RB(h) |
7.00 | % | 12/31/2038 | $ | 1,475 | $ | 1,478,048 | |||||||||
Texas Water Development Board; Series 2022, RB(i) |
5.00 | % | 10/15/2047 | 3,345 | 3,563,950 | |||||||||||
Travis County Cultural Education Facilities Finance Corp. (Wayside Schools); Series 2012 A, RB |
5.25 | % | 08/15/2042 | 10 | 9,527 | |||||||||||
Waco (City of), TX; Series 2023 A, Ctfs. Of Obligation |
4.00 | % | 02/01/2053 | 2,475 | 2,232,068 | |||||||||||
Waller Consolidated Independent School District; Series 2023, GO Bonds (INS - BAM)(g) |
4.00 | % | 02/15/2053 | 3,360 | 3,004,886 | |||||||||||
88,191,040 | ||||||||||||||||
Utah–1.48% |
||||||||||||||||
Black Desert Public Infrastructure District; Series 2021 A, GO Bonds(e) |
4.00 | % | 03/01/2051 | 500 | 368,290 | |||||||||||
Military Installation Development Authority; Series 2021 A‑2, RB |
4.00 | % | 06/01/2052 | 500 | 362,700 | |||||||||||
Salt Lake City (City of), UT; |
||||||||||||||||
Series 2021 A, RB(h) |
5.00 | % | 07/01/2046 | 835 | 855,965 | |||||||||||
Series 2021 A, RB(h) |
5.00 | % | 07/01/2051 | 445 | 453,464 | |||||||||||
Series 2023 A, RB(h) |
5.25 | % | 07/01/2048 | 1,575 | 1,657,640 | |||||||||||
Utah (County of), UT (IHC Health Services, Inc.); Series 2016 B, RB |
4.00 | % | 05/15/2047 | 3,300 | 3,062,173 | |||||||||||
Utah (State of) Charter School Finance Authority (Ogden Preparatory Academy); Series 2022 A, Ref. RB |
4.38 | % | 10/15/2047 | 835 | 763,715 | |||||||||||
Utah Telecommunication Open Infrastructure Agency; Series 2022, Ref. RB |
4.38 | % | 06/01/2040 | 1,115 | 1,118,482 | |||||||||||
8,642,429 | ||||||||||||||||
Virginia–2.48% |
||||||||||||||||
Chesapeake (City of), VA Expressway; Series 2012 A, RB |
5.00 | % | 07/15/2047 | 2,540 | 2,540,258 | |||||||||||
Hampton (City of), VA Roads Transportation Accountability Commission; Series 2022 A, RB |
4.00 | % | 07/01/2052 | 2,895 | 2,690,834 | |||||||||||
Peninsula Town Center Community Development Authority; Series 2018, Ref. RB(e) |
5.00 | % | 09/01/2045 | 340 | 312,772 | |||||||||||
Roanoke (City of), VA Economic Development Authority (Richfield Living); Series 2020, RB (Acquired 01/23/2020; Cost $325,000)(c)(d) |
5.00 | % | 09/01/2050 | 325 | 195,000 | |||||||||||
Virginia (Commonwealth of) Small Business Financing Authority (95 Express Lanes LLC); Series 2022, Ref. RB(h) |
5.00 | % | 01/01/2037 | 3,120 | 3,237,016 | |||||||||||
Virginia (Commonwealth of) Small Business Financing Authority (I‑495 Hot Lanes); |
||||||||||||||||
Series 2022, Ref. RB(h) |
5.00 | % | 12/31/2052 | 530 | 533,198 | |||||||||||
Series 2022, Ref. RB(h) |
5.00 | % | 12/31/2057 | 1,630 | 1,635,867 | |||||||||||
Virginia (Commonwealth of) Small Business Financing Authority (Transform 66 P3); |
||||||||||||||||
Series 2017, RB(h) |
5.00 | % | 12/31/2049 | 910 | 911,502 | |||||||||||
Series 2017, RB(h) |
5.00 | % | 12/31/2056 | 2,500 | 2,475,785 | |||||||||||
14,532,232 | ||||||||||||||||
Washington–3.36% |
||||||||||||||||
Bellevue (City of), WA Convention Center Authority (Compound Interest); Series 1994, Ref. RB(f)(l) |
0.00 | % | 02/01/2024 | 5,000 | 4,930,561 | |||||||||||
Kalispel Tribe of Indians; Series 2018 A, RB(e) |
5.25 | % | 01/01/2038 | 1,320 | 1,346,850 | |||||||||||
Seattle (City of), WA; Series 2023 A, Ref. RB |
5.00 | % | 03/01/2053 | 2,435 | 2,586,076 | |||||||||||
Tacoma (City of), WA; Series 2023, RB(i) |
4.00 | % | 12/01/2047 | 2,785 | 2,638,561 | |||||||||||
Washington (State of); Series 2019 A, GO Bonds(i) |
5.00 | % | 08/01/2042 | 1,875 | 1,969,995 | |||||||||||
Washington (State of) Convention Center Public Facilities District; Series 2018, RB |
5.00 | % | 07/01/2048 | 3,480 | 3,509,438 | |||||||||||
Washington (State of) Housing Finance Commission (Bayview Manor Homes); |
||||||||||||||||
Series 2016 A, Ref. RB(e) |
5.00 | % | 07/01/2046 | 435 | 339,401 | |||||||||||
Series 2016 A, Ref. RB(e) |
5.00 | % | 07/01/2051 | 360 | 271,215 | |||||||||||
Washington (State of) Housing Finance Commission (Social Certificates); Series 2021‑1A, Revenue Ctfs. |
3.50 | % | 12/20/2035 | 1,204 | 1,090,936 | |||||||||||
Washington (State of) Tobacco Settlement Authority; Series 2013, Ref. RB |
5.25 | % | 06/01/2033 | 1,000 | 981,992 | |||||||||||
19,665,025 | ||||||||||||||||
West Virginia–0.44% |
||||||||||||||||
Monongalia (County of), WV Commission Special District (University Town Centre Economic Opportunity Development District); Series 2020, Ref. RB(e) |
7.50 | % | 06/01/2043 | 830 | 900,721 | |||||||||||
West Virginia (State of) Hospital Finance Authority (West Virginia University Health System Obligated Group); Series 2023, RB |
4.25 | % | 06/01/2047 | 1,790 | 1,672,669 | |||||||||||
2,573,390 | ||||||||||||||||
Wisconsin–4.52% |
||||||||||||||||
University of Wisconsin Hospitals & Clinics; Series 2018 B, Ref. VRD RB(m) |
2.95 | % | 04/01/2048 | 1,650 | 1,650,000 |
18 | Invesco Municipal Trust |
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
