Invesco Municipal Income Opportunities Trust

1555 Peachtree Street, N.E., Atlanta, Georgia 30309

Philip A. Taylor    1555 Peachtree Street, N.E., Atlanta, Georgia 30309

Invesco Municipal Income Opportunities Trust  

Quarterly Schedule of Portfolio Holdings

May 31, 2015

Municipal Obligations–114.39%^(a)

Alabama–1.70%

Birmingham (City of) Water Works Board; Series 2015 A, Ref. Water RB ^(b)

Huntsville (City of) Special Care Facilities Financing Authority (Redstone Village); Series 2007, Retirement Facility RB

Jefferson (County of);
Series 2013 C, Sr. Lien Sewer Revenue Conv. CAB Wts. (INS-AGM) ^(c)(d)

Series 2013 F, Sr. Lien Sewer Revenue Conv. CAB Wts. ^(d)

Series 2013-F, Sub. Lien Sewer Revenue Conv. CAB Wts. ^(d)

Arizona–3.40%

Phoenix (City of) Industrial Development Authority (Choice Academies); Series 2012,
Education RB

Phoenix (City of) Industrial Development Authority (Great Hearts Academies); Series 2012, Education RB

Phoenix (City of) Industrial Development Authority (Legacy Traditional Schools); Series 2014 A, Education Facility RB ^(e)

Phoenix (City of) Industrial Development Authority (Phoenix Collegiate Academy); Series 2012, Education RB

Pima (County of) Industrial Development Authority (Constellation Schools); Series 2008,
Lease RB ^(f)(g)

Pima (County of) Industrial Development Authority (Coral Academy Science); Series 2008 A, Education Facilities RB

Pima (County of) Industrial Development Authority (Edkey Charter Schools); Series 2013, Ref. Education Facility RB

Pima (County of) Industrial Development Authority (Global Water Resources, LLC); Series 2007, Water & Wastewater RB ^(h)

Quechan Indian Tribe of Fort Yuma (California & Arizona Governmental); Series 2008, RB

Town of Florence, Inc. (The) Industrial Development Authority (Legacy Traditional School - Queen Creek and Casa Grande Campuses); Series 2013, Education RB

California–13.64%

ABAG Finance Authority for Non-profit Corps. (Episcopal Senior Communities); Series 2012 A, Ref. RB

Alhambra (City of) (Atherton Baptist Homes); Series 2010 A, RB

Bakersfield (City of); Series 2007 A, Wastewater RB (INS-AGM) ^(b)(c)

California (State of) Educational Facilities Authority (Stanford University);
Series 2010, RB ^(b)

Series 2012 U-2, Ref. RB ^(b)

Series 2014 U-6, RB ^(b)

California (State of) Municipal Finance Authority (Caritas Affordable Housing, Inc.);
Series 2014 B, Sub. Mobile Home Park RB

California (State of) Municipal Finance Authority (High Tech High-Media Arts); Series 2008 A, Educational Facility RB ^(e)

California (State of) Municipal Finance Authority (Santa Rosa Academy); Series 2012 A, Charter School Lease RB

California (State of) Pollution Control Finance Authority; Series 2012, Water Furnishing RB ^(e)(h)

California (State of) School Finance Authority (New Designs Charter School); Series 2012, Educational Facilities RB

California (State of) Statewide Communities Development Authority (California Baptist University); Series 2011, RB

California (State of) Statewide Communities Development Authority (Huntington Park Charter School); Series 2007 A, Educational Facilities RB

California (State of) Statewide Finance Authority (Pooled Tobacco Securitization);
Series 2002, Tobacco Settlement Asset-Backed RB

Series 2006 A, Tobacco Settlement CAB Turbo RB ⁽ⁱ⁾

California–(continued)

California County Tobacco Securitization Agency (The) (Sonoma County Securitization Corp.); Series 2005, Ref. Tobacco Settlement Asset-Backed RB

Daly City (City of) Housing Development Finance Agency (Franciscan Mobile Home Park Acquisition); Series 2007 C, Ref. Third Tier Mobile Home Park RB

Desert Community College District (Election of 2004); Series 2007 C, Unlimited Tax CAB GO Bonds (INS-AGM) ^(c)(i)

Foothill-Eastern Transportation Corridor Agency; Series 2013 C, Ref. Jr. Lien Toll Road RB

Golden State Tobacco Securitization Corp.;
Series 2007 A-1, Sr. Tobacco Settlement Asset-Backed RB

