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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT
INVESTMENT COMPANY
INVESTMENT COMPANY
Investment Company Act file number 811-05688
Invesco Municipal Premium Income Trust
(Exact name of registrant as specified in charter)
1555 Peachtree Street, N.E., Atlanta, Georgia 30309
(Address of principal executive offices) (Zip code)
(Address of principal executive offices) (Zip code)
Philip A. Taylor 1555 Peachtree Street, N.E., Atlanta, Georgia 30309
(Name and address of agent for service)
(Name and address of agent for service)
Registrant’s
telephone number, including area code: (713) 626-1919
Date of fiscal year end: 2/28
Date of reporting period: 11/30/11
Quarterly Schedule of Portfolio Holdings
November 30, 2011
 |
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invesco.com/us
|
MS-CE-MIP-QTR-1 11/11 | Invesco Advisers, Inc. |
Schedule of Investments
November 30, 2011
(Unaudited)
November 30, 2011
(Unaudited)
| Principal | ||||||||||||||||
| Interest | Maturity | Amount | ||||||||||||||
| Rate | Date | (000) | Value | |||||||||||||
Municipal Obligations—166.80% |
||||||||||||||||
Alabama—2.25% |
||||||||||||||||
Birmingham (City of) Airport Authority; Series 2010, RB (INS-AGM) (a) |
5.25 | % | 07/01/30 | $ | 450 | $ | 470,700 | |||||||||
University of Alabama Board of Trustees; Series 2004 A, General RB (INS-NATL) (a) |
5.25 | % | 07/01/20 | 2,500 | 2,723,575 | |||||||||||
| 3,194,275 | ||||||||||||||||
Alaska—0.67% |
||||||||||||||||
Alaska (State of) Industrial Development & Export Authority (Providence Health & Services);
Series 2011 A, RB |
5.50 | % | 10/01/41 | 900 | 952,857 | |||||||||||
Arizona—7.65% |
||||||||||||||||
Arizona (State of) Transportation Board; Series 2011 A, Ref. Sub. Highway RB |
5.00 | % | 07/01/36 | 750 | 793,582 | |||||||||||
Glendale (City of) Industrial Development Authority (John C. Lincoln Health Network); Series 2005
B, Ref. Hospital RB |
5.00 | % | 12/01/37 | 1,075 | 926,155 | |||||||||||
Maricopa County Pollution Control Corp. (Arizona Public Service Co. — Palo Verde); Series 2009 A,
Ref. PCR (b)(c) |
6.00 | % | 05/01/14 | 300 | 328,215 | |||||||||||
Pima (County of) Industrial Development Authority (Tuscon Electric Power Co.); Series 2010 A, IDR |
5.25 | % | 10/01/40 | 550 | 541,129 | |||||||||||
Salt River Project Agricultural Improvement & Power District; Series 2002 B, Electric System RB
(d) |
5.00 | % | 01/01/31 | 8,000 | 8,256,000 | |||||||||||
| 10,845,081 | ||||||||||||||||
California—16.75% |
||||||||||||||||
California (State of) Infrastructure & Economic Development Bank (The Scripps Research
Institute); Series 2005 A, RB |
5.00 | % | 07/01/29 | 2,000 | 2,050,340 | |||||||||||
Camarillo (City of) Public Finance Authority; Series 2005, Wastewater RB (INS-AMBAC)
(a) |
5.00 | % | 06/01/36 | 2,000 | 2,029,360 | |||||||||||
East Bay Municipal Utility District; Series 2010 A, Ref. Sub. Water System RB |
5.00 | % | 06/01/36 | 1,050 | 1,119,982 | |||||||||||
Golden State Tobacco Securitization Corp.; Series 2005 A, Enhanced Tobacco Settlement
Asset-Backed RB |
5.00 | % | 06/01/45 | 2,000 | 1,832,040 | |||||||||||
Kern (County of) Board of Education; Series 2006 A, Ref. COP (INS-NATL) (a) |
5.00 | % | 06/01/31 | 1,000 | 948,090 | |||||||||||
Los Angeles (City of) Department of Water & Power; Series 2004 C, Water System RB (INS-NATL)
(a)(d) |
5.00 | % | 07/01/25 | 3,000 | 3,249,780 | |||||||||||
Oakland (Port of); |
||||||||||||||||
Series 2002 L, RB (c)(e)(f) |
5.00 | % | 11/01/12 | 110 | 114,595 | |||||||||||
Series 2002 L, RB (INS-NATL) (a)(e) |
5.00 | % | 11/01/21 | 890 | 899,381 | |||||||||||
Oxnard (City of) Financing Authority (Redwood Trunk Sewer & Headworks); Series 2004 A, Wastewater
RB (INS-NATL) (a) |
5.00 | % | 06/01/29 | 3,000 | 3,065,190 | |||||||||||
Sacramento (County of); Series 2010, Sr. Airport System RB |
5.00 | % | 07/01/40 | 650 | 656,071 | |||||||||||
San Diego (County of) Water Authority; Series 2004 A, Water Revenue COP (INS-AGM)
(a)(d) |
5.00 | % | 05/01/29 | 3,000 | 3,101,190 | |||||||||||
San Diego Community College District (Election of 2006); Series 2011, Unlimited Tax GO Bonds |
5.00 | % | 08/01/36 | 660 | 699,679 | |||||||||||
San Francisco (City & County of) (Laguna Honda Hospital); Series 2008 R3, Ref. Unlimited Tax GO
Bonds (INS-AGC) (a)(d) |
5.00 | % | 06/15/28 | 460 | 481,615 | |||||||||||
San Francisco (City & County of) Airport Commission (San Francisco International Airport); |
||||||||||||||||
Second Series 2011 F, Ref. RB (e) |
5.00 | % | 05/01/25 | 220 | 229,478 | |||||||||||
Second Series 2011 F, Ref. RB (e) |
5.00 | % | 05/01/26 | 440 | 455,184 | |||||||||||
San Francisco (City & County of) Public Utilities Commission (Water System Improvement Program);
Subseries 2011 A, Water RB |
5.00 | % | 11/01/36 | 945 | 991,305 | |||||||||||
Twin Rivers Unified School District; Series 2009, Unlimited Tax CAB GO BAN (g) |
0.00 | % | 04/01/14 | 600 | 566,100 | |||||||||||
William S. Hart Union High School District (Election of 2008); Series 2009 A, Unlimited Tax CAB
GO Bonds (g) |
0.00 | % | 08/01/32 | 4,650 | 1,250,757 | |||||||||||
| 23,740,137 | ||||||||||||||||
See accompanying notes which are an integral part of this schedule.