Wisconsin–(continued) |
||||||||||||||||
Wisconsin (State of) Center District; |
||||||||||||||||
Series 2020 D, RB (INS - AGM)(f)(g) |
0.00 | % | 12/15/2050 | $ | 6,520 | $ | 1,768,145 | |||||||||
Series 2020 D, RB (INS - AGM)(f)(g) |
0.00 | % | 12/15/2060 | 29,455 | 4,775,872 | |||||||||||
Series 2022, RB(e) |
5.25 | % | 12/15/2061 | 1,705 | 1,634,341 | |||||||||||
Wisconsin (State of) Health & Educational Facilities Authority (Aspirus, Inc. Obligated Group); |
||||||||||||||||
Series 2021, RB |
3.00 | % | 08/15/2051 | 840 | 576,383 | |||||||||||
Series 2021, RB |
4.00 | % | 08/15/2051 | 2,800 | 2,506,815 | |||||||||||
Wisconsin (State of) Health & Educational Facilities Authority (Froedtert Health); Series 2022 A, Ref. RB |
4.00 | % | 04/01/2042 | 2,510 | 2,298,932 | |||||||||||
Wisconsin (State of) Health & Educational Facilities Authority (Gundersen Health system); Series 2021 A, Ref. RB |
3.00 | % | 10/15/2038 | 1,680 | 1,354,920 | |||||||||||
Wisconsin (State of) Health & Educational Facilities Authority (Medical College of Wisconsin); Series 2022, Ref. RB |
4.00 | % | 12/01/2051 | 1,540 | 1,409,381 | |||||||||||
Wisconsin (State of) Public Finance Authority (American Dream at Meadowlands); |
||||||||||||||||
Series 2017, RB(c)(e) |
6.75 | % | 08/01/2031 | 915 | 640,500 | |||||||||||
Series 2017, RB(e) |
6.75 | % | 12/01/2042 | 2,135 | 1,934,400 | |||||||||||
Wisconsin (State of) Public Finance Authority (Explore Academy); |
||||||||||||||||
Series 2020 A, RB(e) |
6.13 | % | 02/01/2050 | 415 | 354,805 | |||||||||||
Series 2022 A, RB(e) |
6.13 | % | 02/01/2050 | 450 | 384,728 | |||||||||||
Wisconsin (State of) Public Finance Authority (Mallard Creek STEM Academy); Series 2019 A, RB(e) |
5.13 | % | 06/15/2039 | 625 | 591,605 | |||||||||||
Wisconsin (State of) Public Finance Authority (Maryland Proton Treatment Center); Series 2018 A‑1, RB(e) |
6.38 | % | 01/01/2048 | 650 | 399,750 | |||||||||||
Wisconsin (State of) Public Finance Authority (Prime Healthcare Foundation, Inc.); |
||||||||||||||||
Series 2018 A, RB |
5.20 | % | 12/01/2037 | 1,675 | 1,683,302 | |||||||||||
Series 2018 A, RB |
5.35 | % | 12/01/2045 | 1,675 | 1,627,028 | |||||||||||
Wisconsin (State of) Public Finance Authority (Roseman University of Health Sciences); Series 2015, Ref. RB |
5.75 | % | 04/01/2035 | 875 | 887,540 | |||||||||||
26,478,447 | ||||||||||||||||
Wyoming–0.17% |
||||||||||||||||
University of Wyoming; Series 2021 C, RB (INS - AGM)(g) |
4.00 | % | 06/01/2044 | 1,065 | 1,002,074 | |||||||||||
Total Municipal Obligations (Cost $929,513,684) |
904,007,983 | |||||||||||||||
Shares | ||||||||||||||||
Exchange-Traded Funds–0.09% |
||||||||||||||||
Invesco Municipal Strategic Income ETF |
||||||||||||||||
(Cost $512,037)(r) |
10,050 | 499,712 | ||||||||||||||
TOTAL INVESTMENTS IN SECURITIES(s) –154.54% (Cost $930,025,721) |
904,507,695 | |||||||||||||||
FLOATING RATE NOTE OBLIGATIONS–(13.94)% |
||||||||||||||||
Notes with interest and fee rates ranging from 4.58% to 4.63% at 08/31/2023 and contractual maturities of collateral ranging from 07/01/2026 to 11/15/2055 (See Note 1J)(t) |
(81,590,000 | ) | ||||||||||||||
VARIABLE RATE MUNI TERM PREFERRED SHARES–(41.47)% |
(242,745,480 | ) | ||||||||||||||
OTHER ASSETS LESS LIABILITIES–0.87% |
5,118,357 | |||||||||||||||
NET ASSETS APPLICABLE TO COMMON SHARES–100.00% |
$ | 585,290,572 |
19 | Invesco Municipal Trust |
Investment Abbreviations: | ||
AGC | – Assured Guaranty Corp. | |
AGM | – Assured Guaranty Municipal Corp. | |
AMBAC | – American Municipal Bond Assurance Corp. | |
BAM | – Build America Mutual Assurance Co. | |
BHAC | – Berkshire Hathaway Assurance Corp. | |
CEP | – Credit Enhancement Provider | |
COP | – Certificates of Participation | |
Ctfs. | – Certificates | |
ETF | – Exchange-Traded Fund | |
FHLMC | – Federal Home Loan Mortgage Corp. | |
GNMA | – Government National Mortgage Association | |
GO | – General Obligation | |
IDR | – Industrial Development Revenue Bonds | |
INS | – Insurer | |
LOC | – Letter of Credit | |
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 |
(a) | Calculated as a percentage of net assets. Amounts in excess of 100% are due to the Trust’s use of leverage. |
(b) | Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put. |
(c) | 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, 2023 was $4,145,714, which represented less than 1% of the Trust’s Net Assets. |
(d) | Restricted security. The aggregate value of these securities at August 31, 2023 was $2,828,267, which represented less than 1% of the Trust’s Net Assets. |
(e) | 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, 2023 was $50,185,998, which represented 8.57% of the Trust’s Net Assets. |
(f) | Zero coupon bond issued at a discount. |
(g) | Principal and/or interest payments are secured by the bond insurance company listed. |
(h) | Security subject to the alternative minimum tax. |