Series 2007 A-1, Sr. Tobacco Settlement Asset-Backed RB

Series 2007 A-1, Sr. Tobacco Settlement Asset-Backed RB

Series 2007 A-1, Sr. Tobacco Settlement Asset-Backed RB

Inland Empire Tobacco Securitization Authority; Series 2007 C-1, Asset-Backed Tobacco Settlement CAB RB ⁽ⁱ⁾

National City (City of) Community Development Commission (National City Redevelopment); Series 2011, Tax Allocation RB

Palm Springs (City of) (Palm Springs International Airport); Series 2006, Ref. Sub. Airport Passenger Facility Charge RB ^(h)

Poway Unified School District (School Facilities Improvement); Series 2011, Unlimited Tax CAB GO Bonds ⁽ⁱ⁾

Riverside (County of) Redevelopment Agency (Mid-County Redevelopment Project Area);
Series 2010 C, Tax Allocation RB

Riverside (County of) Transportation Commission; Series 2013 A, Sr. Lien Toll RB

Sacramento (County of) Community Facilities District No. 2005-2 (North Vineyard Station No. 1); Series 2007 A, Special Tax RB

San Buenaventura (City of) (Community Memorial Health System); Series 2011, RB

San Francisco (City & County of) Redevelopment Financing Authority (Mission Bay South Redevelopment); Series 2011 D, Tax Allocation RB

San Francisco (City & County of) Successor Agency to the Redevelopment Agency Community Facilities District No. 6 (Mission Bay South Public Improvements); Series 2013 C,
Special Tax CAB RB ⁽ⁱ⁾

Southern California Logistics Airport Authority; Series 2008 A, Tax Allocation CAB RB ⁽ⁱ⁾

Southern California Tobacco Securitization Authority (San Diego County Tobacco Asset Securitization Corp.); Series 2006 A-1, Sr. Tobacco Settlement Asset-Backed RB

Union City (City of) Community Redevelopment Agency (Community Redevelopment); Series 2011, Sub. Lien Tax Allocation RB

Victor Valley Union High School District (Election of 2008); Series 2013 B, Unlimited Tax CAB GO Bonds ⁽ⁱ⁾

Colorado–5.19%

Colorado (State of) Health Facilities Authority (Christian Living Communities); Series 2006 A, RB

Colorado (State of) Health Facilities Authority (SCL Health System); Series 2013 A, RB ^(b)

Colorado (State of) Health Facilities Authority (Total Longterm Care National Obligated Group); Series 2010 A, RB

Colorado (State of) Regional Transportation District (Denver Transit Partners Eagle P3); Series 2010, Private Activity RB

Copperleaf Metropolitan District No. 2;
Series 2006, Limited Tax GO Bonds

Series 2006, Limited Tax GO Bonds

Denver (City of) Convention Center Hotel Authority; Series 2006, Ref. Sr. RB (INS-SGI) ^(c)

Fossil Ridge Metropolitan District No. 1; Series 2010, Ref. Tax Supported Limited Tax GO Bonds

Montrose (County of) Memorial Hospital Board of Trustees; Series 2003, Enterprise RB

Northwest Metropolitan District No. 3; Series 2005, Limited Tax GO Bonds

University of Colorado; Series 2013 A, Enterprise RB ^(b)

Connecticut–0.33%

Georgetown (City of) Special Taxing District; Series 2006 A, Unlimited Tax GO Bonds ^(e)(j)

Delaware–0.28%

Sussex (County of) (Cadbury at Lewes); Series 2006 A, First Mortgage RB

District of Columbia–1.72%

District of Columbia (Cesar Chavez Charter School); Series 2011, RB

District of Columbia;
Series 2009 B, Ref. Sec. Income Tax RB ^(b)

Series 2014 C, Unlimited Tax GO Bonds ^(b)

Florida–10.86%

Alachua (County of) (North Florida Retirement Village, Inc.);
Series 2007, IDR

Series 2007, IDR

Series 2007, IDR

Alachua (County of) Health Facilities Authority (East Ridge Retirement Village, Inc.);
Series 2014, RB

Alachua (County of) Health Facilities Authority (Terraces at Bonita Springs); Series 2011 A, RB

Broward (County of) (Civic Arena); Series 2006 A, Ref. Professional Sports Facilities Tax RB
(INS-AGM) ^(b)(c)

Capital Trust Agency (Million Air One LLC); Series 2011, RB ^(h)

Collier (County of) Industrial Development Authority (The Arlington of Naples); Series 2014 A, Continuing Care Community RB ^(e)

Florida (State of) Mid-Bay Bridge Authority; Series 2011 A, Springing Lien RB ^(f)(g)

Florida Development Finance Corp. (Renaissance Charter School, Inc.); Series 2012 A, Educational Facilities RB