Invesco Municipal Premium Income Trust
| Principal | ||||||||||||||||
| Interest | Maturity | Amount | ||||||||||||||
| Rate | Date | (000) | Value | |||||||||||||
Colorado—6.09% |
||||||||||||||||
Colorado (State of) Health Facilities Authority (Catholic Health Initiatives); Series 2009 A, RB |
5.00 | % | 07/01/39 | $ | 1,500 | $ | 1,502,280 | |||||||||
Denver (City of) Convention Center Hotel Authority; Series 2006, Ref. Sr. RB (INS-SGI) (a) |
5.00 | % | 12/01/30 | 2,000 | 1,843,160 | |||||||||||
Fort Collins (City of); |
||||||||||||||||
Series 2004 A, Lease COP (INS-AMBAC) (a) |
5.38 | % | 06/01/21 | 2,040 | 2,222,315 | |||||||||||
Series 2004 A, Lease COP (INS-AMBAC) (a) |
5.38 | % | 06/01/22 | 2,155 | 2,344,101 | |||||||||||
Regional Transportation District (Denver Transit Partners, LLC — Eagle P3); Series 2010, Private Activity RB |
6.00 | % | 01/15/41 | 700 | 712,187 | |||||||||||
| 8,624,043 | ||||||||||||||||
Connecticut—0.76% |
||||||||||||||||
Connecticut (State of) Development Authority (Aquarion Water Co.); Series 2011, Water Facilities RB
(e) |
5.50 | % | 04/01/21 | 1,000 | 1,072,330 | |||||||||||
District of Columbia—3.23% |
||||||||||||||||
District of Columbia; |
||||||||||||||||
Series 2006 B-1, Ballpark RB (INS-NATL) (a) |
5.00 | % | 02/01/31 | 3,000 | 2,940,000 | |||||||||||
Series 2008 E, Unlimited Tax GO Bonds (INS-BHAC) (a)(d) |
5.00 | % | 06/01/26 | 380 | 411,171 | |||||||||||
Series 2008 E, Unlimited Tax GO Bonds (INS-BHAC) (a)(d) |
5.00 | % | 06/01/27 | 380 | 408,660 | |||||||||||
Series 2008 E, Unlimited Tax GO Bonds (INS-BHAC) (a)(d) |
5.00 | % | 06/01/28 | 760 | 812,789 | |||||||||||
| 4,572,620 | ||||||||||||||||
Florida—18.54% |
||||||||||||||||
Broward (County of) Educational Facilities Authority (Nova Southeastern University); Series 2006, RB (INS-AGC)
(a) |
5.00 | % | 04/01/31 | 2,000 | 2,025,900 | |||||||||||
Florida (State of) Ports Financing Commission (State Transportation Trust Fund); Series 2011 B, Ref. RB
(e) |
5.13 | % | 06/01/27 | 480 | 512,750 | |||||||||||
JEA; Series 2005 B, Water & Sewer System RB (INS-NATL) (a) |
5.00 | % | 10/01/24 | 2,460 | 2,582,927 | |||||||||||
Miami-Dade (County of) (Florida Public Improvement); Series 1988 DD, Unlimited Tax GO Bonds (INS-AMBAC)
(a) |
7.75 | % | 10/01/15 | 830 | 1,019,165 | |||||||||||
Miami-Dade (County of) (Miami International Airport); |
||||||||||||||||
Series 2000 B, Aviation RB (INS-NATL) (a) |
5.75 | % | 10/01/24 | 2,500 | 2,521,350 | |||||||||||
Series 2009 B, Aviation RB (INS-AGC) (a) |
5.00 | % | 10/01/25 | 650 | 699,433 | |||||||||||
Miami-Dade (County of) Expressway Authority; Series 2010 A, Ref. Toll System RB |
5.00 | % | 07/01/40 | 1,000 | 1,006,550 | |||||||||||
Miami-Dade (County of) Health Facilities Authority (Miami Children’s Hospital); Series 2010 A, Ref. Hospital RB |
6.00 | % | 08/01/30 | 260 | 272,038 | |||||||||||
Orlando (City of) Utilities Commission; Series 2003 B, Ref. Water & Electric RB |
5.00 | % | 10/01/22 | 5,000 | 5,249,300 | |||||||||||
Palm Beach (County of) Solid Waste Authority; |
||||||||||||||||
Series 2009, Improvement RB (INS-BHAC) (a) |
5.50 | % | 10/01/23 | 600 | 716,748 | |||||||||||
Series 2011, Ref. RB |
5.00 | % | 10/01/31 | 735 | 779,203 | |||||||||||
South Miami Health Facilities Authority (Baptist Health South Florida Obligated Group); Series 2007, Hospital RB |
5.00 | % | 08/15/42 | 8,000 | 8,028,960 | |||||||||||
St. Johns (County of) Industrial Development Authority (Glenmoor); Series 2006 A, Health Care RB |
5.25 | % | 01/01/26 | 1,000 | 861,680 | |||||||||||
| 26,276,004 | ||||||||||||||||
Georgia—6.60% |
||||||||||||||||
Atlanta (City of); Series 1999 A, Water & Wastewater RB (INS-NATL) (a) |
5.50 | % | 11/01/22 | 3,000 | 3,486,360 | |||||||||||
Burke (County of) Development Authority (Oglethorpe Power Corp. — Plant Vogtle); Series 2011 A, PCR
(b)(c) |
2.50 | % | 03/01/13 | 490 | 497,472 | |||||||||||
Georgia (State of) Road & Tollway Authority; |
||||||||||||||||
Series 2003, Gtd. RB (c)(f) |
5.00 | % | 10/01/13 | 2,000 | 2,168,320 | |||||||||||
Series 2003, Gtd. RB |
5.00 | % | 10/01/23 | 3,000 | 3,198,150 | |||||||||||
| 9,350,302 | ||||||||||||||||
Hawaii—0.91% |
||||||||||||||||
Hawaii (State of) Department of Budget & Finance (Hawai’i Pacific Health Obligated Group); Series 2010 B,
Special Purpose RB |
5.75 | % | 07/01/40 | 370 | 376,368 | |||||||||||
See accompanying notes which are an integral part of this schedule.