(i) | Underlying security related to TOB Trusts entered into by the Trust. See Note 1J. |
(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 $24,237,000. However, such shortfall payment would be reduced by the proceeds from the sale of the security underlying the TOB Trusts. |
(l) | Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral. |
(m) | 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, 2023. |
(n) | Security valued using significant unobservable inputs (Level 3). See Note 3. |
(o) | The issuer is paying less than stated interest, but is not in default on principal because scheduled principal payments have not yet begun. |
(p) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2023. |
(q) | Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary. |
(r) | Affiliated issuer. The issuer and/or the Trust is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Trust’s transactions in, and earnings from, its investments in affiliates for the six months ended August 31, 2023. |
Value February 28, 2023 |
Purchases at Cost |
Proceeds from Sales |
Change in Unrealized Appreciation (Depreciation) |
Realized Gain |
Value August 31, 2023 |
Dividend Income | ||||||||||||||||||||||
Invesco Municipal Strategic Income ETF |
$500,445 | $— | $— | $ | (733 | ) | $ | — | $ | 499,712 | $ | 10,304 |
(s) | This table provides a listing of those entities that have either issued, guaranteed, backed or otherwise enhanced the credit quality of more than 5% of the securities held in the portfolio. In instances where the entity has guaranteed, backed or otherwise enhanced the credit quality of a security, it is not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations. |
Entity | Percent | |||
|
||||
Assured Guaranty Municipal Corp. |
5.71 | % |
(t) | Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at August 31, 2023. At August 31, 2023, the Trust’s investments with a value of $121,043,729 are held by TOB Trusts and serve as collateral for the $81,590,000 in the floating rate note obligations outstanding at that date. |
20 | Invesco Municipal Trust |
Revenue Bonds |
85.35% | |||
General Obligation Bonds |
11.96 | |||
Pre‑Refunded Bonds |
1.76 | |||
Other |
0.93 |
21 | Invesco Municipal Trust |
Assets: |
||||
Investments in unaffiliated securities, at value (Cost $929,513,684) |
$ | 904,007,983 | ||
|
||||
Investments in affiliates, at value (Cost $512,037) |
499,712 | |||
|
||||
Cash |
2,938,337 | |||
|
||||
Receivable for: |
||||
Investments sold |
22,267,719 | |||
|
||||
Interest |
9,165,266 | |||
|
||||
Investment for trustee deferred compensation and retirement plans |
23,390 | |||
|
||||
Total assets |
938,902,407 | |||
|
||||
Liabilities: |
||||
Floating rate note obligations |
81,590,000 | |||
|
||||
Variable rate muni term preferred shares ($0.01 par value, 2,428 shares issued with liquidation preference of $100,000 per share) |
242,745,480 | |||
|
||||
Payable for: |
||||
Investments purchased |
28,087,607 | |||
|
||||
Dividends |
58,949 | |||
|
||||
Accrued fees to affiliates |
50,460 | |||
|
||||
Accrued interest expense |
932,617 | |||
|
||||
Accrued trustees’ and officers’ fees and benefits |
1,379 | |||
|
||||
Accrued other operating expenses |
121,953 | |||
|
||||
Trustee deferred compensation and retirement plans |
23,390 | |||
|
||||
Total liabilities |
353,611,835 | |||
|
||||
Net assets applicable to common shares |
$ | 585,290,572 | ||
|
Net assets applicable to common shares consist of: |
||||
Shares of beneficial interest – common shares |
$ | 696,654,870 | ||
|
||||
Distributable earnings (loss) |
(111,364,298 | ) | ||
|
||||
$ | 585,290,572 | |||
|
||||
Common shares outstanding, no par value, with an unlimited number of common shares authorized: |
||||
Common shares outstanding |
55,335,515 | |||
|
||||
Net asset value per common share |
$ | 10.58 | ||
|
||||
Market value per common share |
$ | 9.07 | ||
|
22 | Invesco Municipal Trust |
Investment income: |
||||
Interest |
$ | 21,969,777 | ||
|
||||
Dividends from affiliates |
10,304 | |||
|
||||
Total investment income |
21,980,081 | |||
|
||||
Expenses: |
||||
Advisory fees |
2,623,001 | |||
|
||||
Administrative services fees |
46,751 | |||
|
||||
Custodian fees |
4,559 | |||
|
||||
Interest, facilities and maintenance fees |
7,351,583 | |||
|
||||
Transfer agent fees |
19,826 | |||
|
||||
Trustees’ and officers’ fees and benefits |
11,072 | |||
|
||||
Registration and filing fees |
21,737 | |||
|
||||
Reports to shareholders |
22,464 | |||
|
||||
Professional services fees |
61,804 | |||
|
||||
Other |
4,615 | |||
|
||||
Total expenses |
10,167,412 | |||
|
||||
Less: Fees waived |
(977 | ) | ||
|
||||
Net expenses |
10,166,435 | |||
|
||||
Net investment income |
11,813,646 | |||
|
||||
Realized and unrealized gain (loss) from: |
||||
Net realized gain (loss) from unaffiliated investment securities (includes net gains (losses) from securities sold to affiliates of $(364,385)) |
