Semi Annual Report by Investment Company Form N CSRS
Investment Company Act file number | 811-07868 | |
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(Exact name of registrant as specified in charter) | ||
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(Address of principal executive offices) (Zip code) | ||
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Registrant's telephone number, including area code: |
(713) 626-1919
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Date of fiscal year end: | |||
Date of reporting period: |
under the Investment Company Act of 1940 is as follows:
Semi-Annual Report to Shareholders
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NYSE American:
VKI |
NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE
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Performance summary
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Cumulative total returns,
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Trust at NAV
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2.83 | % | ||
Trust at Market Value
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8.83 | |||
1.94 | ||||
S&P Municipal Bond 5+ Year Investment Grade Index
▼
(Style-Specific Index) |
1.61 | |||
Market Price Discount to NAV as of
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-8.44 | |||
Source(s):
▼
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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 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.
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average trading volume
Trust (the Trust). Under the Plan, the money you eafrom Distributions will be reinvested automatically in more shares of the Trust, allowing you to potentially increase your investment over time. All shareholders in the Trust are automatically enrolled in the Plan when shares are purchased.
∎
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Add to your account:
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∎
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Convenience:
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∎
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Safekeeping:
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by calling toll-free 800 341 2929 or by notifying us in writing at Invesco
Funds,
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
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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.
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or by writing to Invesco
Funds,
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
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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 leamore about any restrictions or fees that may apply.
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Interest
Rate |
Maturity
Date |
Principal
Amount (000) |
Value
|
|||||||||||
Municipal Obligations-154.77%
(a)
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||||||||||||||
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||||||||||||||
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5.75% | $ | 185 | $ 176,164 | ||||||||||
(b)
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5.25% | 1,065 | 1,154,977 | |||||||||||
(b)
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5.25% | 755 | 821,085 | |||||||||||
Cost (c)(d)
|
5.50% | 1,900 | 1,064,000 | |||||||||||
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5.00% | 1,030 | 1,133,402 | |||||||||||
(b)
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4.00% | 1,115 | 1,117,508 | |||||||||||
A-1,
RB (b)
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5.50% | 1,050 | 1,137,663 | |||||||||||
(e)
|
5.25% | 615 | 624,855 | |||||||||||
7,229,654 | ||||||||||||||
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||||||||||||||
A-1,
Ref. RB |
4.00% | 310 | 284,719 | |||||||||||
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||||||||||||||
2019-2A,
Revenue Ctfs. |
3.63% | 67 | 65,214 | |||||||||||
(e)
|
5.00% | 895 | 897,882 | |||||||||||
(e)
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5.00% | 500 | 486,109 | |||||||||||
(e)
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5.00% | 185 | 184,578 | |||||||||||
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||||||||||||||
Series 2017, Ref. RB
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5.00% | 820 | 808,516 | |||||||||||
Series 2017, Ref. RB
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5.00% | 665 | 570,104 | |||||||||||
(e)
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5.00% | 165 | 166,377 | |||||||||||
(f)
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5.00% | 2,240 | 2,427,707 | |||||||||||
(e)
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5.00% | 270 | 264,020 | |||||||||||
(e)
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5.38% | 885 | 884,949 | |||||||||||
Salt River Project Agricultural Improvement &
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5.00% | 2,530 | 2,782,088 | |||||||||||
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||||||||||||||
Series 2007, RB
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5.00% | 580 | 632,536 | |||||||||||
Series 2007, RB
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5.00% | 1,350 | 1,497,253 | |||||||||||
11,667,333 | ||||||||||||||
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||||||||||||||
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5.00% | 460 | 466,266 | |||||||||||
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||||||||||||||
(g)
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0.00% | 900 | 809,840 | |||||||||||
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Series 2020, GO Bonds (INS - BAM)
(f)
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3.00% | 1,250 | 1,024,997 | |||||||||||
Series 2023, GO Bonds
(h)
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5.25% | 2,525 | 2,837,816 | |||||||||||
(b)
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5.00% | 1,895 | 2,053,106 | |||||||||||
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4.00% | 275 | 278,199 | |||||||||||
(g)
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0.00% | 8,390 | 859,482 | |||||||||||
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Series 2020
B-1,
Ref. RB |
5.00% | 35 | 35,839 | |||||||||||
Series 2020
B-2,
Ref. RB (g)
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0.00% | 1,245 | 245,629 | |||||||||||
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5.00% | 3,280 | 3,532,398 |
Interest
Rate |
Maturity
Date |
Principal
Amount (000) |
Value
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|||||||||||
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||||||||||||||
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4.00% | $ | 3,125 | $ 2,954,947 | ||||||||||
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Series 2021 A, RB
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3.25% | 5 | 4,540 | |||||||||||
Series
2021-2A,
Revenue Ctfs. (CEP - FHLMC) |
3.75% | 3,019 | 3,068,879 | |||||||||||
Series
2023-1,
RB |
4.38% | 624 | 659,894 | |||||||||||
(e)
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5.00% | 120 | 120,478 | |||||||||||
(CHF-Davis
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5.00% | 1,000 | 1,052,688 | |||||||||||
(f)
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4.00% | 500 | 492,814 | |||||||||||
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Series 2018 A, RB
(i)
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5.00% | 1,245 | 1,286,442 | |||||||||||
Series 2018 A, RB
(i)
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5.00% | 1,500 | 1,519,785 | |||||||||||
(e)