Invesco Municipal Premium Income Trust
| Principal | ||||||||||||||||
| Interest | Maturity | Amount | ||||||||||||||
| Rate | Date | (000) | Value | |||||||||||||
Hawaii—(continued) |
||||||||||||||||
Hawaii (State of); Series 2010 A, Airport System RB |
5.00 | % | 07/01/39 | $ | 900 | $ | 919,179 | |||||||||
| 1,295,547 | ||||||||||||||||
Idaho—1.26% |
||||||||||||||||
Idaho (State of) Housing & Finance Association (Federal Highway Trust Fund); Series 2008 A, Grant & RAB (INS-AGC) (a) |
5.25 | % | 07/15/24 | 1,240 | 1,380,219 | |||||||||||
University of Idaho Regents; Series 2011, Ref. General RB (b)(c) |
5.25 | % | 04/01/21 | 350 | 404,744 | |||||||||||
| 1,784,963 | ||||||||||||||||
Illinois—14.45% |
||||||||||||||||
Chicago (City of) (Chicago O’Hare International Airport); Series 2005 A, Third Lien General Airport RB (INS-NATL) (a) |
5.25 | % | 01/01/26 | 4,000 | 4,158,320 | |||||||||||
Chicago (City of) Board of Education; Series 2011 A, Unlimited Tax GO Bonds |
5.00 | % | 12/01/41 | 1,260 | 1,262,457 | |||||||||||
Chicago (City of) Park District; Series 2004 A, Limited Tax GO Bonds (INS-AMBAC) (a) |
5.00 | % | 01/01/28 | 2,500 | 2,571,600 | |||||||||||
Chicago (City of) Transit Authority; Series 2011, Sales Tax Receipts RB |
5.25 | % | 12/01/36 | 1,080 | 1,124,788 | |||||||||||
Chicago (City of); |
||||||||||||||||
Series 1996 A-2, Ref. Unlimited Tax GO Bonds (INS-AMBAC) (a) |
5.50 | % | 01/01/18 | 700 | 796,880 | |||||||||||
Series 2007 A, Ref. & Project Unlimited Tax GO Bonds (INS-AGM) (a)(d)(h) |
5.00 | % | 01/01/37 | 3,300 | 3,292,839 | |||||||||||
Series 2007 F, Ref. VRD Unlimited Tax GO Bonds (i) |
0.30 | % | 01/01/42 | 1,000 | 1,000,000 | |||||||||||
Illinois (State of) Finance Authority (Little Co. of Mary Hospital & Health Care Centers); Series 2010, RB |
5.38 | % | 08/15/40 | 625 | 596,831 | |||||||||||
Illinois (State of) Finance Authority (Northwestern Memorial Hospital); Series 2009 B, RB |
5.00 | % | 08/15/16 | 380 | 432,714 | |||||||||||
Illinois (State of) Finance Authority (Resurrection Health Care Corp.); Series 2009, Ref. RB |
6.13 | % | 05/15/25 | 775 | 809,433 | |||||||||||
Illinois (State of) Finance Authority (Rush University Medical Center Obligated Group); Series 2009 A, RB |
7.25 | % | 11/01/38 | 295 | 324,984 | |||||||||||
Illinois (State of) Finance Authority (Swedish Covenent Hospital); |
||||||||||||||||
Series 2010 A, Ref. RB |
5.75 | % | 08/15/29 | 1,105 | 1,126,238 | |||||||||||
Series 2010 A, Ref. RB |
6.00 | % | 08/15/38 | 580 | 588,752 | |||||||||||
Illinois (State of) Finance Authority (The University of Chicago Medical Center); Series 2011 C, RB |
5.50 | % | 08/15/41 | 675 | 707,987 | |||||||||||
Metropolitan Pier & Exposition Authority (McCormick Place Expansion); Series 2010 A, RB |
5.50 | % | 06/15/50 | 650 | 668,941 | |||||||||||
Railsplitter Tobacco Settlement Authority; Series 2010, RB |
5.50 | % | 06/02/14 | 950 | 1,014,847 | |||||||||||
| 20,477,611 | ||||||||||||||||
Indiana—1.55% |
||||||||||||||||
Indiana (State of) Finance Authority (Clarion Health Obligated Group); Series 2006 A, Hospital RB |
5.25 | % | 02/15/40 | 1,080 | 1,085,367 | |||||||||||
Indiana (State of) Finance Authority (CWA Authority); Series 2011 B, Second Lien Wastewater Utility RB |
5.25 | % | 10/01/31 | 660 | 698,148 | |||||||||||
Rockport (City of) (Indiana Michigan Power Co.); Series 2009 B, Ref. PCR (b)(c) |
6.25 | % | 06/02/14 | 375 | 414,904 | |||||||||||
| 2,198,419 | ||||||||||||||||
Iowa—1.36% |
||||||||||||||||
Iowa (State of) (IJOBS Program); |
||||||||||||||||
Series 2009 A, Special Obligation RB (d)(h) |
5.00 | % | 06/01/25 | 975 | 1,106,050 | |||||||||||
Series 2009 A, Special Obligation RB (d)(h) |
5.00 | % | 06/01/26 | 730 | 819,878 | |||||||||||
| 1,925,928 | ||||||||||||||||
Kansas—0.26% |
||||||||||||||||
Kansas (State of) Development Finance Authority (Adventist Health System/Sunbelt Obligated Group); Series 2009 C, Hospital RB |
5.50 | % | 11/15/29 | 335 | 365,974 | |||||||||||
Kentucky—0.59% |
||||||||||||||||
Kentucky (State of) Economic Development Finance Authority (Owensboro Medical Health System, Inc.); |
||||||||||||||||
Series 2010 A, Hospital RB |
6.38 | % | 06/01/40 | 350 | 367,066 | |||||||||||
Series 2010 A, Hospital RB |
6.50 | % | 03/01/45 | 450 | 475,079 | |||||||||||
| 842,145 | ||||||||||||||||
See accompanying notes which are an integral part of this schedule.
Invesco Municipal Premium Income Trust
| Principal | ||||||||||||||||
| Interest | Maturity | Amount | ||||||||||||||
| Rate | Date | (000) | Value | |||||||||||||
Louisiana—3.55% |
||||||||||||||||
Lafayette (City of) Public Trust Financing Authority (Ragin
Cajun Facilities, Inc. - Housing & Parking); Series 2010, RB (INS-AGM) (a) |
5.25 | % | 10/01/30 | $ | 550 | $ | 582,439 | |||||||||
Louisiana (State of) Public Facilities Authority (Ochsner Clinic Foundation); Series 2002
B, RB (c)(f) |
5.50 | % | 05/15/26 | 2,000 | 2,483,040 | |||||||||||
St. John the Baptist (Parish of) (Marathon Oil Corp.); Series 2007 A, RB |
5.13 | % | 06/01/37 | 2,000 | 1,970,600 | |||||||||||
| 5,036,079 | ||||||||||||||||
Maryland—0.69% |
||||||||||||||||
Baltimore (County of) (Oak Crest Village, Inc. Facility); Series 2007 A, RB |
5.00 | % | 01/01/37 | 505 | 475,084 | |||||||||||
Maryland Economic Development Corp. (Terminal); Series 2010 B, RB |
5.75 | % | 06/01/35 | 500 | 501,965 | |||||||||||
| 977,049 | ||||||||||||||||
Massachusetts—1.46% |
||||||||||||||||
Massachusetts (State of) Development Finance Agency (Berklee College of Music);
Series 2007 A, RB |
5.00 | % | 10/01/32 | 500 | 508,185 | |||||||||||
Massachusetts (State of) Development Finance Agency (Tufts Medical Center); Series 2011
I, RB |
6.75 | % | 01/01/36 | 275 | 292,732 | |||||||||||
Massachusetts (State of) School Building Authority; Series 2011 B, Sr. Sales Tax RB |
5.00 | % | 10/15/35 | 1,185 | 1,267,358 | |||||||||||
| 2,068,275 | ||||||||||||||||
Michigan—1.21% |
||||||||||||||||
Lansing (City of) Board of Water & Light; Series 2011 A, Utility System RB |
5.00 | % | 07/01/37 | 750 | 789,353 | |||||||||||
Wayne State University Board of Governors; Series 2008, Ref. General RB (INS-AGM)
(a) |
5.00 | % | 11/15/25 | 870 | 921,286 | |||||||||||
| 1,710,639 | ||||||||||||||||
Minnesota—0.16% |
||||||||||||||||
Minnesota (State of) Housing Finance Agency (Rental Housing); Series 1995 D, RB
(INS-NATL) (a) |
6.00 | % | 02/01/22 | 220 | 220,328 | |||||||||||
Mississippi—0.35% |
||||||||||||||||
Mississippi (State of) Business Finance Corp. (Chevron U.S.A. Inc.); Series 2007 A,