Lee (County of) Industrial Development Authority (Cypress Cove Healthpark); Series 2012, Ref. RB

Miami-Dade (County of); Series 2009, Sub. Special Obligation CAB RB ⁽ⁱ⁾

Orange (County of) Health Facilities Authority (Orlando Lutheran Towers, Inc.);
Series 2005, Ref. RB

Series 2007, First Mortgage RB

Series 2007, First Mortgage RB

Orlando (City of); Series 2014 A, Contract Tourist Development Tax Payments RB ^(b)

Palm Beach (County of) Health Facilities Authority (Sinai Residences of Boca Raton);
Series 2014 A, RB

Renaissance Commons Community Development District; Series 2005 A, Special Assessment RB

South Miami (City of) Health Facilities Authority (Baptist Health South Florida Obligated Group); Series 2007, Hospital RB ^(b)

St. Johns (County of) Industrial Development Authority (Presbyterian Retirement Communities); Series 2010 A, RB

University Square Community Development District; Series 2007 A-1, Capital Improvement Special Assessment RB

Georgia–2.15%

Americus (City of) & Sumter (County of) Hospital Authority (Magnolia Manor Obligated Group); Series 2013 A, Ref. RB

Atlanta (City of) (Beltline); Series 2009 B, Tax Allocation RB

Atlanta (City of) (Eastside); Series 2005 B, Tax Allocation RB

Atlanta (City of) Water & Wastewater; Series 2015, Ref. RB ^(b)

DeKalb (County of) Hospital Authority (DeKalb Medical Center, Inc.); Series 2010, RAC

Hawaii–0.68%

Hawaii (State of) Department of Budget & Finance (15 Craigside); Series 2009 A, Special Purpose Senior Living RB

Hawaii (State of) Department of Budget & Finance (Hawaiian Electric Co., Inc. & Subsidiary); Series 2009, Special Purpose RB

Idaho–0.53%

Idaho (State of) Health Facilities Authority (Terraces of Boise); Series 2014 A, RB

Idaho (State of) Health Facilities Authority (Valley Vista Care Corp.); Series 2007, Ref. RB

Illinois–14.44%

Bolingbrook (Village of) Special Services Area No. 1 (Forest City); Series 2005, Special Tax RB

Bolingbrook (Village of); Series 2005, Sales Tax RB

Chicago (City of) (Lakeshore East); Series 2002, Special Assessment Improvement RB

Chicago (City of) Metropolitan Water Reclamation District; Series 2015 A, Unlimited Tax GO Green Bonds ^(b)

Chicago (City of) Transit Authority; Series 2014, Sales Tax Receipts RB ^(b)

Chicago (City of);
Series 2007 F, Ref. Unlimited Tax GO Bonds

Series 2011, COP

Cook (County of) (Navistar International Corp.); Series 2010, Recovery Zone Facility RB

Hillside (Village of) (Mannheim Redevelopment); Series 2008, Sr. Lien Tax Increment
Allocation RB

Illinois (State of) Finance Authority (Collegiate Housing Foundation - DeKalb II, LLC - Northern Illinois University); Series 2011, Student Housing RB

Illinois (State of) Finance Authority (Friendship Village of Schaumburg); Series 2010, RB

Illinois (State of) Finance Authority (Greenfields of Geneva);
Series 2010 A, RB

Series 2010 A, RB

Illinois (State of) Finance Authority (Luther Oaks);
Series 2006 A, RB

Series 2006 A, RB

Illinois (State of) Finance Authority (Lutheran Home & Services); Series 2012, Ref. RB

Illinois (State of) Finance Authority (Montgomery Place); Series 2006 A, RB

Illinois (State of) Finance Authority (Park Place of Elmhurst); Series 2010 A, RB

Illinois (State of) Finance Authority (Peace Village); Series 2013, RB

Illinois (State of) Finance Authority (Plymouth Place); Series 2013, Ref. RB

Illinois (State of) Finance Authority (Rogers Park Montessori School); Series 2014, Ref. Sr. Educational Facilities RB

Illinois (State of) Finance Authority (The Admiral at the Lake); Series 2010 A, RB

Illinois (State of) Finance Authority (The Landing at Plymouth Place); Series 2005 A, RB

Illinois (State of) Finance Authority (United Neighborhood Organization Charter
School Network, Inc.);
Series 2011, Ref. Charter School RB

Series 2011, Ref. Charter School RB

Illinois (State of) Finance Authority (University of Chicago); Series 2013 A, RB ^(b)

Illinois (State of) Finance Authority (Villa St. Benedict); Series 2003 A-1, RB ^(j)

Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion); Series 2010 A, RB ^(b)

Illinois (State of) Toll Highway Authority; Series 2008 B, RB ^(b)

Long Grove (Village of) (Sunset Grove); Series 2010, Limited Obligation Tax Increment
Allocation RB

Pingree Grove (Village of) (Cambridge Lakes Learning Center); Series 2011, RB

Pingree Grove (Village of) (Cambridge Lakes); Series 2006-1, Special Service Area No. 7 Special Tax RB

United City of Yorkville (City of) Special Service Area No. 2006-113 (Cannonball/Beecher Road); Series 2007, Special Tax RB

Upper Illinois River Valley Development Authority (Pleasant View Luther Home);
Series 2010, RB

Will (County of) & Kankakee (City of) Regional Development Authority (Senior Estates Supportive Living); Series 2007, MFH RB ^(h)

Indiana–2.28%

Carmel (City of) (Barrington Carmel); Series 2012 A, RB

Crown Point (City of) (Wittenberg Village); Series 2009 A, Economic Development RB

Indiana–(continued)

Indiana (State of) Finance Authority (Indiana University Health Obligated Group); Series 2015, RB ^(b)

Indianapolis (City of) (Ritter Affordable Assisted Living); Series 2014, MFH RB

St. Joseph (County of) (Holy Cross Village at Notre Dame);
Series 2006 A, Economic Development RB

Series 2006 A, Economic Development RB

Valparaiso (City of) (Pratt Paper, LLC); Series 2013, Exempt Facilities RB ^(h)

Vigo (County of) Hospital Authority (Union Hospital, Inc.); Series 2007, RB ^(e)

Iowa–2.46%

Cass (County of) (Cass County Memorial Hospital); Series 2010 A, Hospital RB

Iowa (State of) Finance Authority (Alcoa Inc.); Series 2012, Midwestern Disaster Area RB

Iowa (State of) Finance Authority (Iowa Fertilizer Co.); Series 2013, Midwestern Disaster Area RB

Iowa (State of) Finance Authority (Madrid Home); Series 2007, Ref. Health Care Facility RB

Iowa (State of) Tobacco Settlement Authority;
Series 2005 C, Asset-Backed RB

Series 2005 C, Asset-Backed RB

Series 2005 D, Asset-Backed CAB RB ⁽ⁱ⁾

Orange City (City of); Series 2008, Ref. Hospital Capital Loan RN

Kansas–1.03%

Olathe (City of) (Catholic Care Campus, Inc.); Series 2006 A, Senior Living Facility RB

Wichita (City of) (Larksfield Place); Series 2013 III, Ref. Health Care Facilities & Improvement RB

Wichita (City of) (Presbyterian Manors, Inc.); Series 2013 IV-A, Health Care Facilities RB

Kentucky–0.71%

Kentucky (State of) Economic Development Finance Authority (Masonic Home Independent
Living II); Series 2011, RB

Kentucky (State of) Public Transportation Infrastructure Authority (Downtown Crossing);
Series 2013 C, First Tier Toll Conv. CAB RB ^(d)

Louisiana–1.25%

Lakeshore Villages Master Community Development District; Series 2007, Special Assessment RB ^(j)

Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Westlake Chemical Corp.); Series 2009 A, RB

Louisiana (State of) Local Government Environmental Facilities & Community Development Authority; Series 2015 A, Ref. RB

Louisiana (State of) Public Facilities Authority (Lake Charles Memorial Hospital); Series 2007, Ref. Hospital RB ^(e)

Louisiana (State of) Public Facilities Authority (Louisiana Pellets Inc.); Series 2015, Waste Disposal Facilities RB ^(e)(h)

Maine–0.32%

Maine (State of) Health & Higher Educational Facilities Authority (Maine General Medical Center); Series 2011, RB

Maryland–0.94%

Baltimore (City of) (East Baltimore Research Park); Series 2008 A, Special Obligation Tax
Allocation RB

Frederick (County of) (Jefferson Technology Park); Series 2013 B, Tax Increment & Special Tax RB

Harford (County of); Series 2011, Special Obligation Tax Allocation RB

Massachusetts–1.09%

Massachusetts (State of) Development Finance Agency (Evergreen Center Inc.); Series 2005, RB

Massachusetts (State of) Development Finance Agency (Massachusetts Institute of Technology); Series 2002 K, RB ^(b)

Massachusetts (State of) Development Finance Agency (Tufts Medical Center); Series 2011 I, RB

Massachusetts (State of); Series 2004 A, Ref. Limited Tax GO Bonds (INS-AMBAC) ^(b)(c)

Michigan–1.09%

Charyl Stockwell Academy; Series 2015, Public School Academy Ref. RB

Dearborn Economic Development Corp. (Henry Ford Village, Inc.); Series 2008, Ref. Limited Obligation RB

Detroit (City of) Water and Sewerage Department; Series 2012 A, Ref. Sr. Lien Sewage Disposal System RB

Wayne Charter County Economic Development Corp. (Rivers of Grosse Point); Series 2013, First Mortgage RB

Minnesota–3.62%

Anoka (City of) (The Homestead at Anoka, Inc.); Series 2011 A, Health Care Facilities RB

Bloomington (City of) Port Authority (Radisson Blu Mall of America, LLC); Series 2010, Recovery Zone Facility RB

Brooklyn Park (City of) (Prairie Seeds Academy); Series 2009 A, Lease RB ^(f)(g)

Minneapolis (City of) (Fairview Health Services); Series 2008 A, Health Care System RB

North Oaks (City of) (Presbyterian Homes of North Oaks, Inc.); Series 2007, Senior Housing RB

Rochester (City of) (Homestead at Rochester, Inc.); Series 2013 A, Health Care & Housing RB

Rochester (City of) (Samaritan Bethany, Inc.); Series 2009 A, Ref. Health Care & Housing RB

St. Paul (City of) Housing & Redevelopment Authority (Emerald Gardens); Series 2010, Ref. Tax Increment Allocation RB

Wayzata (City of) (Folkestone Senior Living Community); Series 2012 A, Senior Housing RB

West St. Paul (City of) (Walker Thompson Hill, LLC); Series 2011A, Health Care Facilities RB

Winsted (City of) (St. Mary’s Care Center); Series 2010 A, Health Care RB

Mississippi–0.24%

Mississippi Business Finance Corp. (System Energy Resources, Inc.); Series 1998, PCR

Missouri–2.34%

Branson (City of) Regional Airport Transportation Development District; Series 2007 B,
Airport RB ^(h)(j)

Branson Hills Infrastructure Facilities Community Improvement District; Series 2007 A, Special Assessment RB

Bridgeton (City of) Industrial Development Authority (Sarah Community); Series 2011 A, Ref. & Improvement Senior Housing RB

Cass (County of); Series 2007, Hospital RB

Kansas City (City of) Industrial Development Authority (Ward Parkway Center Community Improvement District); Series 2011, Sales Tax RB

Kirkwood (City of) Industrial Development Authority (Aberdeen Heights); Series 2010 A, Retirement Community RB

St. Louis (County of) Industrial Development Authority (Grand Center Redevelopment); Series 2011, Tax Increment Allocation Improvement RB

St. Louis (County of) Industrial Development Authority (Ranken-Jordan); Series 2007, Ref. Health Facilities RB

St. Louis (County of) Industrial Development Authority (St. Andrew’s Resources for Seniors); Series 2007 A, Senior Living Facilities RB

Nebraska–0.30%

Gage (County of) Hospital Authority No. 1 (Beatrice Community Hospital & Health Center); Series 2010 B, Health Care Facilities RB

Nevada–0.78%

Henderson (City of) (Local Improvement District No. T-18); Series 2006, Special Assessment RB

Las Vegas (City of) Redevelopment Agency; Series 2009 A, Tax Increment Allocation RB

Mesquite (City of) (Special Improvement District No. 07-01-Anthem at Mesquite); Series 2007, Special Assessment Local Improvement RB

Sparks (City of) (Local Improvement District No. 3 - Legends at Sparks Marina); Series 2008, Special Assessment Limited Obligation Improvement RB

New Hampshire–0.61%

New Hampshire (State of) Business Finance Authority (Huggins Hospital); Series 2009,
First Mortgage RB

New Hampshire (State of) Health & Education Facilities Authority (Rivermead); Series 2011 A, RB

New Jersey–2.72%

Essex (County of) Improvement Authority (Newark); Series 2010 A, RB

New Jersey (State of) Economic Development Authority (Continental Airlines, Inc.);
Series 1999, Special Facility RB ^(h)

Series 2012, RB ^(h)

New Jersey (State of) Economic Development Authority (Leap Academy); Series 2014 A, RB

New Jersey (State of) Health Care Facilities Financing Authority (St. Joseph’s Health Care System); Series 2008, RB

Tobacco Settlement Financing Corp.;
Series 2007 1-A, RB

Series 2007 1A, Asset-Backed RB

Series 2007 1A, Asset-Backed RB

New Mexico–0.30%

New Mexico (State of) Hospital Equipment Loan Council (La Vida Llena); Series 2010 A, First Mortgage RB

New York–9.00%

Brooklyn Arena Local Development Corp. (Barclays Center);
Series 2009, PILOT CAB RB ⁽ⁱ⁾

Series 2009, PILOT CAB RB ⁽ⁱ⁾

Erie (County of) Industrial Development Agency (Orchard Park CCRC, Inc.); Series 2006 A, RB

Mount Vernon (City of) Industrial Development Agency (Wartburg Senior Housing, Inc./Meadowview);
Series 1999, Civic Facility RB

Series 1999, Civic Facility RB

Nassau (County of) Industrial Development Agency (Amsterdam at Harborside);
Series 2014 A, Continuing Care Retirement Community RB

Series 2014 C, Continuing Care Retirement Community RB

New York & New Jersey (States of) Port Authority;
One Hundred Sixty-Ninth Series 2011, Consolidated RB ^(b)(h)

One Hundred Sixty-Ninth Series 2011, Consolidated RB ^(b)(h)

New York (City of) Industrial Development Agency (Polytechnic University); Series 2007, Ref. Civic Facility RB (INS-ACA) ^(c)

New York (City of) Industrial Development Agency (Queens Baseball Stadium); Series 2006,
PILOT RB (INS-AMBAC) ^(c)

New York (City of) Municipal Water Finance Authority; Series 2012 BB, Water & Sewer System Second General Resolution RB ^(b)

New York (City of) Transitional Finance Authority;
Series 2013 I, Sub. Future Tax Sec. RB ^(b)

Subseries 2012 F-1, Future Tax Sec. RB ^(b)

New York (State of) Dormitory Authority; Series 2014 C, Personal Income Tax RB ^(b)

New York Liberty Development Corp. (3 World Trade Center); Series 2014, Class 3, Ref.
Liberty RB ^(e)

New York–(continued)

New York Liberty Development Corp. (Bank of America Tower at One Bryant Park); Series 2010, Ref. Second Priority Liberty RB

New York Liberty Development Corp. (National Sports Museum); Series 2006 A, RB (Acquired 08/07/06; Cost $1,697,125)^(e)(j)

Suffolk (County of) Industrial Development Agency (Medford Hamlet Assisted Living); Series 2005, Assisted Living Facility RB ^(h)

TSASC, Inc.;
Series 2006 1, Tobacco Settlement Asset-Backed RB

Series 2006 1, Tobacco Settlement Asset-Backed RB

North Carolina–0.55%

North Carolina (State of) Medical Care Commission (Aldersgate); Series 2013, Ref. First Mortgage Retirement Facilities RB

North Carolina (State of) Medical Care Commission (WhiteStone); Series 2011 A, First Mortgage Retirement Facilities RB

Ohio–4.10%

Buckeye Tobacco Settlement Financing Authority;
Series 2007 A-2, Sr. Asset-Backed Turbo RB

Series 2007 A-3, Sr. Asset-Backed RB

Series 2007 B, First Sub. Asset-Backed CAB RB ⁽ⁱ⁾

Centerville (City of) (Bethany Lutheran Village Continuing Care Facility Expansion); Series 2007 A, Health Care RB

Cleveland-Cuyahoga (County of) Port Authority (Constellation Schools); Series 2014 A, Ref. & Improvement Lease RB ^(e)

Cuyahoga (County of) (Eliza Jennings Senior Care Network); Series 2007 A, Health Care & Independent Living Facilities RB

Franklin (County of) (First Community Village Obligated Group); Series 2013, Ref. Health Care Facilities RB

Gallia (County of) (Holzer Health System Obligated Group); Series 2012, Ref. & Improvement Hospital Facilities RB

Lorain (County of) Port Authority (U.S. Steel Corp.); Series 2010, Recovery Zone Facility RB

Montgomery (County of) (St. Leonard); Series 2010, Ref. & Improvement Health Care & MFH RB

Muskingum (County of) (Genesis Healthcare System); Series 2013, Hospital Facilities RB

Toledo-Lucas (County of) Port Authority (Crocker Park Public Improvement); Series 2003, Special Assessment RB

Oklahoma–1.05%

Citizen Potawatomi Nation; Series 2004 A, Sr. Obligation Tax RB

Oklahoma (State of) Development Finance Authority (Inverness Village Community);
Series 2012, Ref. Continuing Care Retirement Community RB

Series 2013, Ref. Continuing Care Retirement Community RB

Tulsa (County of) Industrial Authority (Montereau, Inc.); Series 2010 A, Senior Living
Community RB

Pennsylvania–4.77%

Allegheny (County of) Industrial Development Authority (Propel Charter School-Montour); Series 2010 A, Charter School RB