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5.00% | 185 | 167,604 | |||||||||||
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Series 2012, RB
(e)(i)
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5.00% | 580 | 583,468 | |||||||||||
Series 2012, RB
(e)(i)
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5.00% | 165 | 165,938 | |||||||||||
Series 2012, RB
(e)(i)
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5.00% | 1,730 | 1,734,951 | |||||||||||
Series 2012, RB
(e)(i)
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5.00% | 2,030 | 2,033,554 | |||||||||||
(e)
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5.25% | 750 | 758,616 | |||||||||||
(h)(j)
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5.00% | 1,585 | 1,687,346 | |||||||||||
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4.00% | 1,735 | 1,728,513 | |||||||||||
(e)
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3.13% | 625 | 484,131 | |||||||||||
(e)
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4.00% | 370 | 333,033 | |||||||||||
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6.50% | 370 | 370,047 | |||||||||||
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4.00% | 655 | 648,329 | |||||||||||
B-2,
Ref. RB (g)
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0.00% | 1,190 | 138,965 | |||||||||||
(i)
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5.50% | 600 | 679,650 | |||||||||||
(i)
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5.00% | 2,950 | 3,055,098 | |||||||||||
(h)
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5.00% | 1,740 | 1,869,470 | |||||||||||
(f)
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5.00% | 930 | 985,440 | |||||||||||
M-S-R
Energy Authority; Series 2009 B, RB |
6.50% | 2,095 | 2,718,022 | |||||||||||
(k)
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6.25% | 1,500 | 1,498,485 | |||||||||||
(f)
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4.25% | 2,300 | 2,323,127 | |||||||||||
Regents of the
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Series 2022 P, RB
(h)(j)
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4.00% | 4,065 | 4,048,491 | |||||||||||
Series 2022 P, RB
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3.50% | 1,510 | 1,394,156 | |||||||||||
BAM) (f)
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4.00% | 925 | 914,627 | |||||||||||
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Series 2021 A, RB
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4.00% | 1,540 | 1,509,312 | |||||||||||
Series 2021 A, RB
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5.00% | 1,500 | 1,607,928 | |||||||||||
Series 2023 B, RB
(i)
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5.00% | 1,890 | 2,004,037 | |||||||||||
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Second Series 2020 A, Ref. RB
(i)
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4.00% | 830 | 819,504 | |||||||||||
Series 2019 E, RB
(i)
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5.00% | 505 | 531,605 | |||||||||||
Series 2019 E, RB
(i)
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5.00% | 1,760 | 1,804,456 | |||||||||||
Series 2021 A, Ref. RB
(i)
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5.00% | 450 | 487,260 | |||||||||||
(g)
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0.00% | 2,605 | 1,019,805 | |||||||||||
(b)
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5.00% | 1,025 | 1,103,994 | |||||||||||
64,046,735 | ||||||||||||||
Colorado-6.39%
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||||||||||||||
Arista
(f)
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4.50% | 1,790 | 1,788,938 | |||||||||||
Aurora Highlands Community Authority Board; Series 2021 A, Ref. RB
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5.75% | 620 | 586,755 | |||||||||||
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5.50% | 780 | 734,737 | |||||||||||
Bromley Park Metropolitan District No. 2; Series 2023, Ref. GO Bonds (INS - BAM)
(f)
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5.38% | 465 | 510,821 |
Interest
Rate |
Maturity
Date |
Principal
Amount (000) |
Value
|
|||||||||||
Colorado-(continued)
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Series 2017, RB
(e)
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5.00% | $ | 1,260 | $ 1,215,044 | ||||||||||
Series 2020 A, Ref. GO Bonds
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5.00% | 500 | 473,747 | |||||||||||
Series 2022, RB
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6.50% | 500 | 517,835 | |||||||||||
Colorado (State of)
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4.00% | 555 | 536,115 | |||||||||||
Colorado (State of)
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5.00% | 1,280 | 1,321,375 | |||||||||||
Colorado (State of)
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||||||||||||||
Series 2019
A-2,
Ref. RB |
5.00% | 2,745 | 2,853,406 | |||||||||||
Series 2019
A-2,
Ref. RB |
4.00% | 1,245 | 1,160,750 | |||||||||||
Colorado (State of)
|
5.30% | 130 | 108,758 | |||||||||||
Colorado Crossing Metropolitan District No. 2; Series 2020
A-1,
Ref. GO Bonds |
5.00% | 500 | 492,037 | |||||||||||
Denver (City & County of), CO;
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Series 2018 A, Ref. RB
(i)
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5.00% | 1,315 | 1,346,435 | |||||||||||
Series 2018 A, Ref. RB
(i)
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5.25% | 1,185 | 1,227,472 | |||||||||||
Series 2018
A-2,
RB (g)
|
0.00% | 1,700 | 1,194,202 | |||||||||||
Series 2022 A, RB
(i)
|
5.00% | 710 | 773,925 | |||||||||||
Series 2022 A, RB
(i)
|
5.00% | 1,905 | 1,999,167 | |||||||||||
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4.75% | 340 | 311,902 | |||||||||||
|
5.75% | 1,745 | 1,768,427 | |||||||||||
|
4.25% | 585 | 533,810 | |||||||||||
(INS -
BAM) (f)
|
5.00% | 430 | 454,292 | |||||||||||
Mulberry Metropolitan District No. 2; Series 2022, RB
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7.00% | 565 | 587,224 | |||||||||||
North Range Metropolitan District No. 3; Series 2020 A, GO Bonds
|
5.00% | 500 | 504,451 | |||||||||||
Rampart Range Metropolitan District No. 5; Series 2021, RB
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4.00% | 500 | 411,913 | |||||||||||
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4.00% | 1,000 | 967,923 | |||||||||||
Sky Ranch Community Authority Board; Series 2022 A, RB
|
5.75% | 500 | 493,834 | |||||||||||
Village
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5.00% | 550 | 554,896 | |||||||||||
White Buffalo Metropolitan District No. 3;
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||||||||||||||
Series 2020, GO Bonds
|
5.50% | 500 | 489,862 | |||||||||||
Series 2023, GO Bonds
|
8.00% | 610 | 610,017 | |||||||||||
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Series 2021
A-1,
RB |
4.13% | 370 | 284,856 | |||||||||||
Series 2021
A-2,
RB (k)
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4.50% | 1,535 | 1,091,625 | |||||||||||
27,906,551 | ||||||||||||||
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Series 2022 A, RB
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5.00% | 1,260 | 1,372,897 | |||||||||||
Series 2023 A, RB
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5.25% | 1,865 | 2,084,048 | |||||||||||
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5.00% | 515 | 514,960 | |||||||||||
(l)
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2.70% | 1,600 | 1,600,000 | |||||||||||
C-1,
RB |
4.00% | 2,500 | 2,445,269 | |||||||||||
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Series 2017, Ref. RB
(i)
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5.00% | 2,005 | 2,054,756 | |||||||||||