VRD Gulf Opportunity Zone IDR (i) |
0.07 | % | 12/01/30 | 500 | 500,000 | |||||||||||
Missouri—2.76% |
||||||||||||||||
Fenton (City of) (Gravois Bluffs Redevelopment); Series 2006, Ref. Tax Increment
Allocation RB |
4.50 | % | 04/01/21 | 915 | 932,431 | |||||||||||
Kansas City (City of) Industrial Development Authority (Downtown Redevelopment District); |
||||||||||||||||
Series 2011 A, Ref. RB |
5.50 | % | 09/01/24 | 1,000 | 1,134,870 | |||||||||||
Series 2011 A, Ref. RB |
5.50 | % | 09/01/28 | 430 | 466,262 | |||||||||||
Missouri (State of) Health & Educational Facilities Authority (Missouri Baptist Medical
Center); Series 1989, Health Facilities RB (f) |
7.63 | % | 07/01/18 | 1,230 | 1,376,013 | |||||||||||
| 3,909,576 | ||||||||||||||||
Montana—0.59% |
||||||||||||||||
Forsyth (City of) (Portland General Electric Co.); Series 1998 A, Ref. PCR |
5.00 | % | 05/01/33 | 800 | 832,912 | |||||||||||
Nebraska—0.79% |
||||||||||||||||
Omaha (City of) Public Power District; Series 2011 B, Electric System RB |
5.00 | % | 02/01/36 | 1,050 | 1,121,148 | |||||||||||
Nevada—4.03% |
||||||||||||||||
Clark (County of) (Las Vegas-McCarran International Airport); Series 2010 A,
Passenger Facility Charge RB |
5.13 | % | 07/01/34 | 500 | 510,930 | |||||||||||
Las Vegas (City of) Redevelopment Agency; Series 2009 A, Tax Increment Allocation RB |
6.25 | % | 06/15/16 | 290 | 324,377 | |||||||||||
Las Vegas (City of) Valley Water District; Series 2003 A, Ref. & Water Improvement
Limited Tax GO Bonds (c)(f) |
5.25 | % | 06/01/12 | 3,000 | 3,149,670 | |||||||||||
Nevada (State of) (Capital Improvements & Cultural Affairs); Series 2008 C, Limited Tax
GO Bonds (INS-AGM) (a)(d) |
5.00 | % | 06/01/26 | 1,600 | 1,723,552 | |||||||||||
| 5,708,529 | ||||||||||||||||
See accompanying notes which are an integral part of this schedule.
Invesco Municipal Premium Income Trust
| Principal | ||||||||||||||||
| Interest | Maturity | Amount | ||||||||||||||
| Rate | Date | (000) | Value | |||||||||||||
New Hampshire—0.21% |
||||||||||||||||
New Hampshire (State of) Business Finance
Authority (United Illuminating Co. — Series 1997 A);
Series 2009, PCR (b)(c)(e) |
7.13 | % | 02/01/12 | $ | 295 | $ | 297,909 | |||||||||
New Jersey—1.81% |
||||||||||||||||
New Jersey (State of) Economic Development
Authority (Provident Group-Montclair Properties LLC -
Montclair State University Student Housing); Series
2010 A, RB |
5.75 | % | 06/01/31 | 440 | 452,500 | |||||||||||
Passaic Valley Sewerage Commissioners; Series 2003 F,
Sewer System RB (INS-NATL) (a) |
5.00 | % | 12/01/19 | 2,000 | 2,112,680 | |||||||||||
| 2,565,180 | ||||||||||||||||
New Mexico—0.79% |
||||||||||||||||
Farmington (City of) (Public Service Co. of New
Mexico — San Juan); |
||||||||||||||||
Series 2010 A, Ref. PCR (b)(c) |
5.20 | % | 06/01/20 | 500 | 514,780 | |||||||||||
Series 2010 C, Ref. PCR |
5.90 | % | 06/01/40 | 600 | 611,232 | |||||||||||
| 1,126,012 | ||||||||||||||||
New York—27.37% |
||||||||||||||||
Brooklyn Arena Local Development Corp. (Barclays
Center); |
||||||||||||||||
Series 2009, PILOT RB |
6.25 | % | 07/15/40 | 380 | 395,793 | |||||||||||
Series 2009, PILOT RB |
6.38 | % | 07/15/43 | 160 | 166,016 | |||||||||||
Long Island Power Authority; Series 2004 A, Electric
System RB (INS-AMBAC) (a) |
5.00 | % | 09/01/34 | 2,250 | 2,276,640 | |||||||||||
Metropolitan Transportation Authority; Series 2002 B,
Service Contract RB (INS-NATL) (a) |
5.50 | % | 07/01/20 | 3,000 | 3,074,460 | |||||||||||
New York (City of) Industrial Development Agency (7
World Trade Center, LLC); Series 2005 A, Liberty RB |
6.25 | % | 03/01/15 | 2,000 | 2,004,280 | |||||||||||
New York (City of) Industrial Development Agency
(Yankee Stadium); Series 2006, PILOT RB (INS-FGIC)
(a) |
5.00 | % | 03/01/46 | 1,035 | 983,747 | |||||||||||
New York (City of) Municipal Water Finance Authority; |
||||||||||||||||
Series 2010 FF, Water & Sewer System Second General
Resolution RB |
5.00 | % | 06/15/31 | 2,100 | 2,270,373 | |||||||||||
New York (City of) Transitional Finance Authority; |
||||||||||||||||
Series 2009 A-1, Future Tax Sec. Sub. RB (d) |
5.00 | % | 05/01/28 | 935 | 1,030,931 | |||||||||||
Series 2009 A-1, Future Tax Sec. Sub. RB (d) |
5.00 | % | 05/01/29 | 745 | 816,527 | |||||||||||
Series 2009 A-1, Future Tax Sec. Sub. RB (d) |
5.00 | % | 05/01/30 | 745 | 809,428 | |||||||||||
New York (City of) Trust for Cultural Resources (The
Museum of Modern Art); Series 2008 1-A, Ref. RB
(d) |
5.25 | % | 04/01/28 | 2,850 | 3,095,157 | |||||||||||
New York (City of); |
||||||||||||||||
Series 2008 A-1, Unlimited Tax GO Bonds (d) |
5.25 | % | 08/15/27 | 1,440 | 1,596,240 | |||||||||||
Series 2008 A-1, Unlimited Tax GO Bonds (d) |
5.25 | % | 08/15/28 | 1,440 | 1,587,168 | |||||||||||
Series 2009 H-1, Unlimited Tax GO Bonds |
5.00 | % | 03/01/16 | 1,500 | 1,720,815 | |||||||||||
New York (State of) Dormitory Authority (Cornell
University); |
||||||||||||||||
Series 2006 A, RB (d) |
5.00 | % | 07/01/35 | 6,085 | 6,338,745 | |||||||||||
New York (State of) Dormitory Authority (Montefiore
Medical Center); Series 2004, Mortgage Hospital RB
(INS-NATL) (a) |
5.00 | % | 08/01/29 | 1,995 | 2,127,209 | |||||||||||
New York (State of) Dormitory Authority (New York
City); Series 2005 A, Court Facilities Lease RB
(INS-AMBAC) (a) |
5.50 | % | 05/15/29 | 505 | 583,260 | |||||||||||
New York (State of) Dormitory Authority (State
University Educational Facilities); Series 2002 B,
Third General Resolution RB (INS-AGC)
(a)(b)(c) |
6.00 | % | 05/15/12 | 1,110 | 1,137,495 | |||||||||||
New York (State of) Dormitory Authority; Series 2011
A, State Personal Income Tax General Purpose RB |
5.00 | % | 03/15/30 | 1,275 | 1,398,267 | |||||||||||
New York (State of) Thruway Authority; |
||||||||||||||||
Series 2009 A, Personal Income Tax RB |
5.00 | % | 03/15/25 | 940 | 1,047,855 | |||||||||||
Series 2011 A-1, Second General Highway & Bridge Trust
Fund RB |
5.00 | % | 04/01/29 | 1,080 | 1,186,617 | |||||||||||
Triborough Bridge & Tunnel Authority; Series 2002 B,
Ref. General RB |
5.25 | % | 11/15/19 | 3,000 | 3,134,880 | |||||||||||
| 38,781,903 | ||||||||||||||||
North Carolina—1.55% |
||||||||||||||||
North Carolina (State of) Eastern Municipal Power
Agency; Series 2009 B, Ref. Power System RB |
5.00 | % | 01/01/26 | 1,215 | 1,295,081 | |||||||||||
North Carolina (State of) Turnpike Authority (Monroe
Connector System); Series 2011, State Appropriation RB |
5.00 | % | 07/01/36 | 840 | 898,371 | |||||||||||
| 2,193,452 | ||||||||||||||||
See accompanying notes which are an integral part of this schedule.