(3,049,371 | ) | ||
|
||||
Change in net unrealized appreciation (depreciation) of: |
||||
Unaffiliated investment securities |
(76,531 | ) | ||
|
||||
Affiliated investment securities |
(733 | ) | ||
|
||||
(77,264 | ) | |||
|
||||
Net realized and unrealized gain (loss) |
(3,126,635 | ) | ||
|
||||
Net increase in net assets resulting from operations applicable to common shares |
$ | 8,687,011 | ||
|
23 | Invesco Municipal Trust |
August 31, 2023 |
February 28, 2023 |
|||||||
Operations: |
||||||||
Net investment income |
$ | 11,813,646 | $ | 27,323,652 | ||||
|
||||||||
Net realized gain (loss) |
(3,049,371 | ) | (43,750,262 | ) | ||||
|
||||||||
Change in net unrealized appreciation (depreciation) |
(77,264 | ) | (73,997,602 | ) | ||||
|
||||||||
Net increase (decrease) in net assets resulting from operations applicable to common shares |
8,687,011 | (90,424,212 | ) | |||||
|
||||||||
Distributions to common shareholders from distributable earnings |
(12,207,015 | ) | (27,730,998 | ) | ||||
|
||||||||
Return of capital applicable to common shares |
– | (1,867,979 | ) | |||||
|
||||||||
Total distributions |
(12,207,015 | ) | (29,598,977 | ) | ||||
|
||||||||
Net increase (decrease) in net assets applicable to common shares |
(3,520,004 | ) | (120,023,189 | ) | ||||
|
||||||||
Net assets applicable to common shares: |
||||||||
Beginning of period |
588,810,576 | 708,833,765 | ||||||
|
||||||||
End of period |
$ | 585,290,572 | $ | 588,810,576 | ||||
|
24 | Invesco Municipal Trust |
Net increase in net assets resulting from operations applicable to common shares |
$ | 8,687,011 | ||
|
||||
Adjustments to reconcile the change in net assets applicable to common shares from operations to net cash provided by operating activities: |
||||
Purchases of investments |
(114,302,998 | ) | ||
|
||||
Proceeds from sales of investments |
144,349,026 | |||
|
||||
Proceeds from sales of short-term investments, net |
6,402,322 | |||
|
||||
Amortization of premium on investment securities |
1,390,258 | |||
|
||||
Accretion of discount on investment securities |
(1,797,419 | ) | ||
|
||||
Net realized loss from investment securities |
3,049,371 | |||
|
||||
Net change in unrealized depreciation on investment securities |
77,264 | |||
|
||||
Change in operating assets and liabilities: |
||||
|
||||
Increase in receivables and other assets |
(19,533,073 | ) | ||
|
||||
Increase in accrued expenses and other payables |
81,382 | |||
|
||||
Net cash provided by operating activities |
28,403,144 | |||
|
||||
Cash provided by (used in) financing activities: |
||||
Dividends paid to common shareholders from distributable earnings |
(12,210,491 | ) | ||
|
||||
Proceeds of TOB Trusts |
940,000 | |||
|
||||
Repayments of TOB Trusts |
(28,000,000 | ) | ||
|
||||
Net cash provided by (used in) financing activities |
(39,270,491 | ) | ||
|
||||
Net decrease in cash and cash equivalents |
(10,867,347 | ) | ||
|
||||
Cash and cash equivalents at beginning of period |
13,805,684 | |||
|
||||
Cash and cash equivalents at end of period |
$ | 2,938,337 | ||
|
||||
Supplemental disclosure of cash flow information: |
||||
Cash paid during the period for taxes |
$ | (35,929 | ) | |
|
||||
Cash paid during the period for interest, facilities and maintenance fees |
$ | 7,231,923 | ||
|
25 | Invesco Municipal Trust |
Six Months Ended | Years Ended | Year Ended | Year Ended | |||||||||||||||||||||||||||||||||||||||||||||
August 31, | February 28, | February 29, | February 28, | |||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||
2023 | 2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value per common share, beginning of period |
$ | 10.64 | $ | 12.81 | $ | 13.49 | $ | 13.97 | $ | 12.90 | $ | 13.14 | ||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income(a) |
0.21 | 0.49 | 0.59 | 0.63 | 0.57 | 0.61 | ||||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||
Net gains (losses) on securities (both realized and unrealized) |
(0.05 | ) | (2.13 | ) | (0.64 | ) | (0.51 | ) | 1.11 | (0.20 | ) | |||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||
Total from investment operations |
0.16 | (1.64 | ) | (0.05 | ) | 0.12 | 1.68 | 0.41 | ||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||
Less: |
||||||||||||||||||||||||||||||||||||||||||||||||
Dividends paid to common shareholders from net investment income |
(0.22 | ) | (0.50 | ) | (0.63 | ) | (0.60 | ) | (0.58 | ) | (0.63 | ) | ||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||
Return of capital |
– | (0.03 | ) | – | – | (0.03 | ) | (0.02 | ) | |||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||
Total distributions |
(0.22 | ) | (0.53 | ) | (0.63 | ) | (0.60 | ) | (0.61 | ) | (0.65 | ) | ||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value per common share, end of period |
$ | 10.58 | $ | 10.64 | $ | 12.81 | $ | 13.49 | $ | 13.97 | $ | 12.90 | ||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||