Allegheny (County of) Redevelopment Authority (Pittsburgh Mills); Series 2004, Tax Allocation RB

Cumberland (County of) Municipal Authority (Asbury Pennsylvania Obligated Group);
Series 2010, RB

Harrisburg (City of) Authority (Harrisburg University of Science); Series 2007 B, University RB ^(j)

Lehigh (County of) General Purpose Authority (Bible Fellowship Church Homes, Inc.);
Series 2013, RB

Montgomery (County of) Industrial Development Authority (Philadelphia Presbytery Homes, Inc.); Series 2010, RB

Pennsylvania–(continued)

Pennsylvania (Commonwealth of); First Series 2014, Unlimited Tax GO Bonds ^(b)

Pennsylvania (State of) Economic Development Financing Authority (USG Corp.); Series 1999, Solid Waste Disposal RB ^(h)

Pennsylvania (State of) Intergovernmental Cooperation Authority (City of Philadelphia Funding Program); Series 2009, Ref. Special Tax RB ^(b)

Philadelphia (City of) Industrial Development Authority (First Philadelphia Preparatory Charter School); Series 2014 A, RB

Philadelphia (City of) Industrial Development Authority (Performing Arts Charter School); Series 2013, RB ^(e)

Washington (County of) Redevelopment Authority (Victory Centre Tanger Outlet Development); Series 2006 A, Tax Allocation RB

Puerto Rico–1.31%

Children’s Trust; Series 2005 A, Tobacco Settlement Asset-Backed RB ⁽ⁱ⁾

Puerto Rico (Commonwealth of); Series 2014 A, Unlimited Tax GO Bonds

Puerto Rico Sales Tax Financing Corp.;
Series 2007 A, CAB RB ⁽ⁱ⁾

Series 2011 C, RB

South Carolina–1.10%

Myrtle Beach (City of) (Myrtle Beach Air Force Base);
Series 2006 A, Tax Increment Allocation RB

Series 2006 A, Tax Increment Allocation RB

South Carolina (State of) Jobs-Economic Development Authority (The Woodlands at Furman);
Series 2012, Ref. RB

Series 2012, Ref. Sub. CAB RB ⁽ⁱ⁾

Tennessee–1.19%

Johnson City (City of) Health & Educational Facilities Board (Mountain States Health Alliance); Series 2006 A, First Mortgage Hospital RB

Shelby (County of) Health, Educational & Housing Facilities Board (Trezevant Manor);
Series 2013 A, Ref. RB

Trenton (City of) Health & Educational Facilities Board (RHA/Trenton MR, Inc.); Series 2009, RB

Texas–8.95%

Alliance Airport Authority, Inc. (Federal Express Corp.); Series 2006, Ref. Special Facilities RB ^(h)

Arlington Higher Education Finance Corp. (Universal Academy); Series 2014 A, Education RB

Austin Convention Enterprises, Inc.; Series 2006 B, Ref. Second Tier Convention Center RB ^(e)

Capital Area Cultural Education Facilities Finance Corp. (The Roman Catholic Diocese of Austin); Series 2005 B, RB

Central Texas Regional Mobility Authority; Series 2011, Sub. Lien RB

Clifton Higher Education Finance Corp. (Uplift Education); Series 2010 A, Education RB

HFDC of Central Texas, Inc. (Sears Tyler Methodist); Series 2009 A, RB ^(j)

Houston (City of) (Continental Airlines, Inc.); Series 2011 A, Ref. Airport System Special
Facilities RB ^(h)

Houston Higher Education Finance Corp. (Cosmos Foundation, Inc.); Series 2011 A, RB

La Vernia Higher Education Finance Corp. (Amigos Por Vida Friends for Life); Series 2008, RB

La Vernia Higher Education Finance Corp. (Knowledge is Power Program, Inc.);
Series 2009 A, RB ^(f)(g)

Lubbock Health Facilities Development Corp. (Carillon Senior LifeCare Community); Series 2005 A, Ref. First Mortgage RB

North Texas Tollway Authority;
Series 2008 A, Ref. First Tier System RB (INS-BHAC) ^(b)(c)

Series 2011 B, Special Project System CAB RB ⁽ⁱ⁾

Texas–(continued)

Red River Health Facilities Development Corp. (Parkview on Hollybrook); Series 2013 A, First Mortgage RB

Red River Health Facilities Development Corp. (Sears Methodist Retirement System); Series 2013, Retirement Facility RB ^(j)

Sanger Industrial Development Corp. (Texas Pellets); Series 2012 B, RB ^(h)