Invesco Municipal Premium Income Trust
| Principal | ||||||||||||||||
| Interest | Maturity | Amount | ||||||||||||||
| Rate | Date | (000) | Value | |||||||||||||
Ohio—4.47% |
||||||||||||||||
American Municipal Power, Inc. (Prairie State
Energy Campus); Series 2008 A, RB (INS-AGC)
(a)(d) |
5.25 | % | 02/15/33 | $ | 2,400 | $ | 2,514,264 | |||||||||
Franklin (County of) (Ohio Health Corp.); Series
2011 A, Hospital Facilities RB |
5.00 | % | 11/15/36 | 750 | 759,082 | |||||||||||
Hancock (County of) (Blanchard Valley Regional
Health Center); Series 2011 A, Hospital Facilities
RB |
6.25 | % | 12/01/34 | 660 | 706,589 | |||||||||||
Lucas (County of) (ProMedica Healthcare Obligated
Group); Series 2011 A, Hospital RB |
5.75 | % | 11/15/31 | 1,000 | 1,079,000 | |||||||||||
Ohio (State of) Higher Educational Facility
Commission (Summa Health System 2010); Series 2010,
Hospital Facilities RB |
5.75 | % | 11/15/40 | 1,065 | 1,062,732 | |||||||||||
Ohio (State of) Water Development Authority
(FirstEnergy Nuclear Generation Corp.); Series 2009
A, Ref. PCR (b)(c) |
5.88 | % | 06/01/16 | 190 | 212,882 | |||||||||||
| 6,334,549 | ||||||||||||||||
Oregon—0.64% |
||||||||||||||||
Oregon (State of) Department of Administrative
Services; Series 2009 A, Lottery RB |
5.25 | % | 04/01/24 | 315 | 367,438 | |||||||||||
Warm Springs (Reservation of) Confederated Tribes
(Pelton Round Butte Tribal Economic Development);
Series 2009 B, Hydroelectric RB (j) |
6.38 | % | 11/01/33 | 535 | 539,194 | |||||||||||
| 906,632 | ||||||||||||||||
Pennsylvania—1.38% |
||||||||||||||||
Pennsylvania (State of) Turnpike Commission; |
||||||||||||||||
Series 2010 B-2, Sub. Conv. CAB RB (g) |
0.00 | % | 12/01/28 | 650 | 559,793 | |||||||||||
Series 2010 B-2, Sub. Conv. CAB RB (g) |
0.00 | % | 12/01/34 | 400 | 335,244 | |||||||||||
Philadelphia (City of) (1975 General Ordinance);
Eighteenth Series 2004, Gas Works RB (INS-AGC)
(a) |
5.25 | % | 08/01/20 | 1,000 | 1,056,630 | |||||||||||
| 1,951,667 | ||||||||||||||||
Puerto Rico—2.85% |
||||||||||||||||
Puerto Rico (Commonwealth of) Electric Power
Authority; |
||||||||||||||||
Series 2010 CCC, RB |
5.25 | % | 07/01/27 | 1,000 | 1,043,830 | |||||||||||
Series 2010 XX, RB |
5.25 | % | 07/01/40 | 600 | 602,232 | |||||||||||
Puerto Rico Sales Tax Financing Corp.; |
||||||||||||||||
First Series 2010 A, Sub. RB |
5.38 | % | 08/01/39 | 575 | 592,969 | |||||||||||
First Series 2010 A, Sub. RB |
5.50 | % | 08/01/42 | 650 | 678,392 | |||||||||||
First Series 2010 C, Sub. RB |
5.25 | % | 08/01/41 | 1,100 | 1,123,342 | |||||||||||
| 4,040,765 | ||||||||||||||||
Rhode Island—2.13% |
||||||||||||||||
Rhode Island Economic Develpment Corp.; Series
2005 C, Ref. Airport RB (INS-NATL) (a) |
5.00 | % | 07/01/28 | 3,000 | 3,018,930 | |||||||||||
South Carolina—2.44% |
||||||||||||||||
Charleston County School District; Series 2004
A, Unlimited Tax GO Bonds (c)(f) |
5.00 | % | 02/01/14 | 3,000 | 3,289,410 | |||||||||||
Richland (County of); Series 2007 A, Ref.
Environmental Improvement RB |
4.60 | % | 09/01/12 | 165 | 168,711 | |||||||||||
| 3,458,121 | ||||||||||||||||
Tennessee—1.32% |
||||||||||||||||
Johnson City (City of) Health & Educational
Facilities Board (Mountain States Health Alliance);
Series 2006 A, Hospital First Mortgage RB |
5.50 | % | 07/01/36 | 1,900 | 1,870,949 | |||||||||||
Texas—11.37% |
||||||||||||||||
Arlington (City of); Series 2009, Special Tax RB |
5.00 | % | 08/15/28 | 1,000 | 1,046,400 | |||||||||||
Austin (City of); Series 2001, Ref. Water &
Wastewater System RB (INS-AGM) (a) |
5.13 | % | 05/15/27 | 1,475 | 1,476,740 | |||||||||||
Bexar County Health Facilities Development Corp.