Market value per common share, end of period |
$ | 9.07 | $ | 9.47 | $ | 11.81 | $ | 12.82 | $ | 12.61 | $ | 11.89 | ||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||
Total return at net asset value(b) |
1.77 | % | (12.43 | )% | (0.45 | )% | 1.45 | % | 13.68 | % | 3.83 | % | ||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||
Total return at market value(c) |
(1.98 | )% | (15.46 | )% | (3.43 | )% | 6.81 | % | 11.33 | % | 6.39 | % | ||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||
Net assets applicable to common shares, end of period (000’s omitted) |
$ | 585,291 | $ | 588,811 | $ | 708,834 | $ | 746,050 | $ | 772,929 | $ | 713,391 | ||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio turnover rate(d) |
14 | % | 41 | % | 14 | % | 20 | % | 11 | % | 15 | % | ||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||
Ratios/supplemental data based on average net assets applicable to common shares outstanding: |
||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses: |
||||||||||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||
With fee waivers and/or expense reimbursements |
3.38 | %(e) | 2.69 | % | 1.54 | % | 1.77 | % | 2.45 | % | 2.43 | % | ||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||
With fee waivers and/or expense reimbursements excluding interest, facilities and maintenance fees |
0.94 | %(e) | 0.98 | % | 0.94 | % | 0.95 | % | 0.98 | % | 1.01 | % | ||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||
Without fee waivers and/or expense reimbursements |
3.38 | %(e) | 2.69 | % | 1.54 | % | 1.77 | % | 2.45 | % | 2.43 | % | ||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of net investment income to average net assets |
3.93 | %(e) | 4.45 | % | 4.31 | % | 4.73 | % | 4.22 | % | 4.68 | % | ||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||
Senior securities: |
||||||||||||||||||||||||||||||||||||||||||||||||
Total amount of preferred shares outstanding (000’s omitted) |
$ | 242,800 | $ | 262,800 | $ | 262,800 | $ | 262,800 | $ | 262,800 | $ | 262,789 | ||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||
Asset coverage per preferred share(f) |
$ | 341,059 | $ | 324,053 | $ | 369,724 | $ | 383,885 | $ | 394,113 | $ | 371,454 | ||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||
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) | Annualized. |
(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. |
26 | Invesco Municipal Trust |
A. | Security Valuations - Securities, including restricted securities, are valued according to the following policy. |
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 and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. 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. |
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, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, 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. | 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. |
27 | Invesco Municipal Trust |
F. | Interest, Facilities and Maintenance Fees - Interest, Facilities and Maintenance Fees include interest and related borrowing costs such as commitment fees, rating and bank agent fees, administrative expenses and other expenses associated with establishing and maintaining the line of credit and Variable Rate Muni Term Preferred Shares (“VMTP Shares”). In addition, interest and administrative expenses related to establishing and maintaining floating rate note obligations, if any, are included. |
G. | Accounting Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Trust monitors for material events or transactions that may occur or become known after the period‑end date and before the date the financial statements are released to print. |
H. | Indemnifications - Under the 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. The risk of material loss as a result of such indemnification claims is considered remote. |
I. | Cash and Cash Equivalents - For the purposes of the Statement of Cash Flows, the Trust defines Cash and Cash Equivalents as cash (including foreign currency), money market funds and other investments held in lieu of cash and excludes investments made with cash collateral received. |
J. | Floating Rate Note Obligations - The Trust invests in inverse floating rate securities, such as 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. |
28 | Invesco Municipal Trust |
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. |
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 Adviser’s 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. |
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Investments in Securities |
||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Municipal Obligations |
$ – | $ | 903,323,074 | $684,909 | $ | 904,007,983 | ||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Exchange-Traded Funds |