Tarrant County Cultural Education Facilities Finance Corp. (Mirador);
Series 2010 A, Retirement Facility RB

Series 2010 A, Retirement Facility RB

Tarrant County Cultural Education Facilities Finance Corp. (Stayton at Museum Way); Series 2009 A, Retirement Facility RB

Texas Private Activity Bond Surface Transportation Corp. (LBJ Infrastructure); Series 2010,
Sr. Lien RB

Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners LLC North Tarrant Express Management Lanes); Series 2009, Sr. Lien RB

Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners LLC); Series 2013, Sr. Lien RB ^(h)

Texas State Public Finance Authority Charter School Finance Corp. (Odyssey Academy, Inc.); Series 2010 A, Education RB ^(f)(g)

Travis County Health Facilities Development Corp. (Westminster Manor); Series 2010, RB

Tyler Health Facilities Development Corp. (Mother Frances Hospital Regional Health Care Center); Series 2007, Ref. Hospital RB

Utah–0.31%

Utah (State of) Charter School Finance Authority (North Davis Preparatory Academy); Series 2010, Charter School RB

Virginia–0.07%

Peninsula Town Center Community Development Authority; Series 2007, Special Obligation RB

Washington–2.29%

King (County of) Public Hospital District No. 4 (Snoqualmie Valley Hospital);
Series 2009, Ref. & Improvement Limited Tax GO Bonds

Series 2011, Ref. & Improvement Limited Tax GO Bonds

King (County of); Series 2011 B, Ref. Sewer RB ^(b)

Washington (State of) Health Care Facilities Authority (Central Washington Health Services Association); Series 2009, RB ^(f)(g)

Washington (State of) Health Care Facilities Authority (Seattle Cancer Care Alliance);
Series 2009, RB ^(f)(g)

West Virginia–0.61%

Kanawha (County of) (The West Virginia State University Foundation); Series 2013, Student
Housing RB

West Virginia (State of) Hospital Finance Authority (Thomas Health System); Series 2008, RB

Wisconsin–2.09%

Wisconsin (State of) Health & Educational Facilities Authority (Prohealth Care, Inc. Obligated Group); Series 2009, RB ^(f)(g)

Wisconsin (State of) Health & Educational Facilities Authority (St. John’s Community, Inc.); Series 2009 A, RB

Wisconsin (State of) Health & Educational Facilities Authority (Wisconsin Illinois
Senior Housing, Inc.);
Series 2012, RB

Series 2013, RB

Wisconsin (State of) Public Finance Authority (Glenridge Palmer Ranch); Series 2011 A, Continuing Care Retirement Community RB

Wisconsin (State of) Public Finance Authority (Roseman University of Health Sciences); Series 2015, Ref. RB

Wisconsin–(continued)

Wisconsin (State of) Public Finance Authority (Voyager Foundation Inc.); Series 2012 A, Charter School RB

TOTAL INVESTMENTS^(k)–114.39% (Cost $381,410,927)

FLOATING RATE NOTE OBLIGATIONS – (15.79)%

Notes with interest rates ranging from 0.61% to 0.77% at 05/31/15 and contractual maturities of collateral ranging from 06/15/21 to 06/15/50 (See Note 1D) ^(l)

OTHER ASSETS LESS LIABILITIES–1.40 %

NET ASSETS–100.00%

AGM

AMBAC    

BHAC

CAB

Conv

COP

GO

IDR

INS

Jr.

MFH

Calculated as a percentage of net assets. Amounts in excess of 100% are due to the Trust’s use of leverage.

Underlying security related to TOB Trusts entered into by the Trust. See Note 1D.

Principal and/or interest payments are secured by the bond insurance company listed.

Convertible CAB. The interest rate shown represents the coupon rate at which the bond will accrue at a specified future date.

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 May 31, 2015 was $13,003,325, which represented 3.66% of the Trust’s Net Assets.

Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.

Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.

Security subject to the alternative minimum tax.

Zero coupon bond issued at a discount.

Defaulted security. Currently, the issuer is partially or fully in default with respect to interest payments. The aggregate value of these securities at May 31, 2015 was $4,457,194, which represented 1.25% of the Trust’s Net Assets.

Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligation but may be called upon to satisfy issuers obligations. No concentration of any single entity was greater than 5% each.

Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at May 31, 2015. At May 31, 2015, the Trust’s investments with a value of $96,233,863 are held by TOB Trusts and serve as collateral for the $56,175,000 in the floating rate note obligations outstanding at that date.

Security Valuations – Securities, including restricted securities, are valued according to the following policy.

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 the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Bond premiums and discounts are amortized and/or accreted for financial reporting purposes.

Country Determination – For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

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.