(Army Retirement Residence Foundation); |
||||||||||||||||
Series 2007, Ref. RB |
5.00 | % | 07/01/33 | 735 | 684,910 | |||||||||||
Series 2007, Ref. RB |
5.00 | % | 07/01/37 | 580 | 527,464 | |||||||||||
Harris County Industrial Development Corp. (Deer
Park Refining Limited Partnership); Series 2006,
Solid Waste Disposal RB |
5.00 | % | 02/01/23 | 300 | 321,858 | |||||||||||
See accompanying notes which are an integral part of this schedule.
Invesco Municipal Premium Income Trust
| Principal | ||||||||||||||||
| Interest | Maturity | Amount | ||||||||||||||
| Rate | Date | (000) | Value | |||||||||||||
Texas—(continued) |
||||||||||||||||
Houston (City of); |
||||||||||||||||
Series 2004 A, Ref. Combined Utility System First Lien RB
(INS-NATL) (a) |
5.25 | % | 05/15/23 | $ | 2,320 | $ | 2,515,994 | |||||||||
Series 2011 D, Combined Utility System First Lien RB |
5.00 | % | 11/15/31 | 885 | 952,198 | |||||||||||
Series 2011 D, Combined Utility System First Lien RB |
5.00 | % | 11/15/33 | 1,400 | 1,486,254 | |||||||||||
Lower Colorado River Authority; Series 2010 A, Ref. RB |
5.00 | % | 05/15/40 | 450 | 463,279 | |||||||||||
Matagorda (County of) Navigation District No. 1 (AEP Texas Central Co.); Series 2008, Ref. PCR (b)(c) |
1.13 | % | 06/01/12 | 525 | 525,609 | |||||||||||
North Texas Tollway Authority; |
||||||||||||||||
Series 2008 D, Ref. First Tier System CAB RB (INS-AGC)
(a)(g) |
0.00 | % | 01/01/28 | 4,100 | 1,719,622 | |||||||||||
Series 2008 L-2, Ref. First Tier System RB (b)(c) |
6.00 | % | 01/01/13 | 1,000 | 1,055,160 | |||||||||||
Tarrant County Cultural Education Facilities Finance Corp.
(Air Force Village Obligated Group); Series 2007,
Retirement Facility RB |
5.13 | % | 05/15/37 | 425 | 370,043 | |||||||||||
Texas Private Activity Bond Surface Transportation Corp.
(NTE Mobility Partners LLC — North Tarrant Express Managed
Lanes); Series 2009, Sr. Lien RB |
6.88 | % | 12/31/39 | 430 | 460,612 | |||||||||||
University of Houston System Board of Regents; Series 2008,
Ref. Consolidated RB (INS-AGM) (a)(d) |
5.00 | % | 02/15/33 | 2,400 | 2,513,832 | |||||||||||
| 16,119,975 | ||||||||||||||||
Virgin Islands—0.38% |
||||||||||||||||
Virgin Islands (Government of) Public Finance Authority
(Virgin Islands Matching Fund Loan Note); Series 2010 A,
Sr. Lien Working Capital RB |
5.00 | % | 10/01/25 | 525 | 535,295 | |||||||||||
Washington—8.90% |
||||||||||||||||
Chelan (County of) Public Utility District No. 1;
Series 2011 A, Ref. RB (e) |
5.50 | % | 07/01/26 | 425 | 474,075 | |||||||||||
Goat Hill Properties (King County Governmental Office
Building); Series 2005, Lease RB (INS-NATL) (a) |
5.00 | % | 12/01/33 | 2,400 | 2,441,784 | |||||||||||
Grant (County of) Public Utility District No. 2; Series
2005 A, Ref. Wanapum Hydroelectric Development RB
(INS-NATL) (a) |
5.00 | % | 01/01/34 | 1,930 | 1,954,936 | |||||||||||
Washington (State of) Health Care Facilities Authority
(Catholic Health Initiatives); Series 2011 A, RB |
5.00 | % | 02/01/41 | 660 | 658,442 | |||||||||||
Washington (State of) Health Care Facilities Authority
(Seattle Cancer Care Alliance); Series 2008, RB |
7.38 | % | 03/01/38 | 2,000 | 2,220,920 | |||||||||||
Washington (State of); |
||||||||||||||||
Series 2004 F, Motor Vehicle Fuel Unlimited Tax CAB GO
Bonds (INS-AMBAC) (a)(g) |
0.00 | % | 12/01/29 | 2,120 | 964,642 | |||||||||||
Series 2010 A, Various Purpose Unlimited Tax GO Bonds
(d) |
5.00 | % | 08/01/29 | 1,710 | 1,914,704 | |||||||||||
Series 2010 A, Various Purpose Unlimited Tax GO Bonds
(d) |
5.00 | % | 08/01/30 | 1,795 | 1,990,565 | |||||||||||
| 12,620,068 | ||||||||||||||||
Wisconsin—0.68% |
||||||||||||||||
Wisconsin (State of) Health & Educational Facilities
Authority (Meriter Hospital, Inc.); Series 2008 B, VRD RB
(LOC-U.S. Bank, N.A.) (i)(k) |
0.15 | % | 12/01/26 | 970 | 970,000 | |||||||||||
TOTAL INVESTMENTS(l)—166.80% (Cost $226,303,726) |
236,394,178 | |||||||||||||||
Floating Rate Note
Obligations—(21.19)% |
||||||||||||||||
Notes with interest rates ranging from 0.14% to 0.26%
at 11/30/11 and contractual maturities of collateral
ranging from 06/01/25 to 01/01/37 (See Note
1E)(m) |
(30,040,000 | ) | ||||||||||||||
OTHER ASSETS LESS
LIABILITIES—2.02% |
2,867,243 | |||||||||||||||
PREFERRED SHARES—(47.63)% |
(67,500,000 | ) | ||||||||||||||
NET ASSETS APPLICABLE TO
COMMON SHARES—100.00% |
$ | 141,721,421 | ||||||||||||||
See accompanying notes which are an integral part of this schedule.
Invesco Municipal Premium Income Trust
| Investment Abbreviations: | ||
AGC
|
— Assured Guaranty Corp. | |
AGM
|
— Assured Guaranty Municipal Corp. | |
AMBAC
|
— American Municipal Bond Assurance Corp. | |
BAN
|
— Bond Anticipation Notes | |
BHAC
|
— Berkshire Hathaway Assurance Corp. | |
CAB
|
— Capital Appreciation Bonds | |
Conv.
|
— Convertible | |
COP
|
— Certificates of Participation | |
FGIC
|
— Financial Guaranty Insurance Co. | |
GO
|
— General Obligation | |
Gtd.
|
— Guaranteed | |
IDR
|
— Industrial Development Revenue Bonds | |
INS
|
— Insurer | |
LOC
|
— Letter of Credit | |
NATL
|
— National Public Finance Guarantee Corp. | |
PCR
|
— Pollution Control Revenue Bonds | |
PILOT
|
— Payment-in-Lieu-of-Tax | |
RAB
|
— Revenue Anticipation Bonds | |
RB
|
— Revenue Bonds | |
Ref.