499,712 | – | – | 499,712 | ||||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Total Investments |
$ | 499,712 | $ | 903,323,074 | $684,909 | $ | 904,507,695 | |||||||||||||||||||||
|
29 | Invesco Municipal Trust |
Capital Loss Carryforward* | ||||||||||||
|
| |||||||||||
Expiration | Short-Term | Long-Term | Total | |||||||||
|
||||||||||||
Not subject to expiration |
$ | 41,364,184 | $ | 40,436,090 | $ | 81,800,274 | ||||||
|
* | 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. |
Unrealized Appreciation (Depreciation) of Investments on a Tax Basis | ||||
|
||||
Aggregate unrealized appreciation of investments |
$ | 12,905,156 | ||
|
||||
Aggregate unrealized (depreciation) of investments |
(39,001,387 | ) | ||
|
||||
Net unrealized appreciation (depreciation) of investments |
$ | (26,096,231 | ) | |
|
Six Months Ended August 31, |
Year Ended February 28, |
|||||||
2023 | 2023 | |||||||
|
||||||||
Beginning shares |
55,335,515 | 55,335,515 | ||||||
|
||||||||
Shares issued through dividend reinvestment |
– | – | ||||||
|
||||||||
Ending shares |
55,335,515 | 55,335,515 | ||||||
|
Issue Date | Shares Issued | Term Redemption Date | Extension Date | |||||||||
|
||||||||||||
05/17/2012 |
2,428 | 10/10/2025 | 07/17/2023 | |||||||||
|
30 | Invesco Municipal Trust |
Declaration Date | Amount per Share | Record Date | Payable Date | |||||||||
|
||||||||||||
September 1, 2023 |
$0.0346 | September 15, 2023 | September 29, 2023 | |||||||||
|
||||||||||||
October 2, 2023 |
$0.0346 | October 16, 2023 | October 31, 2023 | |||||||||
|
31 | Invesco Municipal Trust |
32 | Invesco Municipal Trust |
33 | Invesco Municipal Trust |
Matters | Votes For | Votes Withheld |
||||||||
|
||||||||||
(1). |
Beth Ann Brown | 39,232,234.19 | 5,158,723.42 | |||||||
Joel W. Motley | 39,144,969.75 | 5,245,987.85 | ||||||||
Teresa M. Ressel | 38,358,747.74 | 6,032,209.87 | ||||||||
(2). |
Anthony J. LaCava, Jr. | 2,628.00 | 0.00 |
34 | Invesco Municipal Trust |
SEC file number(s): 811‑06362 | VK‑CE‑MUNI‑SAR‑1 |
(b) Not applicable.
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. |
As of August 31, 2023, the following individuals are jointly and primarily responsible for the day-to-day management of the Trust:
• | Mark Paris, Portfolio Manager, who has been responsible for the Trust since 2015 and has been associated with Invesco and/or its affiliates since 2010. |
• | Jack Connelly, Portfolio Manager, who has been responsible for the Trust since 2016 and has been associated with Invesco and/or its affiliates since 2016. |
• | Joshua Cooney, Portfolio Manager, who has been responsible for the Trust since 2021 and has been associated with Invesco and/or its affiliates since 1999. |
• | Tim O’Reilly, Portfolio Manager, who has been responsible for the Trust since 2016 and has been associated with Invesco and/or its affiliates since 2010. |
• | John Schorle, Portfolio Manager, who has been responsible for the Trust since 2018 and has been associated with Invesco and/or its affiliates since 2010. |
• | Rebecca Setcavage, Portfolio Manager, who has been responsible for the Trust since 2021 and has been associated with Invesco and/or its affiliates since 2019. Ms. Setcavage was associated with OppenheimerFunds, a global asset management firm, since 2017. |
• | Julius Williams, Portfolio Manager, who has been responsible for the Trust since 2015 and has been associated with Invesco and/or its affiliates since 2010. |
Portfolio Manager Fund Holdings and Information on Other Managed Accounts
Invesco’s portfolio managers develop investment models which are used in connection with the management of certain Invesco Funds as well as other mutual funds for which Invesco or an affiliate acts as sub-adviser, other pooled investment vehicles that are not registered mutual funds, and other accounts managed for organizations and individuals. The ‘Investments’ chart reflects the portfolio managers’ investments in the Fund(s) that they manage and includes investments in the Fund’s shares beneficially owned by a portfolio manager, as determined in accordance with Rule 16a-1(a)(2) under the Securities Exchange Act of 1934, as amended (beneficial ownership includes ownership by a portfolio manager’s immediate family members sharing the same household). The ‘Assets Managed’ chart reflects information regarding accounts other than the Funds for which each portfolio manager has day-to-day management responsibilities. Accounts are grouped into three categories: (i) other registered investment companies; (ii) other pooled investment vehicles; and (iii) other accounts. To the extent that any of these accounts pay advisory fees that are based on account performance (performance-based fees), information on those accounts is specifically noted. In addition, any assets denominated in foreign currencies have been converted into U.S. dollars using the exchange rates as of the applicable date.
Investments
The following information is as of August 31, 2023 (unless otherwise noted):
Portfolio Managers |
Dollar Range of Investments in the Fund | |
Invesco Municipal Trust | ||
Mark Paris | None | |
Jack Connelly | None | |
Joshua Cooney | None | |
Tim O’Reilly | None | |
John Schorle | None | |
Rebecca Setcavage | None | |
Julius Williams | None |
Assets Managed
The following information is as of August 31, 2023 (unless otherwise noted):
Portfolio Managers |
Other Registered Investment Companies Managed |
Other Pooled Investment Vehicles Managed |
Other Accounts Managed |
|||||||||||||||||||||
Number of Accounts |
Assets (in millions) |
Number of Accounts |
Assets (in millions) |
Number of Accounts |
Assets (in millions) |
|||||||||||||||||||
Invesco Municipal Trust |
||||||||||||||||||||||||
Mark Paris |
26 | $ | 45,959.9 | None | None | 2 | $ | 224.1 | 1 | |||||||||||||||
Jack Connelly |
14 | $ | 23,060.6 | None | None | 2 | 1 | $ | 224.1 | 1 | ||||||||||||||
Joshua Cooney |
13 | $ | 16,325.5 | None | None | None | None | |||||||||||||||||
Tim O’Reilly |
26 | $ | 45,979.4 | None | None | 2 | 1 | $ | 224.1 | 1 | ||||||||||||||
John Schorle |
16 | $ | 23,100.1 | None | None | 2 | 1 | $ | 224.1 | 1 | ||||||||||||||
Rebecca Setcavage |
8 | $ | 11,033.6 | None | None | None | None | |||||||||||||||||
Julius Williams |
26 | $ | 45,979.4 | None | None | 2 | 1 | $ | 224.1 | 1 |
Potential Conflicts of Interest
Actual or apparent conflicts of interest may arise when a portfolio manager has day-to-day management responsibilities with respect to more than one Fund or other account. More specifically, portfolio managers who manage multiple Funds and/or other accounts may be presented with one or more of the following potential conflicts:
• | The management of multiple Funds and/or other accounts may result in a portfolio manager devoting unequal time and attention to the management of each Fund and/or other account. The Adviser and each Sub-Adviser seek to manage such competing interests for the time and attention of portfolio managers by having portfolio managers focus on a particular investment discipline. Most other accounts managed by a portfolio manager are managed using the same investment models that are used in connection with the management of the Funds. |
• | If a portfolio manager identifies a limited investment opportunity which may be suitable for more than one Fund or other account, a Fund may not be able to take full advantage of that opportunity due to an allocation of filled purchase or sale orders across all eligible Funds and other accounts. To deal with these situations, the Adviser, each Sub-Adviser and the Funds have adopted procedures for allocating portfolio transactions across multiple accounts. |
• | The Adviser and each Sub-Adviser determine which broker to use to execute each order for securities transactions for the Funds, consistent with its duty to seek best execution of the transaction. However, for certain other accounts (such as mutual funds for which Invesco or an affiliate acts as sub-adviser, other pooled investment vehicles that are not registered mutual funds, and other accounts managed for organizations and individuals), the Adviser and each Sub-Adviser may be limited by the client with respect to the selection of brokers or may be instructed to direct trades through a particular broker. In these cases, trades for a Fund in a particular security may be placed separately from, rather than aggregated with, such other accounts. Having separate transactions with respect to a security may temporarily affect the market price of the security or the execution of the transaction, or both, to the possible detriment of the Fund or other account(s) involved. |
• | The appearance of a conflict of interest may arise where the Adviser or Sub-Adviser has an incentive, such as a performance-based management fee, which relates to the management of one Fund or account but not all Funds and accounts for which a portfolio manager has day-to-day management responsibilities. None of the Invesco Fund accounts managed have a performance fee. |
• | In the case of a fund-of-funds arrangement, including where a portfolio manager manages both the investing Fund and an affiliated underlying fund in which the investing Fund invests or may invest, a conflict of interest may arise if the portfolio manager of the investing Fund receives material nonpublic information about the underlying fund. For example, such a conflict may restrict the ability of the portfolio manager to buy or sell securities of the underlying Fund, potentially for a prolonged period of time, which may adversely affect the Fund. |
The Adviser, each Sub-Adviser, and the Funds have adopted certain compliance procedures which are designed to address these types of conflicts. However, there is no guarantee that such procedures will detect each and every situation in which a conflict arises.
Description of Compensation Structure
For the Adviser and each Sub-Adviser
The Adviser and each Sub-Adviser seek to maintain a compensation program that is competitively positioned to attract and retain high-caliber investment professionals. Portfolio managers receive a base salary, an incentive cash bonus opportunity and a deferred compensation opportunity. Portfolio manager compensation is reviewed and may be modified each year as appropriate to reflect changes in the market, as well as to adjust the factors used to determine bonuses to promote competitive Fund performance. The Adviser and each Sub-Adviser evaluate competitive market compensation by reviewing compensation survey results conducted by an independent third party of investment industry compensation. Each portfolio manager’s compensation consists of the following three elements:
Base Salary. Each portfolio manager is paid a base salary. In setting the base salary, the Adviser and each Sub-Adviser’s intention is to be competitive in light of the particular portfolio manager’s experience and responsibilities.
Annual Bonus. The portfolio managers are eligible, along with other employees of the Adviser and each Sub-Adviser, to participate in a discretionary year-end bonus pool. The Compensation Committee of Invesco Ltd. reviews and approves the firm-wide bonus pool based upon progress against strategic objectives and annual operating plan, including investment performance and financial results. In addition, while having no direct impact on individual bonuses, assets under management are considered when determining the starting bonus funding levels. Each portfolio manager is eligible to receive an annual cash bonus which is based on quantitative (i.e. investment performance) and non-quantitative factors (which may include, but are not limited to, individual performance, risk management and teamwork).
Each portfolio manager’s compensation is linked to the pre-tax investment performance of the Funds/accounts managed by the portfolio manager as described in Table 1 below.
Table 1
Sub-Adviser |
Performance time period1 | |
Invesco 2 Invesco Canada3 Invesco Deutschland3 Invesco Hong Kong3 Invesco Asset Management3 Invesco India2 Invesco Listed Real Assets Division2 |
One-, Three- and Five-year performance against Fund peer group | |
Invesco Senior Secured2, 3 Invesco Capital2,4 |
Not applicable | |
Invesco Japan | One-, Three- and Five-year performance |
High investment performance (against applicable peer group and/or benchmarks) would deliver compensation generally associated with top pay in the industry (determined by reference to the third-party provided compensation survey information) and poor investment performance (versus applicable peer group) would result in low bonus compared to the applicable peer group or no bonus at all. These decisions are reviewed and approved collectively by senior leadership which has responsibility for executing the compensation approach across the organization.
With respect to Invesco Capital, there is no policy regarding, or agreement with, the Portfolio Managers or any other senior executive of the Adviser to receive bonuses or any other compensation in connection with the performance of any of the accounts managed by the Portfolio Managers.
1 | Rolling time periods based on calendar year-end. |
2 | Portfolio Managers may be granted an annual deferral award that vests on a pro-rata basis over a four-year period. |
3 | Invesco Senior Secured’s bonus is based on annual measures of equity return and standard tests of collateralization performance. |
4 | Portfolio Managers for Invesco Capital base their bonus on Invesco results as well as overall performance of Invesco Capital. |
Deferred / Long Term Compensation. Portfolio managers may be granted a deferred compensation award based on a firm-wide bonus pool approved by the Compensation Committee of Invesco Ltd. Deferred compensation awards may take the form of annual deferral awards or long-term equity awards. Annual deferral awards may be granted as an annual stock deferral award or an annual fund deferral award. Annual stock deferral awards are settled in Invesco Ltd. common shares. Annual fund deferral awards are notionally invested in certain Invesco Funds selected by the Portfolio Manager and are settled in cash. Long-term equity awards are settled in Invesco Ltd. common shares. Both annual deferral awards and long-term equity awards have a four-year ratable vesting schedule. The vesting period aligns the interests of the Portfolio Managers with the long-term interests of clients and shareholders and encourages retention.
Retirement and health and welfare arrangements. Portfolio managers are eligible to participate in retirement and health and welfare plans and programs that are available generally to all employees.
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 17, 2023, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the PEO and PFO, to assess the effectiveness of the Registrant’s disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of October 17, 2023, the Registrant’s disclosure controls and procedures were reasonably designed to ensure: (1) that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure. |
(b) | There have been no changes in the 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. | |
13(a) (1) | Not applicable. | |
13(a) (2) | Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002. | |
13(a) (3) | Not applicable. | |
13(a) (4) | Not applicable. | |
13(b) | Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(b) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002. |
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/ Glenn Brightman | |
Glenn Brightman | ||
Principal Executive Officer | ||
Date: | November 6, 2023 |
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/ Glenn Brightman | |
Glenn Brightman | ||
Principal Executive Officer | ||
Date: | November 6, 2023 | |
By: | /s/ Adrien Deberghes | |
Adrien Deberghes | ||
Principal Financial Officer | ||
Date: | November 6, 2023 |