Series 2019 B, Ref. RB
|
4.00% | 1,245 | 1,176,527 | |||||||||||
Series 2021 A, Ref. RB
(i)
|
4.00% | 1,575 | 1,545,961 | |||||||||||
Series 2023 A, Ref. RB
(i)
|
5.25% | 860 | 932,509 | |||||||||||
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5.25% | 1,635 | 1,793,436 | |||||||||||
15,520,363 | ||||||||||||||
|
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|
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Series 2022 A, Ref. RB (Acquired 01/25/2022; Cost
(c)(d)(e)
|
5.00% | 1,075 | 758,092 | |||||||||||
Series 2022 B, RB (Acquired 01/25/2022; Cost
(c)(d)(e)
|
6.50% | 100 | 85,750 | |||||||||||
|
4.00% | 370 | 343,163 | |||||||||||
(i)
|
4.00% | 560 | 523,524 | |||||||||||
|
4.00% | 1,895 | 1,818,390 |
Interest
Rate |
Maturity
Date |
Principal
Amount (000) |
Value
|
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Florida-(continued)
|
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Broward County FL Water & Sewer Utility Revenue; Series 2024, RB
(h)
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4.00% | $ | 2,700 | $ 2,640,371 | ||||||||||
(f)
|
5.60% | 935 | 1,055,121 | |||||||||||
(c)(d)(e)
|
7.75% | 746 | 20,134 | |||||||||||
|
5.00% | 1,040 | 1,069,989 | |||||||||||
|
5.00% | 900 | 925,983 | |||||||||||
|
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Series 2024, Ref. RB
(b)(e)(i)
|
12.00% | 560 | 597,803 | |||||||||||
Series 2024, Ref. RB
(i)
|
5.00% | 650 | 665,962 | |||||||||||
Series 2024, Ref. RB (INS - AGM)
(f)(i)
|
5.00% | 1,900 | 1,999,591 | |||||||||||
Series 2024, Ref. RB (INS - AGM)
(f)(i)
|
5.25% | 750 | 792,903 | |||||||||||
Series 2024, Ref. RB (INS - AGM)
(f)(i)
|
5.25% | 630 | 664,517 | |||||||||||
Series 2024, Ref. RB
(i)
|
5.50% | 650 | 674,473 | |||||||||||
|
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Series 2023, RB
|
5.50% | 1,120 | 1,263,580 | |||||||||||
Series 2024, RB
(h)
|
5.50% | 1,885 | 2,126,650 | |||||||||||
|
||||||||||||||
Series 2017 A, RB
(i)
|
5.00% | 800 | 811,488 | |||||||||||
Series 2019 A, RB
(i)
|
4.00% | 1,750 | 1,685,240 | |||||||||||
|
5.00% | 1,185 | 1,295,982 | |||||||||||
(i)
|
5.00% | 1,895 | 1,938,729 | |||||||||||
|
5.25% | 2,495 | 2,782,022 | |||||||||||
|
5.50% | 1,865 | 2,084,628 | |||||||||||
JEA Water & Sewer System; Series 2024 A, Ref. RB
|
5.25% | 930 | 1,027,221 | |||||||||||
|
||||||||||||||
Series 2020 A, Ref. RB
|
5.50% | 485 | 478,906 | |||||||||||
Series 2020 A, Ref. RB
|
5.75% | 210 | 204,205 | |||||||||||
Series 2020 A, Ref. RB
|
5.75% | 790 | 759,120 | |||||||||||
|
||||||||||||||
Series 2021 B, RB
(i)
|
5.00% | 775 | 837,736 | |||||||||||
Series 2022, RB
|
5.25% | 1,250 | 1,346,932 | |||||||||||
(f)
|
5.00% | 1,485 | 1,586,735 | |||||||||||
Miami
|
5.00% | 865 | 871,303 | |||||||||||
Miami
|
5.00% | 710 | 710,858 | |||||||||||
Miami-
|
||||||||||||||
Series 2022 A, Ref. RB
(i)
|
5.25% | 375 | 398,934 | |||||||||||
Series 2023 A, Ref. RB
(i)
|
5.00% | 1,605 | 1,715,915 | |||||||||||
Subseries 2021
A-2,
Ref. RB (INS - AGM) (f)
|
4.00% | 1,885 | 1,842,972 | |||||||||||
Miami-
|
5.00% | 2,015 | 2,016,201 | |||||||||||
Miami-
|
5.00% | 1,755 | 1,890,332 | |||||||||||
|
||||||||||||||
Series 2020
A-2,
Ref. RB (g)
|
0.00% | 1,200 | 308,495 | |||||||||||
Series 2020
A-2,
Ref. RB (g)
|
0.00% | 335 | 82,132 | |||||||||||
Series 2020
A-2,
Ref. RB (g)
|
0.00% | 335 | 77,900 | |||||||||||
Series 2020
A-2,
Ref. RB (g)
|
0.00% | 285 | 62,846 | |||||||||||
(c)(m)
|
5.80% | 197 | 2 | |||||||||||
|
4.00% | 1,000 | 943,454 | |||||||||||
|
4.00% | 630 | 594,953 | |||||||||||
(m)(n)
|
6.20% | 828 | 380,724 | |||||||||||
|
5.25% | 1,000 | 1,000,603 | |||||||||||
Tallahassee (City of), FL (
|
5.00% | 1,010 | 1,001,547 | |||||||||||
(g)
|
0.00% | 4,255 | 1,289,879 | |||||||||||
50,053,990 | ||||||||||||||
|
||||||||||||||
(h)(j)
|
4.00% | 2,495 | 2,494,909 |
Interest
Rate |
Maturity
Date |
Principal
Amount (000) |
Value
|
|||||||||||
|
||||||||||||||
Columbia (City of), GA (
|
5.13% | $ | 820 | $ 886,164 | ||||||||||
|
4.00% | 1,000 | 1,001,877 | |||||||||||
|
4.00% | 645 | 591,228 | |||||||||||
|
||||||||||||||
Series 2021 C, RB
(b)
|
4.00% | 925 | 936,350 | |||||||||||
Series 2022 C, RB
(b)(e)
|
4.00% | 945 | 931,888 | |||||||||||
Series 2023 B, RB
(b)
|
5.00% | 1,350 | 1,439,455 | |||||||||||
Series 2024 A, RB
(b)
|
5.00% | 1,260 | 1,362,011 | |||||||||||
Series 2024 C, RB
(b)
|
5.00% | 1,050 | 1,124,031 | |||||||||||
10,767,913 | ||||||||||||||
|
||||||||||||||
|
5.50% | 1,825 | 2,022,443 | |||||||||||
|
5.00% | 1,000 | 1,001,154 | |||||||||||
3,023,597 | ||||||||||||||
|
||||||||||||||
|
||||||||||||||
Series 2017 A, Ref. RB
|
5.00% | 265 | 243,653 | |||||||||||
Series 2017 A, Ref. RB
|
5.25% | 370 | 327,293 | |||||||||||
|
5.00% | 1,285 | 1,414,539 | |||||||||||
1,985,485 | ||||||||||||||
|
||||||||||||||
(f)(g)
|
0.00% | 1,710 | 1,464,799 | |||||||||||
|
||||||||||||||
Series 2002 B, GO Bonds
|
5.50% | 795 | 797,849 | |||||||||||
Series 2005 D, Ref. GO Bonds
|
5.50% | 325 | 325,729 | |||||||||||
Series 2007 E, Ref. GO Bonds
|
5.50% | 260 | 260,441 | |||||||||||
Series 2014, RB
|
5.00% | 650 | 650,781 | |||||||||||
Series 2015 A, GO Bonds
|
5.50% | 2,590 | 2,601,232 | |||||||||||
Series 2017 A, Ref. GO Bonds
|
6.00% | 1,550 | 1,609,768 | |||||||||||
|
||||||||||||||
Series 2017 D, RB
|
5.00% | 1,100 | 1,119,896 | |||||||||||
Series 2024 A, RB
(i)
|
5.50% | 1,010 | 1,103,427 | |||||||||||
|
||||||||||||||
Series 2018 A, Ref. GO Bonds (INS - AGM)
(f)
|
5.00% | 905 | 958,296 | |||||||||||
Series 2018 A, Ref. GO Bonds
|
5.00% | 520 | 537,554 | |||||||||||
|
4.00% | 1,035 | 995,294 | |||||||||||
(f)
|
4.00% | 1,485 | 1,482,746 | |||||||||||
|
||||||||||||||
Series 2014, GO Bonds
|
5.25% | 1,050 | 1,051,279 | |||||||||||
Series 2014, GO Bonds
|
5.00% | 355 | 355,364 | |||||||||||
Series 2014, GO Bonds
|
5.00% | 850 | 850,849 | |||||||||||
Series 2016, GO Bonds
|
5.00% | 895 | 913,888 | |||||||||||
Series 2017 C, GO Bonds
|
5.00% | 195 | 206,841 | |||||||||||
Series 2017 D, GO Bonds
|
5.00% | 1,880 | 1,961,009 | |||||||||||
Series 2018 A, GO Bonds
|
5.00% | 935 | 997,936 | |||||||||||
Series 2020, GO Bonds
|
5.50% | 1,040 | 1,142,771 | |||||||||||
(i)
|
8.00% | 270 | 270,341 | |||||||||||
|
||||||||||||||
Series 2019 A, Ref. RB (Acquired 11/27/2019; Cost
(d)
|
5.00% | 45 | 29,197 | |||||||||||
Series 2019 A, Ref. RB (Acquired
Cost (d)
|
5.00% | 910 | 590,059 | |||||||||||
|
5.00% | 2,005 | 2,021,926 | |||||||||||
|
5.13% | 985 | 538,088 | |||||||||||
|
5.50% | 1,000 | 973,423 | |||||||||||
|
||||||||||||||
Series 2017, Ref. RB
|
5.00% | 155 | 157,674 | |||||||||||
Series 2017, Ref. RB
|
5.25% | 145 | 147,459 |
Interest
Rate |
Maturity
Date |
Principal
Amount (000) |
Value
|
|||||||||||
|
||||||||||||||
(f)
|
5.25% | $ | 920 | $ 924,630 | ||||||||||
27,040,546 | ||||||||||||||
|
||||||||||||||
(f)
|
5.63% | 1,865 | 2,110,057 | |||||||||||
|
4.00% | 1,840 | 1,789,842 | |||||||||||
(i)
|
5.75% | 175 | 175,114 | |||||||||||
(i)
|
5.00% | 990 | 1,027,813 | |||||||||||
|
5.25% | 1,250 | 1,380,933 | |||||||||||
Whiting (City of), IN (
(b)(i)
|
4.40% | 465 | 475,566 | |||||||||||
6,959,325 | ||||||||||||||
|
||||||||||||||
|
3.00% | 460 | 355,712 | |||||||||||
|
4.75% | 940 | 942,188 | |||||||||||
(b)(o)
|
5.00% | 2,050 | 2,384,206 | |||||||||||
|
||||||||||||||
Series 2021
A-2,
Ref. RB |
4.00% | 225 | 212,490 | |||||||||||
Series 2021
B-1,
Ref. RB |
4.00% | 160 | 160,556 | |||||||||||
(b)
|
5.00% | 1,345 | 1,374,090 | |||||||||||
5,429,242 | ||||||||||||||
|
||||||||||||||
(e)(i)
|
4.70% | 500 | 492,401 | |||||||||||
(b)(p)
|
4.32% | 530 | 530,088 | |||||||||||
(f)
|
5.00% | 395 | 395,103 | |||||||||||
|
||||||||||||||
Series 2015 A, RB
|
5.00% | 830 | 834,894 | |||||||||||
Series 2015 A, RB
|
5.00% | 750 | 752,506 | |||||||||||
Series 2015 A, RB
|
5.00% | 1,020 | 1,021,707 | |||||||||||
|
5.25% | 945 | 964,223 | |||||||||||
A-1,
Ref. RB (b)
|
5.25% | 1,260 | 1,382,454 | |||||||||||
Louisville (City of) & Jefferson (County of),
|
5.00% | 3,575 | 3,869,565 | |||||||||||
10,242,941 | ||||||||||||||
|
||||||||||||||
(e)
|
3.90% | 620 | 580,392 | |||||||||||
(
|
||||||||||||||
Series 2024, RB
(i)
|
5.50% | 625 | 678,526 | |||||||||||
Series 2024, RB
(i)
|
5.50% | 1,245 | 1,345,367 | |||||||||||
|
5.00% | 925 | 926,648 | |||||||||||
(f)
|
5.00% | 375 | 386,740 | |||||||||||
3,917,673 | ||||||||||||||
|
||||||||||||||
|
5.00% | 285 | 291,290 | |||||||||||
|
4.13% | 1,000 | 943,456 | |||||||||||
|
5.00% | 760 | 778,625 | |||||||||||
|
4.00% | 375 | 350,506 | |||||||||||
(i)
|
5.25% | 710 | 741,231 | |||||||||||
|
5.00% | 690 | 696,278 |
Interest
Rate |
Maturity
Date |
Principal
Amount (000) |
Value
|
|||||||||||
|
||||||||||||||
(l)
|
2.70% | $ | 1,245 | $ 1,245,000 | ||||||||||
5,046,386 | ||||||||||||||
|
||||||||||||||
(h)
|
5.00% | 3,430 | 3,740,635 | |||||||||||
|
5.00% | 990 | 1,064,101 | |||||||||||
|
5.25% | 1,085 | 1,191,324 | |||||||||||
|
5.00% | 1,865 | 2,002,437 | |||||||||||
(e)
|
5.00% | 270 | 281,258 | |||||||||||
(i)
|
5.00% | 790 | 829,032 | |||||||||||
9,108,787 | ||||||||||||||
|
||||||||||||||
(e)
|
5.50% | 250 | 240,674 | |||||||||||
(b)(o)
|
5.00% | 1,590 | 1,591,730 | |||||||||||
(h)
|
5.25% | 2,735 | 3,023,748 | |||||||||||
|
||||||||||||||
Series 2023, RB
|
5.00% | 2,085 | 2,311,724 | |||||||||||
Series 2024, RB
(h)
|
5.50% | 2,330 | 2,653,853 | |||||||||||
(h)
|
5.00% | 2,190 | 2,249,316 | |||||||||||
|
||||||||||||||
Series 2020, Ref. RB
|
5.00% | 125 | 123,255 | |||||||||||
Series 2020, Ref. RB
|
5.00% | 360 | 342,564 | |||||||||||
(h)(j)(o)
|
5.00% | 2,965 | 3,030,337 | |||||||||||
|
5.10% | 1,460 | 1,536,546 | |||||||||||
(b)(i)
|
4.00% | 1,525 | 1,530,395 | |||||||||||
(
(i)
|
5.00% | 545 | 572,812 | |||||||||||
19,206,954 | ||||||||||||||
|
||||||||||||||
Bethel (City of), MN (
|
4.25% | 400 | 365,002 | |||||||||||
|
5.00% | 440 | 448,912 | |||||||||||
(i)
|
5.25% | 1,245 | 1,348,684 | |||||||||||
|
5.25% | 1,260 | 1,377,423 | |||||||||||
|
5.50% | 500 | 517,453 | |||||||||||
|
5.00% | 315 | 232,021 | |||||||||||
4,289,495 | ||||||||||||||
|
||||||||||||||
|
2.38% | 830 | 541,432 | |||||||||||
|
||||||||||||||
|
||||||||||||||
Series 2011 A, Ref. RB
|
5.50% | 800 | 801,605 | |||||||||||
Series 2011 A, Ref. RB
|
5.50% | 1,670 | 1,673,350 | |||||||||||
|
||||||||||||||
Series 2019 B, RB
(i)
|
5.00% | 3,555 | 3,641,074 | |||||||||||
Series 2019 B, RB (INS - AGM)
(f)(i)
|
5.00% | 745 | 760,833 | |||||||||||
|
5.25% | 385 | 334,705 | |||||||||||
|
5.00% | 245 | 250,788 | |||||||||||
(f)
|
5.25% | 1,000 | 1,102,147 |
Interest
Rate |
Maturity
Date |
Principal
Amount (000) |
Value
|
|||||||||||
|
||||||||||||||
|
5.00% | $ | 1,375 | $ 1,396,361 | ||||||||||
(e)
|
6.00% | 575 | 580,071 | |||||||||||
10,540,934 | ||||||||||||||
|
||||||||||||||
|
5.00% | 2,810 | 3,102,444 | |||||||||||
2022-1,
RB (b)
|
5.00% | 630 | 662,087 | |||||||||||
|
5.35% | 785 | 823,738 | |||||||||||
|
||||||||||||||
Series 2021 A, RB (INS - AGM)
(f)
|
4.00% | 1,545 | 1,503,750 | |||||||||||
Series 2022, RB
(h)(j)
|
5.25% | 1,570 | 1,714,083 | |||||||||||
7,806,102 | ||||||||||||||
|
||||||||||||||
(h)
|
5.00% | 3,965 | 4,308,380 | |||||||||||
Sparks (City of), NV (Tourism Improvement District No. 1); Series 2019 A, Ref. RB
(e)
|
2.75% | 305 | 296,811 | |||||||||||
4,605,191 | ||||||||||||||
|
||||||||||||||
2020-1A,
RB |
4.13% | 219 | 221,636 | |||||||||||
2022-1A,
RB |
4.38% | 1,220 | 1,242,655 | |||||||||||
|
5.00% | 820 | 874,752 | |||||||||||
|
||||||||||||||
Series 2023 D, RB (CEP - GNMA)
|
4.80% | 800 | 826,416 | |||||||||||
Series 2023 D, RB (CEP - GNMA)
|
5.13% | 1,940 | 2,015,188 | |||||||||||
5,180,647 | ||||||||||||||
|
||||||||||||||
(f)(h)
|
5.25% | 6,625 | 6,923,655 | |||||||||||
|
||||||||||||||
Series 1999, RB
(i)
|
5.25% | 295 | 295,281 | |||||||||||
Series 2012, RB
(i)
|
5.75% | 400 | 400,522 | |||||||||||
|
4.00% | 1,180 | 1,184,328 | |||||||||||
(i)
|
5.38% | 2,190 | 2,191,730 | |||||||||||
|
4.00% | 2,865 | 2,787,382 | |||||||||||
|
||||||||||||||
Series 2018 A, RN
(h)(j)
|
5.00% | 1,190 | 1,230,252 | |||||||||||
Series 2018 A, RN
(h)(j)
|
5.00% | 405 | 417,807 | |||||||||||
Series 2018 A, RN
(h)(j)
|
5.00% | 565 | 581,626 | |||||||||||
Series 2022, RB
|
5.25% | 1,070 | 1,172,299 | |||||||||||
|
||||||||||||||
Series 2018 A, Ref. RB
|
5.00% | 2,195 | 2,249,001 | |||||||||||
Series 2018 A, Ref. RB
|
5.25% | 1,250 | 1,295,833 | |||||||||||
Series 2018 B, Ref. RB
|
5.00% | 1,290 | 1,302,171 | |||||||||||
22,031,887 | ||||||||||||||
|
||||||||||||||
(e)(i)(q)
|
5.25% | 200 | 187,079 | |||||||||||
|
5.00% | 2,070 | 1,928,169 | |||||||||||
D-1,
Ref. VRD RB (LOC - (l)(q)
|
2.45% | 4,000 | 4,000,000 | |||||||||||
|
||||||||||||||
Series 2016
A-1,
RB |
5.00% | 1,510 | 1,540,979 | |||||||||||
Series 2020
A-1,
RB (INS - AGM) (f)
|
4.00% | 875 | 877,403 | |||||||||||
Series 2020
A-1,
RB (INS - BAM) (f)
|
4.00% | 295 | 285,739 | |||||||||||
Series 2020
C-1,
RB |
5.25% | 995 | 1,046,378 | |||||||||||
(i)
|
4.00% | 1,750 | 1,611,501 |
Interest
Rate |
Maturity
Date |
Principal
Amount (000) |
Value
|
|||||||||||
|
||||||||||||||
|
||||||||||||||
Series 2020 C, GO Bonds
|
5.00% | $ | 1,835 | $ 1,967,917 | ||||||||||
Subseries 2022
D-1,
GO Bonds (h)
|
5.25% | 1,015 | 1,154,882 | |||||||||||
Subseries 2022
D-1,
GO Bonds (h)
|
5.25% | 1,725 | 1,921,106 | |||||||||||
Subseries 2023
E-1,
GO Bonds |
5.25% | 1,130 | 1,248,254 | |||||||||||
|
||||||||||||||
Series 2020
BB-1,
RB |
4.00% | 1,250 | 1,227,971 | |||||||||||
Series 2020
BB-1,
RB |
5.00% | 2,430 | 2,588,226 | |||||||||||
Series 2020, Ref. RB
|
5.00% | 1,225 | 1,304,764 | |||||||||||
|
||||||||||||||
Series 2019
B-1,
RB |
4.00% | 1,405 | 1,379,861 | |||||||||||
Series 2023
F-1,
RB |
4.00% | 1,900 | 1,856,959 | |||||||||||
Series 2024 B, RB
|
4.38% | 1,640 | 1,666,501 | |||||||||||
|
||||||||||||||
Series 2018 A, Ref. RB
|
5.25% | 925 | 992,865 | |||||||||||
Series 2018 E, RB
(h)
|
5.00% | 4,260 | 4,468,885 | |||||||||||
Series 2022 1-B,
RB |
4.00% | 2,725 | 2,667,061 | |||||||||||
(h)
|
4.00% | 2,740 | 2,730,271 | |||||||||||
(h)
|
4.00% | 3,130 | 3,084,220 | |||||||||||
(f)
|
5.00% | 1,305 | 1,441,802 | |||||||||||
|
||||||||||||||
Series 2019 B, RB
|
4.00% | 4,030 | 3,915,333 | |||||||||||
Series 2019 B, RB (INS - AGM)
(f)(h)(j)
|
4.00% | 1,950 | 1,920,485 | |||||||||||
A-1,
Ref. RB |
4.00% | 1,850 | 1,824,542 | |||||||||||
|
4.80% | 945 | 956,156 | |||||||||||
|
||||||||||||||
Series 2005 A, RB
|
5.00% | 210 | 194,152 | |||||||||||
Series 2010 A, RB
(e)
|
6.25% | 1,000 | 1,000,144 | |||||||||||
A-1,
Ref. RB |
5.75% | 2,370 | 2,424,564 | |||||||||||
(e)
|
5.00% | 4,375 | 4,378,662 | |||||||||||
|
4.00% | 2,490 | 2,466,056 | |||||||||||
|
||||||||||||||
Series 2020, Ref. RB
(i)
|
5.25% | 345 | 367,486 | |||||||||||
Series 2020, Ref. RB
(i)
|
5.38% | 705 | 752,256 | |||||||||||
Series 2023, RB
(i)
|
5.38% | 1,620 | 1,690,496 | |||||||||||
Series 2024, RB (INS - AGM)
(f)(i)
|
5.25% | 1,310 | 1,390,325 | |||||||||||
Series 2024, RB
(i)
|
5.50% | 1,200 | 1,279,050 | |||||||||||
|
||||||||||||||
Series 2016, Ref. RB
(i)
|
5.00% | 550 | 550,836 | |||||||||||
Series 2016, Ref. RB
(i)
|
5.00% | 1,000 | 1,001,125 | |||||||||||
|
||||||||||||||
Series 2018, RB
(i)
|
5.00% | 1,565 | 1,615,718 | |||||||||||
Series 2018, RB
(i)
|
5.00% | 1,510 | 1,557,781 | |||||||||||
Series 2018, RB
(i)
|
5.00% | 1,265 | 1,300,808 | |||||||||||
Series 2020, RB
(i)
|
5.00% | 1,495 | 1,545,298 | |||||||||||
Series 2020, RB
(i)
|
4.38% | 875 | 842,862 | |||||||||||
|
||||||||||||||
Series 2016 A, RB
(i)
|
5.00% | 2,465 | 2,464,904 | |||||||||||
Series 2016 A, RB
(i)
|
5.25% | 2,355 | 2,354,971 | |||||||||||
|
||||||||||||||
Series 2022, RB
(i)
|
5.00% | 740 | 795,957 | |||||||||||
Series 2022, RB
(i)
|
5.00% | 455 | 485,348 | |||||||||||
|
5.75% | 1,295 | 1,312,217 | |||||||||||
|
||||||||||||||
Series 2020 A, RB
|
5.00% | 565 | 598,487 | |||||||||||
Series 2021 A, RB
|
5.00% | 835 | 886,979 | |||||||||||
Series 2022, RB
(h)
|
5.00% | 4,090 | 4,358,396 |
Interest
Rate |
Maturity
Date |
Principal
Amount (000) |
Value
|
|||||||||||
|
||||||||||||||
|
5.00% | $ | 1,815 | $ 1,642,984 | ||||||||||
91,053,171 | ||||||||||||||
|
||||||||||||||
|
4.90% | 725 | 751,842 | |||||||||||
(f)(g)
|
0.00% | 2,250 | 578,535 | |||||||||||
1,330,377 | ||||||||||||||
|
||||||||||||||
|
||||||||||||||
Series 2017 C, RB
|
5.00% | 1,750 | 1,712,954 | |||||||||||
Series 2017 C, RB
|
5.00% | 1,305 | 1,256,084 | |||||||||||
2,969,038 | ||||||||||||||
|
||||||||||||||
|
5.25% | 645 | 654,166 | |||||||||||
|
||||||||||||||
Series 2020
A-2,
Ref. RB |
4.00% | 3,265 | 2,979,179 | |||||||||||
Series 2020
B-2,
Ref. RB |
5.00% | 6,505 | 5,988,547 | |||||||||||
Series 2020
B-3,
Ref. RB (g)
|
0.00% | 6,405 | 581,993 | |||||||||||
(e)
|
6.50% | 900 | 900,694 | |||||||||||
(i)
|
5.38% | 600 | 600,273 | |||||||||||
Columbus (
(e)
|
5.00% | 415 | 420,945 | |||||||||||
|
||||||||||||||
Series 2017, Ref. RB
|
5.25% | 875 | 891,912 | |||||||||||
Series 2017, Ref. RB
|
5.50% | 645 | 659,279 | |||||||||||
|
5.00% | 1,010 | 1,155,663 | |||||||||||
|
5.00% | 1,230 | 1,445,184 | |||||||||||
|
5.00% | 1,135 | 1,127,562 | |||||||||||
(c)(d)(e)
|
6.00% | 823 | 57,640 | |||||||||||
|
5.00% | 690 | 681,007 | |||||||||||
|
4.00% | 1,865 | 1,731,924 | |||||||||||
19,875,968 | ||||||||||||||
|
||||||||||||||
|
5.50% | 2,825 | 2,915,402 | |||||||||||
|
5.50% | 885 | 976,394 | |||||||||||
|
4.13% | 665 | 653,508 | |||||||||||
|
||||||||||||||
Series 2000 A, Ref. RB
(i)
|
5.50% | 250 | 250,412 | |||||||||||
Series 2001 C, Ref. RB
(i)
|
5.50% | 475 | 475,770 | |||||||||||
5,271,486 | ||||||||||||||
|
||||||||||||||
Tax-Exempt
2023-1,
RB (e)
|
6.00% | 626 | 661,827 | |||||||||||
|
||||||||||||||
|
5.38% | 375 | 376,114 | |||||||||||
(h)(j)
|
5.00% | 2,500 | 2,659,397 | |||||||||||
(i)
|
5.50% | 1,070 | 1,167,231 | |||||||||||
(i)
|
5.00% | 1,200 | 1,250,084 | |||||||||||
5,452,826 | ||||||||||||||
|
||||||||||||||
(f)(i)
|
5.50% | 1,025 | 1,127,210 | |||||||||||
|
4.00% | 625 | 590,046 |
Interest
Rate |
Maturity
Date |
Principal
Amount (000) |
Value
|
|||||||||||
|
||||||||||||||
(f)(g)
|
0.00% | $ | 500 | $ 304,070 | ||||||||||
|
5.00% | 500 | 500,021 | |||||||||||
|
5.00% | 510 | 527,371 | |||||||||||
|
||||||||||||||
Series 2022, RB
(i)
|
5.25% | 1,505 | 1,580,445 | |||||||||||
Series 2022, RB (INS - AGM)
(f)(i)
|
5.00% | 750 | 781,898 | |||||||||||
|
||||||||||||||
Series 2021 A, Ref. RB
|
4.00% | 690 | 699,357 | |||||||||||
Series 2023
A-2,
RB |
4.00% | 410 | 391,806 | |||||||||||
|
||||||||||||||
Series 2014 A, RB
|
4.75% | 740 | 759,161 | |||||||||||
Series 2014
A-2,
RB |
5.13% | 1,000 | 1,072,888 | |||||||||||
Series 2019 A, RB
|
5.00% | 165 | 173,940 | |||||||||||
Series 2020 B, RB
|
5.00% | 445 | 472,166 | |||||||||||
Series 2021 A, RB
|
4.00% | 930 | 876,068 | |||||||||||
Series 2024 C, RB
|
5.25% | 1,100 | 1,219,156 | |||||||||||
|
||||||||||||||
Series 2017 B, Ref. RB
(i)
|
5.00% | 2,345 | 2,387,388 | |||||||||||
Series 2017 B, Ref. RB
(i)
|
5.00% | 610 | 617,362 | |||||||||||
Series 2021, Ref. RB (INS - AGM)
(f)(i)
|
4.00% | 1,275 | 1,224,571 | |||||||||||
|
5.50% | 1,255 | 1,360,978 | |||||||||||
(e)
|
5.00% | 310 | 311,142 | |||||||||||
16,977,044 | ||||||||||||||
|
||||||||||||||
|
||||||||||||||
Series 2002, RB
|
5.50% | 1,905 | 1,914,848 | |||||||||||
Series 2002, RB
|
5.63% | 1,110 | 1,122,889 | |||||||||||
Series 2005 A, RB
(g)
|
0.00% | 4,515 | 872,361 | |||||||||||
Series 2005 B, RB
(g)
|
0.00% | 2,000 | 224,717 | |||||||||||
Series 2008 A, RB
(g)
|
0.00% | 14,115 | 971,521 | |||||||||||
Series 2008 B, RB
(g)
|
0.00% | 28,010 | 1,740,317 | |||||||||||
|
||||||||||||||
Series 2021
A-1,
GO Bonds |
5.63% | 875 | 911,419 | |||||||||||
Series 2021
A-1,
GO Bonds |
4.00% | 945 | 932,693 | |||||||||||
Series 2021
A-1,
GO Bonds |
4.00% | 740 | 723,965 | |||||||||||
Series 2021
A-1,
GO Bonds |
4.00% | 455 | 432,460 | |||||||||||
Subseries 2022, RN
(g)
|
0.00% | 555 | 351,628 | |||||||||||
Subseries 2022, RN
(g)
|
0.00% | 1,059 | 679,166 | |||||||||||
|
||||||||||||||
Series 2007 VV, Ref. RB (Acquired
Cost (d)(f)
|
5.25% | 1,440 | 1,423,213 | |||||||||||
Series 2007 VV, Ref. RB (Acquired 06/27/2018; Cost
(d)(f)
|
5.25% | 550 | 544,013 | |||||||||||
Series 2007 VV, Ref. RB (Acquired 07/19/2018; Cost
(d)(f)
|
5.25% | 480 | 471,995 | |||||||||||
|
||||||||||||||
Series 2018
A-1,
RB (g)
|
0.00% | 335 | 301,340 | |||||||||||
Series 2018
A-1,
RB (g)
|
0.00% | 785 | 654,208 | |||||||||||
Series 2018
A-1,
RB (g)
|
0.00% | 1,830 | 1,405,216 | |||||||||||
Series 2018
A-1,
RB (g)
|
0.00% | 650 | 458,615 | |||||||||||
Series 2018
A-1,
RB (g)
|
0.00% | 6,175 | 2,082,170 | |||||||||||
Series 2018
A-1,
RB (g)
|
0.00% | 8,095 | 1,986,613 | |||||||||||
Series 2018
A-1,
RB |
4.75% | 1,138 | 1,129,464 | |||||||||||
Series 2018
A-1,
RB |
5.00% | 1,605 | 1,612,098 | |||||||||||
Series 2019
A-2,
RB |
4.33% | 920 | 909,872 | |||||||||||
Series 2019
A-2,
RB |
4.78% | 630 | 623,391 | |||||||||||
24,480,192 |
Interest
Rate |
Maturity
Date |
Principal
Amount (000) |
Value
|
|||||||||||
|
||||||||||||||
|
||||||||||||||
Series 2015 A, Ref. RB
|
5.00% | $ | 530 | $ 534,513 | ||||||||||
Series 2015 B, Ref. RB
|
5.00% | 1,755 | 1,756,754 | |||||||||||
2,291,267 | ||||||||||||||
|
||||||||||||||
|
5.50% | 1,000 | 1,003,148 | |||||||||||
A-1,
RB (b)
|
5.25% | 1,485 | 1,604,734 | |||||||||||
|
||||||||||||||
Series 2024, RB
|
5.50% | 380 | 426,794 | |||||||||||
Series 2024, RB
|
5.50% | 630 | 703,306 | |||||||||||
(b)(i)(o)
|
5.25% | 2,620 | 2,667,536 | |||||||||||
|
||||||||||||||
Series 2022 A, RB
|
4.00% | 675 | 633,219 | |||||||||||
Series 2024 B, Ref. RB (INS - AGM)
(f)
|
5.00% | 1,060 | 1,188,617 | |||||||||||
8,227,354 | ||||||||||||||
|
||||||||||||||
|
5.00% | 1,530 | 1,558,260 | |||||||||||
|
5.00% | 1,670 | 1,671,702 | |||||||||||
|
4.90% | 805 | 835,385 | |||||||||||
4,065,347 | ||||||||||||||
|
||||||||||||||
A-2,
Ref. RB |
5.00% | 935 | 964,028 | |||||||||||
|
5.25% | 780 | 841,962 | |||||||||||
|
5.00% | 1,345 | 1,399,032 | |||||||||||
(f)(g)
|
0.00% | 12,525 | 11,746,703 | |||||||||||
|
4.13% | 1,560 | 1,532,102 | |||||||||||
(h)
|
6.00% | 2,190 | 2,528,653 | |||||||||||
|
4.00% | 2,375 | 2,307,281 | |||||||||||
(i)
|
5.00% | 885 | 905,440 | |||||||||||
(i)
|
5.00% | 715 | 732,991 | |||||||||||
|
5.00% | 1,000 | 1,034,256 | |||||||||||
(f)(l)
|
2.45% | 4,000 | 4,000,000 | |||||||||||
(b)
|
5.00% | 1,875 | 1,997,395 | |||||||||||
29,989,843 | ||||||||||||||
|
||||||||||||||
(i)
|
5.25% | 880 | 944,873 | |||||||||||
|
4.25% | 845 | 838,303 | |||||||||||
|
5.00% | 735 | 766,949 | |||||||||||
|
4.00% | 910 | 883,804 | |||||||||||
|
5.75% | 1,250 | 1,272,424 | |||||||||||
|
4.13% | 755 | 750,605 | |||||||||||
|
4.25% | 1,260 | 1,248,052 | |||||||||||
|
4.00% | 3,180 | 3,089,065 | |||||||||||
|
4.00% | 2,295 | 2,248,188 | |||||||||||
|
||||||||||||||
Series 2023 A, RB (INS - BAM)
(f)
|
4.38% | 1,000 | 1,001,357 | |||||||||||
Series 2023, RB (INS - AGM)
(f)
|
4.25% | 1,065 | 1,046,725 | |||||||||||
|
4.00% | 965 | 926,845 |
Interest
Rate |
Maturity
Date |
Principal
Amount (000) |
Value
|
|||||||||||
|
||||||||||||||
(f)(i)
|
5.25% | $ | 1,290 | $ 1,381,599 | ||||||||||
(i)
|
4.00% | 435 | 421,546 | |||||||||||
(i)
|
5.00% | 375 | 386,556 | |||||||||||
|
4.25% | 1,045 | 1,036,718 | |||||||||||
|
4.00% | 1,390 | 1,329,875 | |||||||||||
|
4.13% | 1,000 | 994,395 | |||||||||||
|
5.50% | 880 | 979,631 | |||||||||||
Matagorda County Navigation District No. 1 (
(f)(i)
|
5.13% | 5,000 | 5,229,399 | |||||||||||
(e)(i)
|
4.63% | 2,305 | 2,308,312 | |||||||||||
(4-K
(c)
|
5.00% | 1,000 | 400,000 | |||||||||||
|
||||||||||||||
Series 2021
A-1,
RB |
7.50% | 60 | 48,081 | |||||||||||
Series 2021, RB
|
2.00% | 1,665 | 628,082 | |||||||||||
|
5.00% | 1,080 | 879,391 | |||||||||||
(CHF-Collegiate
Housing College Station I, LLC - (f)
|
5.00% | 830 | 830,052 | |||||||||||
|
5.00% | 1,075 | 1,098,411 | |||||||||||
(e)
|
4.00% | 920 | 782,182 | |||||||||||
|
||||||||||||||
Series 2017, Ref. RB
|
5.00% | 370 | 371,102 | |||||||||||
Series 2017, Ref. RB
|
5.00% | 460 | 454,482 | |||||||||||
|
||||||||||||||
Series 2018, Ref. RB
|
5.00% | 175 | 174,205 | |||||||||||
Series 2018, Ref. RB
|
5.00% | 1,000 | 995,592 | |||||||||||
Series 2020, RB
|
5.25% | 1,680 | 1,543,047 | |||||||||||
|
5.00% | 1,895 | 1,922,807 | |||||||||||
|
5.00% | 1,230 | 1,351,236 | |||||||||||
|
5.25% | 2,295 | 2,540,768 | |||||||||||
|
||||||||||||||
Series 2023, GO Bonds
|
4.25% | 600 | 601,421 | |||||||||||
Series 2023, GO Bonds
|
4.25% | 1,705 | 1,692,700 | |||||||||||
|
||||||||||||||
Series 2016, Ref. RB
|
5.00% | 1,790 | 1,794,781 | |||||||||||
Series 2016, Ref. RB
|
5.00% | 755 | 723,017 | |||||||||||
|
||||||||||||||
Series 2007, RB (Acquired 12/19/2007; Cost
(c)(d)
|
5.75% | 335 | 184,250 | |||||||||||
Series 2017 A, RB (Acquired 12/15/2016; Cost
(c)(d)
|
6.38% | 1,490 | 819,500 | |||||||||||
|
||||||||||||||
Series 2020, Ref. RB
|
6.63% | 60 | 58,404 | |||||||||||
Series 2020, Ref. RB
|
6.75% | 60 | 56,917 | |||||||||||
Series 2020, Ref. RB
|
6.88% | 60 | 57,153 | |||||||||||
(g)
|
0.00% | 1,500 | 721,306 | |||||||||||
|
||||||||||||||
Series 2015 B, Ref. RB
(b)(g)(o)
|
0.00% | 2,650 | 1,585,319 | |||||||||||
Series 2015 B, Ref. RB
(b)(g)(o)
|
0.00% | 955 | 545,828 | |||||||||||
Series 2015 C, Ref. RB
(b)(o)
|
5.00% | 1,495 | 1,499,531 | |||||||||||
|
||||||||||||||
Series 2022, RB
(h)
|
5.00% | 2,510 | 2,725,390 | |||||||||||
Series 2023 A, RB
|
4.88% | 1,865 | 1,999,608 | |||||||||||
|
4.00% | 1,065 | 1,028,931 | |||||||||||
|
6.25% | 2,250 | 2,327,515 | |||||||||||
(i)
|
5.50% | 1,150 | 1,243,575 | |||||||||||
|
5.25% | 5 | 5,002 | |||||||||||
|
4.00% | 1,855 | 1,768,912 | |||||||||||
BAM) (f)
|
4.00% | 2,510 | 2,342,600 |
Interest
Rate |
Maturity
Date |
Principal
Amount (000) |
Value
|
|||||||||||
|
||||||||||||||
(h)
|
5.25% | $ | 2,665 | $ 2,942,385 | ||||||||||
69,828,704 | ||||||||||||||
|
||||||||||||||
(e)
|
4.00% | 500 | 425,501 | |||||||||||
A-2,
RB |
4.00% | 500 | 421,488 | |||||||||||
|
||||||||||||||
Series 2018 A, RB
(i)
|
5.00% | 1,110 | 1,136,105 | |||||||||||
Series 2021 A, RB
(i)
|
5.00% | 620 | 647,261 | |||||||||||
Series 2023 A, RB
(i)
|
5.50% | 2,180 | 2,384,814 | |||||||||||
|
4.00% | 1,515 | 1,437,242 | |||||||||||
|
4.50% | 1,055 | 1,026,405 | |||||||||||
|
4.90% | 1,165 | 1,191,196 | |||||||||||
|
4.38% | 835 | 859,139 | |||||||||||
9,529,151 | ||||||||||||||
|
||||||||||||||
(b)(o)
|
5.00% | 1,900 | 1,903,583 | |||||||||||
|
4.00% | 1,560 | 1,521,392 | |||||||||||
Isle Wight (County of),
(f)
|
5.25% | 1,020 | 1,113,163 | |||||||||||
(e)
|
5.00% | 250 | 250,407 | |||||||||||
(b)
|
5.50% | 110 | 109,687 | |||||||||||
|
5.25% | 870 | 901,851 | |||||||||||
(i)
|
5.00% | 2,560 | 2,722,710 | |||||||||||
(
|
||||||||||||||
Series 2022, Ref. RB
(i)
|
5.00% | 425 | 445,373 | |||||||||||
Series 2022, Ref. RB
(i)
|
5.00% | 1,215 | 1,259,888 | |||||||||||
|
||||||||||||||
Series 2017, RB
(i)
|
5.00% | 610 | 620,072 | |||||||||||
Series 2017, RB
(i)
|
5.00% | 2,505 | 2,538,386 | |||||||||||
13,386,512 | ||||||||||||||
|
||||||||||||||
(e)
|
5.00% | 700 | 725,579 | |||||||||||
|
5.00% | 1,865 | 2,002,294 | |||||||||||
(h)
|
4.00% | 2,070 | 2,044,478 | |||||||||||
|
5.00% | 1,400 | 1,552,038 | |||||||||||
|
5.00% | 2,605 | 2,657,053 | |||||||||||
|
||||||||||||||
Series 2020, Ref. RB
|
4.00% | 925 | 866,116 | |||||||||||
Series 2020, Ref. RB
|
5.00% | 1,000 | 1,041,304 | |||||||||||
|
||||||||||||||
Series 2016 A, Ref. RB
(e)
|
5.00% | 325 | 304,469 | |||||||||||
Series 2016 A, Ref. RB
(e)
|
5.00% | 270 | 245,884 | |||||||||||
Series 2021-1A,
Revenue Ctfs. |
3.50% | 885 | 840,548 | |||||||||||
12,279,763 | ||||||||||||||
|
||||||||||||||
(e)
|
7.50% | 620 | 668,715 | |||||||||||
|
4.25% | 1,340 | 1,327,648 | |||||||||||
1,996,363 |
Interest
Rate |
Maturity
Date |
Principal
Amount (000) |
Value
|
|||||||||||||
|
||||||||||||||||
|
||||||||||||||||
Series 2020 D, RB (INS - AGM)
(f)(g)
|
0.00 | % | $ | 4,885 | $ | 1,465,587 | ||||||||||
Series 2020 D, RB (INS - AGM)
(f)(g)
|
0.00 | % | 21,940 | 4,018,895 | ||||||||||||
Series 2022, RB
(e)
|
5.25 | % | 1,280 | 1,303,667 | ||||||||||||
|
4.00 | % | 2,085 | 1,934,549 | ||||||||||||
(e)
|
5.00 | % | 1,250 | 1,284,168 | ||||||||||||
|
4.00 | % | 1,875 | 1,838,118 | ||||||||||||
|
3.00 | % | 625 | 549,206 | ||||||||||||
|
4.00 | % | 1,150 | 1,089,852 | ||||||||||||
|
4.95 | % | 930 | 967,629 | ||||||||||||
(c)(e)
|
6.75 | % | 685 | 602,800 | ||||||||||||
|
||||||||||||||||
Series 2020 A, RB
(e)
|
6.13 | % | 310 | 298,218 | ||||||||||||
Series 2022 A, RB
(e)
|
6.13 | % | 335 | 322,268 | ||||||||||||
(e)
|
5.13 | % | 465 | 466,337 | ||||||||||||
A-1,
RB (e)
|
6.38 | % | 490 | 220,500 | ||||||||||||
|
||||||||||||||||
Series 2018 A, RB
|
5.20 | % | 1,255 | 1,284,016 | ||||||||||||
Series 2018 A, RB
|
5.35 | % | 1,255 | 1,273,509 | ||||||||||||
(e)
|
5.63 | % | 850 | 852,937 | ||||||||||||
|
5.75 | % | 670 | 678,450 | ||||||||||||
20,450,706 | ||||||||||||||||
|
||||||||||||||||
(f)
|
4.00 | % | 805 | 788,361 | ||||||||||||
Total Municipal Obligations (Cost
|
675,805,448 | |||||||||||||||
Shares
|
||||||||||||||||
Exchange-Traded Funds-0.18%
|
||||||||||||||||
Invesco Municipal Strategic Income ETF
(Cost (r)
|
14,890 | 764,971 | ||||||||||||||
TOTAL INVESTMENTS IN SECURITIES
(s)
-154.95% (Cost |
676,570,419 | |||||||||||||||
FLOATING RATE NOTE OBLIGATIONS-(12.40)%
|
||||||||||||||||
Notes with interest and fee rates ranging from 3.46% to 3.72% at
(t)
|
(54,160,000 | ) | ||||||||||||||
VARIABLE RATE MUNI TERM PREFERRED SHARES-(42.03)%
|
(183,536,943 | ) | ||||||||||||||
OTHER ASSETS LESS LIABILITIES-(0.52)%
|
(2,224,464 | ) | ||||||||||||||
NET ASSETS APPLICABLE TO COMMON SHARES-100.00%
|
$ | 436,649,012 | ||||||||||||||
AGM | - |
|
- |
||
BAM | - |
|
BHAC | - |
|
CEP | - Credit Enhancement Provider | |
Ctfs. | - Certificates | |
ETF | - |
|
FHLMC | - |
|
GNMA | - |
|
GO | - General Obligation | |
IDR | - Industrial Development Revenue Bonds | |
INS | - Insurer | |
LOC | - Letter of Credit | |
NATL | - |
|
RAC | - Revenue Anticipation Certificates | |
RB | - Revenue Bonds | |
Ref. | - Refunding | |
RN | - Revenue Notes | |
- |
||
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
|
(d)
|
Restricted security. The aggregate value of these securities at
|
(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
|
(f)
|
Principal and/or interest payments are secured by the bond insurance company listed.
|
(g)
|
Zero coupon bond issued at a discount.
|
(h)
|
Underlying security related to TOB Trusts entered into by the Trust. See Note 1J.
|
(i)
|
Security subject to the alternative minimum tax.
|
(j)
|
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
|
(k)
|
Convertible capital appreciation bond. The interest rate shown represents the coupon rate at which the bond will accrue at a specified future date.
|
(l)
|
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
|
(m)
|
Security valued using significant unobservable inputs (Level 3). See Note 3.
|
(n)
|
The issuer is paying less than stated interest, but is not in default on principal because scheduled principal payments have not yet begun.
|
(o)
|
Advance refunded; secured by an escrow fund of
|
(p)
|
Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on
|
(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 holding. Affiliated holdings are investments in entities which are under common ownership or control of
|
Value
|
Purchases
at Cost |
Proceeds
from Sales |
Change in
Unrealized Appreciation |
Realized
Gain |
Value
|
Dividend Income
|
||||||||
Invesco Municipal Strategic Income ETF
|
$- | $- | $- | |||||||||||
(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
|
|||
|
5.54% | |||
(t)
|
Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at
|
Revenue Bonds
|
83.78% | |||
General Obligation Bonds
|
12.37 | |||
Pre-Refunded
Bonds |
2.25 | |||
Other
|
1.60 | |||
Assets:
|
||||
Investments in unaffiliated securities, at value (Cost
|
$ | 675,805,448 | ||
Investments in affiliates, at value
(Cost |
764,971 | |||
Receivable for:
|
||||
Investments sold
|
100,352 | |||
Interest
|
6,949,986 | |||
Investment for trustee deferred compensation and retirement plans
|
28,591 | |||
Total assets
|
683,649,348 | |||
Liabilities:
|
||||
Floating rate note obligations
|
54,160,000 | |||
Variable rate muni term preferred shares (
|
183,536,943 | |||
Payable for:
|
||||
Investments purchased
|
3,865,335 | |||
Dividends
|
178,830 | |||
Amount due custodian
|
4,272,368 | |||
Accrued fees to affiliates
|
39,221 | |||
Accrued interest expense
|
722,962 | |||
Accrued trustees' and officers' fees and benefits
|
599 | |||
Accrued other operating expenses
|
195,487 | |||
Trustee deferred compensation and retirement plans
|
28,591 | |||
Total liabilities
|
247,000,336 | |||
Net assets applicable to common shares
|
$ | 436,649,012 | ||
Net assets applicable to common shares consist of:
|
||||
Shares of beneficial interest - common shares
|
$ | 497,790,756 | ||
Distributable earnings (loss)
|
(61,141,744 | ) | ||
$ | 436,649,012 | |||
Common shares outstanding, no par value, with an unlimited number of common shares authorized:
|
||||
Common shares outstanding
|
44,406,020 | |||
Net asset value per common share
|
$ | 9.83 | ||
Market value per common share
|
$ | 9.00 | ||
Investment income:
|
||||
Interest
|
$ | 16,532,159 | ||
Dividends from affiliates
|
15,361 | |||
Total investment income
|
16,547,520 | |||
Expenses:
|
||||
Advisory fees
|
1,890,371 | |||
Administrative services fees
|
32,517 | |||
Custodian fees
|
4,465 | |||
Interest, facilities and maintenance fees
|
5,950,203 | |||
Transfer agent fees
|
14,130 | |||
Trustees' and officers' fees and benefits
|
12,223 | |||
Registration and filing fees
|
11,319 | |||
Reports to shareholders
|
125,739 | |||
Professional services fees
|
77,261 | |||
Other
|
1,989 | |||
Total expenses
|
8,120,217 | |||
Less: Fees waived
|
(1,426 | ) | ||
Net expenses
|
8,118,791 | |||
Net investment income
|
8,428,729 | |||
Realized and unrealized gain (loss) from:
|
||||
Net realized gain (loss) from unaffiliated investment securities (includes net gains (losses) from securities sold to affiliates of
|
(1,598,100 | ) | ||
Change in net unrealized appreciation of:
|
||||
Unaffiliated investment securities
|
3,958,348 | |||
Affiliated investment securities
|
4,679 | |||
3,963,027 | ||||
Net realized and unrealized gain
|
2,364,927 | |||
Net increase in net assets resulting from operations applicable to common shares
|
$ | 10,793,656 | ||
|
|
|||||||
2024
|
2024
|
|||||||
Operations:
|
||||||||
Net investment income
|
$ | 8,428,729 | $ | 16,437,740 | ||||
Net realized gain (loss)
|
(1,598,100 | ) | (8,714,683 | ) | ||||
Change in net unrealized appreciation
|
3,963,027 | 25,646,345 | ||||||
Net increase from payments by affiliates
|
- | 699,993 | ||||||
Net increase in net assets resulting from operations applicable to common shares
|
10,793,656 | 34,069,395 | ||||||
Distributions to common shareholders from distributable earnings
|
(12,096,200 | ) | (16,752,096 | ) | ||||
Retuof capital applicable to common shares
|
- | (317,578 | ) | |||||
Total distributions
|
(12,096,200 | ) | (17,069,674 | ) | ||||
Net increase (decrease) in net assets applicable to common shares
|
(1,302,544 | ) | 16,999,721 | |||||
Net assets applicable to common shares:
|
||||||||
Beginning of period
|
437,951,556 | 420,951,835 | ||||||
End of period
|
$ | 436,649,012 | $ | 437,951,556 | ||||
Cash provided by operating activities:
|
||||
Net increase in net assets resulting from operations applicable to common shares
|
$ | 10,793,656 | ||
Adjustments to reconcile the change in net assets applicable to common shares from operations to net cash provided by operating activities:
|
||||
Purchases of investments
|
(35,184,666 | ) | ||
Proceeds from sales of investments
|
56,886,389 | |||
Purchases of short-term investments, net
|
(3,038,960 | ) | ||
Amortization (accretion) of premiums and discounts, net
|
(975,276 | ) | ||
Net realized loss from investment securities
|
1,598,100 | |||
Net change in unrealized appreciation on investment securities
|
(3,963,027 | ) | ||
Change in operating assets and liabilities:
|
||||
Decrease in receivables and other assets
|
207,781 | |||
Increase in accrued expenses and other payables
|
36,079 | |||
Net cash provided by operating activities
|
26,360,076 | |||
Cash provided by (used in) financing activities:
|
||||
Increase in payable for amount due custodian
|
4,134,415 | |||
Dividends paid to common shareholders from distributable earnings
|
(11,954,491 | ) | ||
Decrease in VMTP Shares, at liquidation value
|
(32,400,000 | ) | ||
Proceeds from TOB Trusts
|
16,205,000 | |||
Repayment of TOB Trusts
|
(2,345,000 | ) | ||
Net cash provided by (used in) financing activities
|
(26,360,076 | ) | ||
Net increase in cash and cash equivalents
|
- | |||
Cash and cash equivalents at beginning of period
|
- | |||
Cash and cash equivalents at end of period
|
$ | - | ||
Supplemental disclosure of cash flow information:
|
||||
Cash paid during the period for interest, facilities and maintenance fees
|
$ | 5,963,487 | ||
Six Months Ended
|
Year Ended
|
Years Ended
|
Year Ended
|
|||||||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||||||
2024
|
2024
|
2023
|
2022
|
2021
|
2020
|
|||||||||||||||||||||||||
Net asset value per common share, beginning of period
|
$ 9.86 | $ 9.48 | $ 11.41 | $ 12.05 | $ 12.45 | $ 11.55 | ||||||||||||||||||||||||
Net investment income
(a)
|
0.19 | 0.37 | 0.44 | 0.54 | 0.58 | 0.51 | ||||||||||||||||||||||||
Net gains (losses) on securities (both realized and unrealized)
|
0.05 | 0.39 | (1.87 | ) | (0.60 | ) | (0.44 | ) | 0.93 | |||||||||||||||||||||
Total from investment operations
|
0.24 | 0.76 | (1.43 | ) | (0.06 | ) | 0.14 | 1.44 | ||||||||||||||||||||||
Less:
|
||||||||||||||||||||||||||||||
Dividends paid to common shareholders from net investment income
|
(0.27 | ) | (0.37 | ) | (0.46 | ) | (0.58 | ) | (0.54 | ) | (0.52 | ) | ||||||||||||||||||
Retuof capital
|
- | (0.01 | ) | (0.04 | ) | - | - | (0.02 | ) | |||||||||||||||||||||
Total distributions
|
(0.27 | ) | (0.38 | ) | (0.50 | ) | (0.58 | ) | (0.54 | ) | (0.54 | ) | ||||||||||||||||||
Net asset value per common share, end of period
|
$ 9.83 | $ 9.86 | $ 9.48 | $ 11.41 | $ 12.05 | $ 12.45 | ||||||||||||||||||||||||
Market value per common share, end of period
|
$ 9.00 | $ 8.53 | $ 8.54 | $ 11.03 | $ 11.49 | $ 11.21 | ||||||||||||||||||||||||
Total retuat net asset value
(b)
|
2.83 | % | 8.94 | %
(c)
|
(12.28 | )% | (0.66 | )% | 1.75 | % | 13.11 | % | ||||||||||||||||||
Total retuat market value
(d)
|
8.83 | % | 4.62 | % | (18.25 | )% | 0.72 | % | 7.75 | % | 10.24 | % | ||||||||||||||||||
Net assets applicable to common shares, end of period (000's omitted)
|
||||||||||||||||||||||||||||||
Portfolio turnover rate
(e)
|
5 | % | 36 | % | 42 | % | 14 | % | 20 | % | 9 | % | ||||||||||||||||||
Ratios/supplemental data based on average net assets applicable to common shares outstanding:
|
||||||||||||||||||||||||||||||
Ratio of expenses:
|
||||||||||||||||||||||||||||||
With fee waivers and/or expense reimbursements
|
3.71 | %
(f)
|
3.67 | % | 2.84 | % | 1.60 | % | 1.84 | % | 2.57 | % | ||||||||||||||||||
With fee waivers and/or expense reimbursements excluding interest, facilities and maintenance fees
|
0.99 | %
(f)
|
0.96 | % | 1.01 | % | 0.93 | % | 0.97 | % | 1.01 | % | ||||||||||||||||||
Without fee waivers and/or expense reimbursements
|
3.71 | %
(f)
|
3.67 | % | 2.84 | % | 1.60 | % | 1.84 | % | 2.57 | % | ||||||||||||||||||
Ratio of net investment income to average net assets
|
3.85 | %
(f)
|
3.89 | % | 4.48 | % | 4.45 | % | 4.89 | % | 4.26 | % | ||||||||||||||||||
Senior securities:
|
||||||||||||||||||||||||||||||
Total amount of preferred shares outstanding (000's omitted)
|
||||||||||||||||||||||||||||||
Asset coverage per preferred share
(g)
|
||||||||||||||||||||||||||||||
Liquidating preference per preferred share
|
(a)
|
Calculated using average shares outstanding.
|
(b)
|
Includes adjustments in accordance with accounting principles generally accepted in
|
(c)
|
Amount includes the effect of the Adviser
pay-in
for an economic loss that occurred on pay-in
not been made the total retuwould have been 8.74%. |
(d)
|
Total retuassumes 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.
|
(e)
|
Portfolio turnover is not annualized for periods less than one year, if applicable.
|
(f)
|
Annualized.
|
(g)
|
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.
|
management investment company.
A.
|
Security Valuations
- Securities, including restricted securities, are valued according to the following policy. |
trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a trust may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.
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 |
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. |
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 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), restricted cash, 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 |
on the Statement of Assets and Liabilities. The carrying amount of the Trust's floating rate note obligations as reported on the Statement of Assets and Liabilities approximates its fair value. The Trust records the interest income from the fixed rate bonds under the caption Interest and records the expenses related to floating rate obligations and any administrative expenses of the TOB Trusts as a component of
on the Statement of Operations.
third-party service provider. The Trust's expanded role may increase its operational and regulatory risk.
K.
|
Other Risks
- The risk of a municipal obligation generally depends on the financial and credit status of the issuer. Constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives, and the issuer's regional economic conditions may affect the municipal security's value, interest payments, repayment of principal and the Trust's ability to sell the security. Failure of a municipal security issuer to comply with applicable tax requirements may make income paid thereon taxable, resulting in a decline in the security's value. In addition, there could be changes in applicable tax laws or tax treatments that reduce or eliminate the current federal income tax exemption on municipal securities or otherwise adversely affect the current federal or state tax status of municipal securities. |
agreement between the Adviser and each of
the Adviser, not the Trust, will pay 40% of the fees paid to the Adviser to any such Affiliated
that provide(s) discretionary investment management services to the Trust based on the percentage of assets allocated to such Affiliated
. Invesco has entered into a
agreement whereby
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. When significant events due to market movements occur, foreign securities may be fair valued utilizing an independent pricing service. | |
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
|
$ | - | $ | 675,424,722 | $ | 380,726 | $ | 675,805,448 | ||||||||
Exchange-Traded Funds
|
764,971 | - | - | 764,971 | ||||||||||||
Total Investments
|
$ | 764,971 | $ | 675,424,722 | $ | 380,726 | $ | 676,570,419 | ||||||||
of the 1940 Act and, to the extent applicable, related
Pursuant to these procedures, for the six months ended
include amounts accrued by the Trust to pay remuneration to certain Trustees and Officers of the Trust. Trustees have the option to defer compensation payable by the Trust, and "
" includes amounts accrued by the Trust to fund such deferred compensation amounts.
are shown in the Statement of Assets and Liabilities under the payable caption
. To compensate the custodian bank for such overdrafts, the overdrawn Trust may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.
Capital Loss Carryforward*
|
||||||
Expiration
|
Short-Term
|
Long-Term
|
Total
|
|||
Not subject to expiration
|
||||||
* |
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
|
$ | 21,144,975 | ||
Aggregate unrealized (depreciation) of investments
|
(15,211,008 | ) | ||
Net unrealized appreciation of investments
|
$ | 5,933,967 | ||
Six Months Ended
|
Year Ended
|
|||||||
2024
|
2024
|
|||||||
Beginning shares
|
44,406,020 | 44,406,020 | ||||||
Shares issued through dividend reinvestment
|
- | - | ||||||
Ending shares
|
44,406,020 | 44,406,020 |
VMTP Shares, with a liquidation preference of
Issue Date
|
Shares Issued
|
Term Redemption Date
|
Extension Date
|
|||
|
2,160 | |||||
VMTP Shares, with a liquidation preference of
on the Statement of Operations, and the unamortized balance is included in the value of
on the Statement of Assets and Liabilities.
on the Statement of Assets and Liabilities. The fair value of VMTP Shares is expected to be approximately their liquidation preference so long as the credit rating on the VMTP Shares, and therefore the "spread" on the VMTP Shares (determined in accordance with the VMTP Shares' governing document) remains unchanged. At
the Trust's Adviser has determined that fair value of VMTP Shares is approximately their liquidation preference. Fair value could vary if market conditions change materially. Unpaid dividends on VMTP Shares are recognized as
on the Statement of Assets and Liabilities. Dividends paid on VMTP Shares are recognized as a component of
on the Statement of Operations.
Declaration Date
|
Amount per Share
|
Record Date
|
Payable Date
|
|||||||
|
||||||||||
|
||||||||||
Contracts
Contract for Mutual Funds with
and the
contracts) for another year, effective
contracts and determined that the compensation payable thereunder by the Fund to
is fair and reasonable.
that meet throughout the year to review the performance of funds advised by
meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review information about investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the annual review process for the Invesco Funds' investment advisory and
contracts. The Board took into account evaluations and reports that it received from its committees and
as well as the information provided to the Board and its committees and
throughout the year, in considering whether to approve each
contracts.
contracts in separate sessions with the Senior Officer and with independent legal counsel. Also, as part of the contract renewal process, the independent Trustees reviewed and considered information provided in response to
requests for information submitted by the independent Trustees to management. The independent Trustees met and discussed those
responses with legal counsel to the independent Trustees and the Senior Officer.
contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and
contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board's approval on
A.
|
Nature, Extent and Quality of Services Provided by
Sub-Advisers
|
fund, including, but not limited to, leverage management and monitoring, evaluating, and, where appropriate, making recommendations with respect to the Fund's trading discount, share repurchase program, and distribution rates, as well as shareholder relations activities. The Board received a description of, and reports related
services that
under the
contracts and the credentials and experience of the officers and employees of the Affiliated
who provide these services. The Board noted the Affiliated
expertise with respect to certain asset classes and that the Affiliated
have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated
can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. The Board concluded that the
contracts may benefit the Fund and its shareholders by permitting
in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated
are appropriate and satisfactory.
B.
|
Fund Investment Performance
|
contracts for the Fund, as no Affiliated
currently manages assets of the Fund.
C.
|
Advisory and
Sub-Advisory
Fees and Fund Expenses |
management administrative services fees, but that Broadridge is not able to provide information on a
basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund's contractual management fee schedule (including any applicable breakpoints) as reported in the most recent audited annual reports for each fund in the expense group. The Board also considered comparative information regarding the Fund's total expense ratio and its various components.
do not manage other similarly managed mutual funds or client accounts.
pursuant to the
contracts, as well as the fees payable by
pursuant to the
contracts.
D.
|
Economies of Scale and Breakpoints
|
funds do not have fund level breakpoints because
funds generally do not experience substantial asset growth after the initial public offering. The Board acknowledged the difficulty in calculating and measuring economies of scale at the individual fund level; noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board noted that the Fund does not benefit from economies of scale through contractual breakpoints, but does share in economies of scale through
E.
|
Profitability and Financial Resources
|
basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that
are financially sound and have the resources necessary to perform their obligations under the
contracts. The Board noted the cyclical and competitive nature of the global asset management industry.
F.
|
Collateral Benefits to
|
Matter
|
Votes For
|
Votes
Against/Withheld |
|||||||||
(1)
|
34,415,739.65 | 3,465,903.52 | |||||||||
34,393,896.65 | 3,487,746.52 | ||||||||||
34,421,028.65 | 3,460,614.52 | ||||||||||
34,399,672.65 | 3,481,970.52 | ||||||||||
(2)
|
1,836.00 | 0.00 | |||||||||
1,836.00 | 0.00 | ||||||||||
1,836.00 | 0.00 | ||||||||||
1,836.00 | 0.00 |
Matter
|
Votes For
|
Votes
Against/Withheld |
Votes Abstain
|
||||||||||||||
(a)
|
To amend the fundamental investment restriction regarding diversification | 20,409,652.58 | 2,133,428.78 | 869,113.82 | |||||||||||||
(b)
|
To amend the fundamental investment restriction regarding borrowing | 20,358,060.58 | 2,213,039.78 | 841,096.82 | |||||||||||||
(c)
|
To amend the fundamental investment restriction regarding issuing senior securities | 20,467,246.58 | 2,105,652.78 | 839,293.82 | |||||||||||||
(d)
|
To amend the fundamental investment restriction regarding underwriting securities issued by other persons | 20,378,208.58 | 2,180,532.78 | 853,455.82 | |||||||||||||
(e)
|
To amend the fundamental investment restriction regarding lending | 20,336,275.58 | 2,166,369.78 | 909,549.82 | |||||||||||||
(f)
|
To amend the fundamental investment restriction regarding purchasing and selling real estate | 20,182,983.58 | 2,413,353.78 | 815,857.82 | |||||||||||||
(g)
|
To amend the fundamental investment restriction regarding purchasing and selling commodities | 20,198,333.58 | 2,381,710.78 | 832,153.82 | |||||||||||||
(h)
|
To amend the fundamental investment restriction regarding industry concentration | 20,396,268.58 | 2,144,656.78 | 871,270.82 |
Matter
|
Votes For
|
Votes
Against/Withheld |
Votes Abstain
|
||||||||||||||
(a)
|
To remove the fundamental investment restriction regarding purchasing on margin | 20,139,588.58 | 2,312,230.78 | 960,379.82 | |||||||||||||
(b)
|
To remove the fundamental investment restriction(s) regarding making short sales, writing, purchasing or selling puts or calls or purchasing futures or options | 20,000,303.58 | 2,453,851.78 | 958,038.82 | |||||||||||||
(c)
|
To remove the fundamental investment restriction regarding investing for control or management | 20,101,691.58 | 2,357,617.78 | 952,886.82 | |||||||||||||
(d)
|
To remove the fundamental investment restriction regarding investing in other investment companies | 20,116,144.58 | 2,346,329.78 | 949,721.82 | |||||||||||||
(e)
|
To remove the fundamental investment restriction regarding investing in oil, gas or mineral exploration or development programs | 20,229,117.58 | 2,208,442.78 | 974,633.82 |
The most recent list of portfolio holdings is available at invesco.com/us. Shareholders can also look up the Trust's Form
filings on the
The information is also available on the
period ended June 30 is available at invesco.com/proxysearch. The information is also available on the
811-07868
|
VK-CE-AMINC2-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. Investments
Investments in securities of unaffiliated issuers is filed under Item 1 of this Form.
Item 7. Financial Statements and Financial Highlights for Open-EndManagement Investment Companies
Not applicable.
Item 8. Changes in and Disagreements with Accountants for Open-EndManagement Investment Companies
Not applicable.
Not applicable.
Item 10. Remuneration Paid to Directors, Officers, and Others for Open-EndManagement Investment Companies
Not applicable.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract
Not applicable.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-EndManagement Investment Companies.
Not applicable.
Item 13. Portfolio Managers of Closed-EndManagement Investment Companies
Not applicable.
Item 14. Purchases of Equity Securities by Closed-EndManagement Investment Company and Affiliated Purchasers
Not applicable.
Item 15. Submission of Matters to a Vote of Security Holders
None.
Item 16. Controls and Procedures
(a) |
As of a date within 90 days of the filing date of this report, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the Principal Executive Officer ("PEO") and Principal Financial Officer ("PFO"), to assess the effectiveness of the Registrant's disclosure controls and procedures, as that term is defined in Rule 30a-3(c)under the Investment Company Act of 1940 (the "Act"), as amended. Based on that evaluation, the Registrant's officers, including the PEO and PFO, concluded that 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-CSRis 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 17. Disclosure of Securities Lending Activity for Closed-EndManagement Investment Companies
Not applicable.
Item 18. Recovery of Erroneously Awarded Compensation
Not applicable.
Item 19. Exhibits
19(a)(1) Not applicable.
19(a)(2) Not applicable.
19(a)(3) Certifications of principal executive officer and principal financial officer as required by Rule30a-2(a)under the Investment Company Act of 1940 and Section302 of the Sarbanes-Oxley Act of 2002.
19(b) Certifications of principal executive officer and principal financial officer as required by Rule30a-2(b)under the Investment Company Act of 1940 and Section906 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: | ||
By: |
/s/ |
|
Principal Executive Officer | ||
Date: | November 1, 2024 |
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/ |
|
Principal Executive Officer | ||
Date: | November 1, 2024 |
By: |
/s/ |
|
Principal Financial Officer | ||
Date: | November 1, 2024 |
Attachments
Disclaimer
Semi Annual Report by Investment Company Form N CSRS
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