|
— Refunding | |
Sec.
|
— Secured | |
SGI
|
— Syncora Guarantee, Inc. | |
Sr.
|
— Senior | |
Sub.
|
— Subordinated | |
VRD
|
— Variable Rate Demand | |
| Notes to Schedule of Investments: | ||
| (a) | Principal and/or interest payments are secured by the bond insurance company listed. | |
| (b) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on November 30, 2011. | |
| (c) | Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put. | |
| (d) | Underlying security related to Dealer Trusts entered into by the Trust. See Note 1E. | |
| (e) | Security subject to the alternative minimum tax. | |
| (f) | Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral. | |
| (g) | Zero coupon bond issued at a discount. | |
| (h) | Security is subject to a shortfall 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 Dealer Trusts. In case of a shortfall, the maximum potential amount of payments the Trust could ultimately be required to make under the agreement is $3,350,000. However, such shortfall payment would be reduced by the proceeds from the sale of the security underlying the Dealer Trusts. | |
| (i) | Demand security payable upon demand by the Trust at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically. Rate shown is the rate in effect on November 30, 2011. | |
| (j) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended. The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at November 30, 2011 represented 0.38% of the Trust’s Net Assets. | |
| (k) | Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary. | |
| (l) | 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. |
| Entities | Percentage | |||
National Public Finance Guarantee Corp. |
18.6 | % | ||
American Municipal Bond Assurance Corp. |
6.3 | |||
Assured Guaranty Municipal Corp. |
6.0 | |||
| (m) | Floating rate note obligations related to securities held. The interest rates shown reflect the rates in effect at November 30, 2011. At November 30, 2011, the Trust’s investments with a value of $47,871,085 are held by Dealer Trusts and serve as collateral for the $30,040,000 in the floating rate note obligations outstanding at that date. |
See accompanying notes which are an integral part of this schedule.
Invesco Municipal Premium Income Trust
Notes to Quarterly Schedule of Portfolio Holdings
November 30, 2011
(Unaudited)
November 30, 2011
(Unaudited)
NOTE 1 — Significant Accounting Policies
| A. | Security Valuations – Securities, including restricted securities, are valued according to the following policy. |
Debt obligations (including convertible bonds) and unlisted equities are fair valued using
an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the
pricing service may be determined without exclusive reliance on quoted prices, and may reflect
appropriate factors such as institution-size trading in similar groups of securities,
developments related to specific securities, dividend rate, yield, quality, type of issue,
coupon rate, maturity, individual trading characteristics and other market data. Debt
securities are subject to interest rate and credit risks. In addition, all debt securities
involve some risk of default with respect to interest and/or principal payments.
A security listed or traded on an exchange (except convertible bonds) is valued at its last
sales price or official closing price as of the close of the customary trading session on the
exchange where the security is principally traded, or lacking any sales or official closing
price on a particular day, the security may be valued at the closing bid price on that day.
Securities traded in the over-the-counter market are valued based on prices furnished by
independent pricing services or market makers. When such securities are valued by an
independent pricing service they may be considered fair valued. Futures contracts are valued at
the final settlement price set by an exchange on which they are principally traded. Listed
options are valued at the mean between the last bid and ask prices from the exchange on which
they are principally traded. Options not listed on an exchange are valued by an independent
source at the mean between the last bid and ask prices. For purposes of determining net asset
value per share, futures and option contracts generally are valued 15 minutes after the close of
the customary trading session of the New York Stock Exchange (“NYSE”).
Investments in open-end and closed-end registered investment companies that do not trade on
an exchange are valued at the end of day net asset value per share. Investments in open-end and
closed-end registered investment companies that trade on an exchange are valued at the last
sales price or official closing price as of the close of the customary trading session on the
exchange where the security is principally traded.
Swap agreements are fair valued using an evaluated quote provided by an independent pricing
service. Evaluated quotes provided by the pricing service are valued based on a model which may
include end of day net present values, spreads, ratings, industry, and company performance.
Foreign securities (including foreign exchange contracts) are converted into U.S. dollar
amounts using the applicable exchange rates as of the close of the NYSE. If market quotations
are available and reliable for foreign exchange traded equity securities, the securities will be
valued at the market quotations. Because trading hours for certain foreign securities end
before the close of the NYSE, closing market quotations may become unreliable. If between the
time trading ends on a particular security and the close of the customary trading session on the
NYSE, events occur that are significant and make the closing price unreliable, the Fund may fair
value the security. If the event is likely to have affected the closing price of the security,
the security will be valued at fair value in good faith using procedures approved by the Board
of Trustees. Adjustments to closing prices to reflect fair value may also be based on a
screening process of an independent pricing service to indicate the degree of certainty, based
on historical data, that the closing price in the principal market where a foreign security
trade is not the current value as of the close of the NYSE. Foreign securities meeting the
approved degree of certainty that the price is not reflective of current value will be priced at
the indication of fair value from the independent pricing service. Multiple factors may be
considered by the independent pricing service in determining adjustments to reflect fair value
and may include information relating to sector indices, American Depositary Receipts and
domestic and foreign index futures. Foreign securities may have additional risks including
exchange rate changes, potential for sharply devalued currencies and high inflation, political
and economical upheaval, the relative lack of issuer information, relatively low market
liquidity and the potential lack of strict financial and accounting controls and standards.
Securities for which market prices are not provided by any of the above methods may be
valued based upon quotes furnished by independent sources. The last bid price may be used to
value equity securities. The mean between the last bid and asked prices is used to value debt
obligations, including Corporate Loans.
Securities for which market quotations are not readily available or are unreliable are
valued at fair value as determined in good faith by or under the supervision of the Trust’s
officers following procedures approved by the Board of Trustees. Issuer specific events, market
trends, bid/ask quotes of brokers and information providers and other market data may be
reviewed in the course of making a good faith determination of a security’s fair value.
Invesco Municipal Premium Income Trust
| A. | Security Valuations – (continued) |
Valuations change in response to many factors including the historical and prospective
earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest
rates, investor perceptions and market liquidity. Because of the inherent uncertainties of
valuation, the values reflected in the financial statements may materially differ from the value
received upon actual sale of those investments.
| B. | Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income is recorded on the accrual basis from settlement date. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Bond premiums and discounts are amortized and/or accreted for financial reporting purposes. |
The Trust may periodically participate in litigation related to Trust investments. As
such, the Trust may receive proceeds from litigation settlements. Any proceeds received are
included in the Statement of Operations as realized gain (loss) for investments no longer held
and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an
increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of
securities. Such transaction costs are included in the determination of net realized and
unrealized gain (loss) from investment securities reported in the Statement of Operations and
the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on
securities per share in the Financial Highlights. Transaction costs are included in the
calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total
returns. These transaction costs are not considered operating expenses and are not reflected in
net investment income reported in the Statement of Operations and Statement of Changes in Net
Assets, or the net investment income per share and ratios of expenses and net investment income
reported in the Financial Highlights, nor are they limited by any expense limitation
arrangements between the Fund and the investment adviser.
The Trust allocates income and realized and unrealized capital gains and losses
to a class based on the relative net assets of each class.
| C. | Country Determination – For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. | |
| D. | Other Risks – The value of, payment of interest on, repayment of principal for and the ability to sell a municipal security may be affected by constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives and the economics of the regions in which the issuers are located. |
Since, many municipal securities are issued to finance similar projects, especially those
relating to education, health care, transportation and utilities, conditions in those sectors
can affect the overall municipal securities market and a Trust’s investments in municipal
securities.
There is some risk that a portion or all of the interest received from certain tax-free
municipal securities could become taxable as a result of determinations by the Internal Revenue
Service.
| E. | Floating Rate Note Obligations – The Trust invests in inverse floating rate securities, such as Residual Interest Bonds (“RIBs”) or Tender Option Bonds (“TOBs”) for investment purposes and to enhance the yield of the Trust. Inverse floating rate investments tend to underperform the market for fixed rate bonds in a rising interest rate environment, but tend to outperform the market for fixed rate bonds when interest rates decline or remain relatively stable. Such transactions may be purchased in the secondary market without first owning the underlying bond or by the sale of fixed rate bonds by the Trust to special purpose trusts established by a broker dealer (“Dealer Trusts”) in exchange for cash and residual interests in the Dealer Trusts’ assets and cash flows, which are in the form of inverse floating rate securities. The Dealer Trusts finance the purchases of the fixed rate bonds by issuing floating rate notes to third parties and allowing the Trust to retain residual interest in the bonds. The floating rate notes issued by the Dealer Trusts have interest rates that reset weekly and the floating rate note holders have the option to tender their notes to the Dealer Trusts for redemption at par at each reset date. The residual interests held by the Trust (inverse floating rate investments) include the right of the Trust (1) to cause the holders of the floating rate notes to tender their notes at par at the next interest rate reset date, and (2) to transfer the municipal bond from the Dealer Trusts to the Trust, thereby collapsing the Dealer Trusts. |
Invesco Municipal Premium Income Trust
| E. | Floating Rate Note Obligations – (continued) |
TOBs are presently classified as private placement securities. Private placement securities
are subject to restrictions on resale because they have not been registered under the Securities
Act of 1933, as amended or are otherwise not readily marketable. As a result of the absence of a
public trading market for these securities, they may be less liquid than publicly traded
securities. Although these securities may be resold in privately negotiated transactions, the
prices realized from these sales could be less than those originally paid by the Trust or less
than what may be considered the fair value of such securities.
The Trust accounts for the transfer of bonds to the Dealer Trusts as secured borrowings,
with the securities transferred remaining in the Trust’s investment assets, and the related
floating rate notes reflected as Trust liabilities under the caption Floating rate note
obligations on the Statement of Assets and Liabilities. The Trust records the interest income
from the fixed rate bonds under the caption Interest and records the expenses related to
floating rate obligations and any administrative expenses of the Dealer Trusts a component of
Interest, facilities and maintenance fees on the Statement of Operations.
The Trust generally invests in inverse floating rate securities that include embedded
leverage, thus exposing the Trust to greater risks and increased costs. The primary risks
associated with inverse floating rate securities are varying degrees of liquidity and the
changes in the value of such securities in response to changes in market rates of interest to a
greater extent than the value of an equal principal amount of a fixed rate security having
similar credit quality, redemption provisions and maturity which may cause the Trust’s net asset
value to be more volatile than if it had not invested in inverse floating rate securities. In
certain instances, the short-term floating rate interests created by the special purpose trust
may not be able to be sold to third parties or, in the case of holders tendering (or putting)
such interests for repayment of principal, may not be able to be remarketed to third parties. In
such cases, the special purpose trust holding the long-term fixed rate bonds may be collapsed.
In the case of RIBs or TOBs created by the contribution of long-term fixed income bonds by the
Trust, the Trust will then be required to repay the principal amount of the tendered securities.
During times of market volatility, illiquidity or uncertainty, the Trust could be required to
sell other portfolio holdings at a disadvantageous time to raise cash to meet that obligation.
NOTE 2 — Additional Valuation Information
Generally Accepted Accounting Principles (“GAAP”) defines fair value as the price
that would be received to sell an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date, under current market conditions. GAAP
establishes a hierarchy that prioritizes the inputs to valuation methods giving the highest
priority to readily available unadjusted quoted prices in an active market for identical assets
(Level 1) and the lowest priority to significant unobservable inputs (Level 3) generally when
market prices are not readily available or are unreliable. Based on the valuation inputs, the
securities or other investments are tiered into one of three levels. Changes in valuation methods
may result in transfers in or out of an investment’s assigned level:
| Level 1 | – | Prices are determined using quoted prices in an active market for identical assets. | |
| Level 2 | – | Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. | |
| Level 3 | – | Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Trust’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information. |
The following is a summary of the tiered valuation input levels, as of November 30, 2011. The
level assigned to the securities valuations may not be an indication of the risk or liquidity
associated with investing in those securities. Because of the inherent uncertainties of valuation,
the values reflected in the financial statements may materially differ from the value received upon
actual sale of those investments.
During the nine months ended November 30, 2011, there were no significant transfers between
investment levels.
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Municipal Obligations |
$ | — | $ | 236,394,178 | $ | — | $ | 236,394,178 | ||||||||
Invesco Municipal Premium Income Trust
NOTE 3 — Investment Securities
The aggregate amount of investment securities (other than short-term securities, U.S. Treasury
obligations and money market funds, if any) purchased and sold by the Trust during the nine months
ended November 30, 2011 was $29,928,742 and $26,209,668, respectively. Cost of
investments on a tax basis includes the adjustments for financial reporting purposes as of the most
recently completed Federal income tax reporting period-end.
| Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis | ||||
Aggregate unrealized appreciation of investment securities |
$ | 11,610,853 | ||
Aggregate unrealized (depreciation) of investment securities |
(1,378,183 | ) | ||
Net unrealized appreciation of investment securities |
$ | 10,232,670 | ||
Cost of investments for tax purposes is $226,161,508. |
||||
Invesco Municipal Premium Income Trust
Item 2. Controls and Procedures.
| (a) | As of December 15, 2011, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”), to assess the effectiveness of the Registrant’s disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Investment Company Act of 1940 (“Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of December 15, 2011, the Registrant’s disclosure controls and procedures were reasonably designed so as to ensure: (1) that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure. | ||
| (b) | There have been no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the Registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
Item 3. Exhibits.
| Certifications of PEO and PFO as required by Rule 30a-2(a) under the Investment Company Act of 1940. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act
of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
| Registrant: Invesco Municipal Premium Income Trust | ||||
By:
|
/s/ Philip A. Taylor | |||
| Philip A. Taylor | ||||
| Principal Executive Officer | ||||
Date:
|
January 27, 2012 | |||
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/ Philip A. Taylor | |||
| Philip A. Taylor | ||||
| Principal Executive Officer | ||||
Date:
|
January 27, 2012 | |||
By:
|
/s/ Sheri Morris
Principal Financial Officer |
|||
Date:
|
January 27, 2012 |
EXHIBIT INDEX
Certifications of Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”) as
required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended.