Form N-CSRS - Certified Shareholder Report, Semi-Annual

Issue Date

Shares Issued

Term Redemption Date

Extension Date

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N‑CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811‑05597

Invesco Municipal Income Opportunities Trust

(Exact name of registrant as specified in charter)

1555 Peachtree Street, N.E., Suite 1800 Atlanta, Georgia 30309

(Address of principal executive offices) (Zip code)

Glenn Brightman 1555 Peachtree Street, N.E., Suite 1800 Atlanta, Georgia 30309

(Name and address of agent for service)

Registrant’s telephone number, including area code: (713) 626‑1919

Date of fiscal year end: 2/28

Date of reporting period: 8/31/2023

ITEM 1.

REPORTS TO STOCKHOLDERS.

(a) The Registrant’s semi-annual report transmitted to shareholders pursuant to Rule 30e‑1 under the Investment Company Act of 1940 is as follows:




Semiannual Report to Shareholders		August 31, 2023

Invesco Municipal Income Opportunities Trust
NYSE: OIA



2		Trust Performance
2		Share Repurchase Program Notice
3		Dividend Reinvestment Plan
4		Schedule of Investments
13		Financial Statements
17		Financial Highlights
18		Notes to Financial Statements
23		Approval of Investment Advisory and Sub‑Advisory Contracts
25		Proxy Results

Unless otherwise noted, all data is provided by Invesco.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Trust Performance


Performance summary
Cumulative total returns, 2/28/23 to 8/31/23

Trust at NAV	0.45	%
Trust at Market Value	-5.61
S&P Municipal Bond High Yield Index^▼(Broad Market Index)	2.70
Custom Invesco Municipal Income Opportunities Trust Index^∎(Style-Specific Index)	2.38
Lipper Closed‑End High Yield Municipal Index¨ (Peer Group Index)	0.23
Market Price Premium to NAV as of 8/31/23	3.26

Source(s): ^▼RIMES Technologies Corp.; ^∎Invesco, RIMES Technologies Corp.; ^¨Lipper Inc.

The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Investment return, net asset value (NAV) and common share market price will fluctuate so that you may have a gain or loss when you sell shares. Please visit invesco.com/us for the most recent month‑end performance. Performance figures reflect Trust expenses, the reinvestment of distributions (if any) and changes in NAV for performance based on NAV and changes in market price for performance based on market price. Since the Trust is a closed‑end management investment company, shares of the Trust may trade at a discount or premium from the NAV. This characteristic is separate and distinct from the risk that NAV could decrease as a result of investment activities and may be a greater risk to investors expecting to sell their shares after a short time. The Trust cannot predict whether shares will trade at, above or below NAV. The Trust should not be viewed as a vehicle for trading purposes. It is designed primarily for risk-tolerant long-term investors. The S&P Municipal Bond High Yield Index is an unmanaged index considered representative of municipal bonds that are not rated or are rated below investment-grade. The Custom Invesco Municipal Income Opportunities Trust Index is designed to measure the performance of a hypothetical allocation, which consists of 80% weight in the S&P Municipal Bond High Yield Index and 20% S&P Municipal Bond Investment Grade Index. The Lipper Closed‑End High Yield Municipal Index is an unmanaged index considered representative of closed‑end high-yield municipal funds tracked by Lipper. These funds typically invest 50% or more of their assets in municipal debt issues rated BBB or lower. 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.

Important Notice Regarding Share Repurchase Program

In September 2023, the Board of Trustees of the Trust approved a share repurchase program that allows the Trust to repurchase up to 25% of the 20‑day average trading volume

of the Trust’s common shares when the Trust is trading at a 10% or greater discount to its net asset value. The Trust will repurchase

shares pursuant to this program if the Adviser reasonably believes that such repurchases may enhance shareholder value.

Portfolio Manager Update


The following individuals are jointly and primarily responsible for the day‑to‑day management of Invesco Municipal Income Opportunities Trust’s portfolio:		∎ Mark Paris ∎ Jack Connelly ∎ Tim O’Reilly		∎ John Schorle ∎ Julius Williams


2		Invesco Municipal Income Opportunities Trust

Dividend Reinvestment Plan

The dividend reinvestment plan (the Plan) offers you a prompt and simple way to reinvest your dividends and capital gains distributions (Distributions) into additional shares of your Invesco closed‑end Trust (the Trust). Under the Plan, the money you earn from Distributions will be reinvested automatically in more shares of the Trust, allowing you to potentially increase your investment over time. All shareholders in the Trust are automatically enrolled in the Plan when shares are purchased.

Plan benefits

∎

Add to your account:

You may increase your shares in your Trust easily and automatically with the Plan.

∎

Low transaction costs:

Shareholders who participate in the Plan may be able to buy shares at below-market prices when the Trust is trading at a premium to its net asset value (NAV). In addition, transaction costs are low because when new shares are issued by the Trust, there is no brokerage fee, and when shares are bought in blocks on the open market, the per share fee is shared among all participants.

∎

Convenience:

You will receive a detailed account statement from Computershare Trust Company, N.A. (the Agent), which administers the Plan. The statement shows your total Distributions, date of investment, shares acquired, and price per share, as well as the total number of shares in your reinvestment account. You can also access your account at invesco.com/closed‑end.

∎

Safekeeping:

The Agent will hold the shares it has acquired for you in safekeeping.

Who can participate in the Plan

If you own shares in your own name, your purchase will automatically enroll you in the Plan. If your shares are held in “street name” – in the name of your brokerage firm, bank, or other financial institution – you must instruct that entity to participate on your behalf. If they are unable to participate on your behalf, you may request that they reregister your shares in your own name so that you may enroll in the Plan.

How to enroll

If you haven’t participated in the Plan in the past or chose to opt out, you are still eligible to participate. Enroll by visiting invesco.com/closed‑end, by calling toll-free 800 341 2929 or by notifying us in writing at Invesco Closed‑End Funds, Computershare Trust Company, N.A., P.O. Box 505000, Louisville, KY 40233-5000. If you are writing to us, please include the Trust name and account number and ensure that all shareholders listed on the account sign these written instructions. Your participation in the Plan will begin with the next Distribution payable after the Agent receives your authorization, as long as they receive it before the “record date,” which is generally 10 business days before the Distribution is paid. If your authorization arrives after such record date, your participation in the Plan will begin with the following Distribution.

How the Plan works

If you choose to participate in the Plan, your Distributions will be promptly reinvested for you, automatically increasing your shares. If the Trust is trading at a share price that is equal to its NAV, you’ll pay that amount for your reinvested shares. However, if the Trust is trading above or below NAV, the price is determined by one of two ways:

Premium: If the Trust is trading at a premium – a market price that is higher than its NAV – you’ll pay either the NAV or 95 percent of

the market price, whichever is greater. When the Trust trades at a premium, you may pay less for your reinvested shares than an investor purchasing shares on the stock exchange. Keep in mind, a portion of your price reduction may be taxable because you are receiving shares at less than market price.

Discount: If the Trust is trading at a discount – a market price that is lower than its NAV – you’ll pay the market price for your reinvested shares.

Costs of the Plan

There is no direct charge to you for reinvesting Distributions because the Plan’s fees are paid by the Trust. If the Trust is trading at or above its NAV, your new shares are issued directly by the Trust and there are no brokerage charges or fees. However, if the Trust is trading at a discount, the shares are purchased on the open market, and you will pay your portion of any per share fees. These per share fees are typically less than the standard brokerage charges for individual transactions because shares are purchased for all participants in blocks, resulting in lower fees for each individual participant. Any service or per share fees are added to the purchase price. Per share fees include any applicable brokerage commissions the Agent is required to pay.

Tax implications

The automatic reinvestment of Distributions does not relieve you of any income tax that may be due on Distributions. You will receive tax information annually to help you prepare your federal income tax return.

Invesco does not offer tax advice. The tax information contained herein is general and is not exhaustive by nature. It was not intended or written to be used, and it cannot be used, by any taxpayer for avoiding penalties that may be imposed on the taxpayer under US federal tax laws. Federal and state tax laws are complex and constantly changing. Shareholders should always consult a legal or tax adviser for information concerning their individual situation.

How to withdraw from the Plan

You may withdraw from the Plan at any time by calling 800 341 2929, by visiting invesco.com/ closed‑end or by writing to Invesco Closed‑End Funds, Computershare Trust Company, N.A., P.O. Box 505000, Louisville, KY 40233-5000. Simply indicate that you would like to withdraw from the Plan, and be sure to include your Trust name and account number. Also, ensure that all shareholders listed on the account sign these written instructions. If you withdraw, you have three options with regard to the shares held in the Plan:

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.

If you opt to sell your shares through the Agent, we will sell all full and fractional shares and send the proceeds via check to your address of record after deducting a $2.50 service fee and per share fees. Per share fees include any applicable brokerage commissions the Agent is required to pay.

You may sell your shares through your financial adviser through the Direct Registration System (DRS). DRS is a service within the securities industry that allows Trust shares to be held in your name in electronic format. You retain full ownership of your shares, without having to hold a share certificate. You should contact your financial adviser to learn more about any restrictions or fees that may apply.

The Trust and Computershare Trust Company, N.A. may amend or terminate the Plan at any time. Participants will receive at least 30 days written notice before the effective date of any amendment. In the case of termination, Participants will receive at least 30 days written notice before the record date for the payment of any such Distributions by the Trust. In the case of amendment or termination necessary or appropriate to comply with applicable law or the rules and policies of the Securities and Exchange Commission or any other regulatory authority, such written notice will not be required.

To obtain a complete copy of the current Dividend Reinvestment Plan, please call our Client Services department at 800 341 2929 or visit invesco.com/closed‑end.


3		Invesco Municipal Income Opportunities Trust

Schedule of Investments

August 31, 2023

(Unaudited)


					Principal
	Interest		Maturity		Amount
	Rate		Date		(000)		Value


Municipal Obligations–138.12%^(a)
Alabama–3.26%
Birmingham (City of), AL Special Care Facilities Financing Authority (Methodist Home for the Aging); Series 2016, RB		5.75%		06/01/2045	$	1,000	$	838,880


Black Belt Energy Gas District (The); Series 2022 F, RB^(b)		5.50%		12/01/2028		1,000		1,042,210


Huntsville (City of), AL Special Care Facilities Financing Authority (Redstone Village); Series 2007, RB (Acquired 10/18/2010; Cost $739,982)^(c)(d)		5.50%		01/01/2043		925		555,000


Jefferson (County of), AL;
Series 2013 C, Revenue Wts. (INS - AGM)^(e)(f)		6.60%		10/01/2042		1,300		1,360,030


Series 2013 F, Revenue Wts.^(e)		7.75%		10/01/2046		1,700		1,779,867


Series 2013 F, Revenue Wts.^(e)		7.90%		10/01/2050		1,000		1,046,952


Lower Alabama Gas District (The); Series 2016 A, RB		5.00%		09/01/2034		1,950		2,009,320


Tuscaloosa (County of), AL Industrial Development Authority (Hunt Refining); Series 2019 A, Ref. IDR^(g)		5.25%		05/01/2044		1,000		908,481


								9,540,740



American Samoa–0.27%
American Samoa (Territory of) Economic Development Authority; Series 2015 A, Ref. RB		6.63%		09/01/2035		750		779,421



Arizona–2.45%
Arizona (State of) Industrial Development Authority (Academies of Math & Science); Series 2022, RB^(g)		5.25%		07/01/2052		1,700		1,583,136


Arizona (State of) Industrial Development Authority (Kaizen Education Foundation); Series 2016, RB^(g)		5.75%		07/01/2036		1,500		1,524,811


Glendale (City of), AZ Industrial Development Authority (The Beatitudes Campus); Series 2017, Ref. RB		5.00%		11/15/2040		1,500		1,274,465


Phoenix (City of), AZ Industrial Development Authority (Legacy Traditional Schools); Series 2014 A, RB^(g)		6.75%		07/01/2044		750		757,900


Pima (County of), AZ Industrial Development Authority (Career Success Schools); Series 2020, Ref. RB^(g)		5.50%		05/01/2040		1,500		1,420,056


Tempe (City of), AZ Industrial Development Authority (Mirabella at ASU); Series 2017 A, RB^(g)		6.13%		10/01/2052		1,000		601,004


								7,161,372



Arkansas–0.50%
Arkansas (State of) Development Finance Authority (Green Bonds); Series 2022, RB^(h)		5.45%		09/01/2052		1,500		1,463,714



California–23.36%
California (State of); Series 2020, GO Bonds (INS - BAM)^(f)		3.00%		03/01/2050		2,000		1,564,902


California (State of) Educational Facilities Authority (Stanford University);
Series 2010, RB		5.25%		04/01/2040		500		589,373


Series 2014 U‑6, RB⁽ⁱ⁾		5.00%		05/01/2045		3,000		3,419,681


California (State of) Municipal Finance Authority (Caritas Affordable Housing, Inc.); Series 2014 B, RB		5.88%		08/15/2049		1,250		1,252,160


California (State of) Municipal Finance Authority (Palomar Health); Series 2022 A, Ref. COP (INS - AGM)^(f)		5.25%		11/01/2052		1,250		1,335,352


California (State of) Pollution Control Financing Authority; Series 2012, RB^(g)(h)		5.00%		07/01/2037		1,000		999,859


California (State of) Pollution Control Financing Authority (Aemerge Redpak Services Southern California LLC); Series 2016, RB (Acquired 01/22/2016‑09/25/2017; Cost $937,500)^(c)(d)(g)(h)		7.00%		12/01/2027		940		94,000


California (State of) School Finance Authority (Aspire Public Schools Obligated Group); Series 2022, RB^(g)		5.00%		08/01/2052		1,875		1,795,490


California (State of) School Finance Authority (New Designs Charter School); Series 2012 A, RB		5.50%		06/01/2042		695		694,946


California (State of) Statewide Communities Development Authority (Creative Child Care & Team Charter); Series 2015, RB^(g)		6.75%		06/01/2045		740		707,481


California (State of) Statewide Communities Development Authority (Emanate Health); Series 2020 A, RB		3.00%		04/01/2050		1,250		876,609


California (State of) Statewide Communities Development Authority (Enloe Medical Center); Series 2022 A, RB (INS - AGM)^(f)		5.25%		08/15/2052		2,250		2,409,414


California (State of) Statewide Communities Development Authority (Loma Linda University Medical Center); Series 2014, RB		5.50%		12/01/2054		2,000		1,996,734


California (State of) Statewide Financing Authority (Pooled Tobacco Securitization Program);
Series 2002, RB		6.00%		05/01/2043		750		761,669


Series 2006 A, RB^(j)		0.00%		06/01/2046		10,000		2,418,912


Series 2006 C, RB^(g)(j)		0.00%		06/01/2055		25,000		1,483,520

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


4		Invesco Municipal Income Opportunities Trust


	Interest Rate		Maturity Date		Principal Amount (000)		Value


California–(continued)
Daly (City of), CA Housing Development Finance Agency (Franciscan Mobile Home Park Acquisition); Series 2007 C, Ref. RB		6.50%		12/15/2047	$	865	$	838,239


Foothill-Eastern Transportation Corridor Agency; Series 2014 C, Ref. RB^(b)(k)		6.50%		01/15/2024		1,000		1,011,480


Fresno (City of), CA; Series 2023 A, Ref. RB (INS - BAM)^(f)(h)		5.00%		07/01/2053		1,250		1,287,047


Golden State Tobacco Securitization Corp.; Series 2021 B‑2, Ref. RB^(j)		0.00%		06/01/2066		11,800		1,173,433


Inland Empire Tobacco Securitization Corp.; Series 2007 C‑1, RB^(j)		0.00%		06/01/2036		10,000		4,359,500


Long Beach (City of), CA Finance Authority; Series 2023, RB⁽ⁱ⁾		4.00%		08/01/2053		10,000		9,450,253


Poway Unified School District (School Facilities Improvement); Series 2011, GO Bonds^(j)		0.00%		08/01/2039		8,000		4,022,318


Regents of the University of California Medical Center; Series 2022, RB^(i)(l)		4.00%		05/15/2053		10,740		10,347,451


San Francisco (City & County of), CA Successor Agency to the Redevelopment Agency Community Facilities District No. 6 (Mission Bay South Public Improvements); Series 2013 C, RB^(j)		0.00%		08/01/2037		5,000		2,256,365


Silicon Valley Tobacco Securitization Authority (Santa Clara);
Series 2007 A, RB^(j)		0.00%		06/01/2036		2,000		969,007


Series 2007 A, RB^(j)		0.00%		06/01/2041		5,000		1,776,309


Southern California Logistics Airport Authority; Series 2008 A, RB^(j)		0.00%		12/01/2044		18,085		3,914,887


Southern California Tobacco Securitization Authority (San Diego County Asset Securitization Corp.); Series 2019, Ref. RB^(j)		0.00%		06/01/2054		3,500		649,943


Ventura Unified School District (Election of 2022); Series 2022 A, GO Bonds⁽ⁱ⁾		4.00%		08/01/2048		4,000		3,830,516


								68,286,850



Colorado–12.99%
Buffalo Highlands Metropolitan District; Series 2018 A, GO Bonds		5.25%		12/01/2038		1,185		1,141,564


Canyons Metropolitan District No. 5;
Series 2016, GO Bonds		7.00%		12/15/2057		1,500		1,017,673


Series 2017 A, Ref. GO Bonds		6.13%		12/01/2047		1,000		965,051


Centerra Metropolitan District No. 1 (In the City of Loveland); Series 2020 A, Ref. GO Bonds		5.00%		12/01/2051		1,500		1,300,599


Chaparral Pointe Metropolitan District; Series 2021, GO Bonds^(g)		5.00%		12/01/2051		1,350		1,102,538


Colorado (State of) Health Facilities Authority (Intermountain Healthcare); Series 2020 A, RB⁽ⁱ⁾		4.00%		05/15/2052		9,900		9,055,467


Colorado (State of) Health Facilities Authority (Sunny Vista Living Center); Series 2015 A, Ref. RB^(g)		6.25%		12/01/2050		1,000		663,967


Denver (City & County of), CO;
Series 2018 A, RB^(h)(i)		5.25%		12/01/2043		3,000		3,088,888


Series 2022, RB^(h)(i)(l)		5.00%		11/15/2042		1,000		1,041,841


Series 2022, RB^(h)(i)(l)		5.75%		11/15/2045		2,000		2,190,254


Dominion Water & Sanitation District; Series 2022, Ref. RB		5.88%		12/01/2052		2,270		2,190,588


East Bend Metropolitan District; Series 2022, GO Bonds		6.50%		12/01/2052		2,600		2,507,384


Gardens on Havana Metropolitan District No. 3 (The); Series 2017 B, RB		7.75%		12/15/2047		700		661,308


Hess Ranch Metropolitan District No. 6; Series 2020 A‑2, GO Bonds^(e)		5.75%		12/01/2049		1,000		721,688


Johnstown Plaza Metropolitan District; Series 2022, Ref. GO Bonds		4.25%		12/01/2046		1,464		1,162,191


North Range Metropolitan District No. 2; Series 2017 A, Ref. GO Bonds		5.75%		12/01/2047		1,000		1,003,746


Palisade Metropolitan District No. 2; Series 2019, GO Bonds		7.25%		12/15/2049		1,000		906,505


Remuda Ranch Metropolitan District; Series 2020 A, GO Bonds		5.00%		12/01/2050		2,300		2,009,712


Ridgeline Vista Metropolitan District; Series 2021 A, GO Bonds		5.25%		12/01/2060		1,000		839,864


Rudolph Farms Metropolitan District No. 6; Series 2022 A, GO Bonds		6.50%		06/01/2052		1,500		1,441,480


Talon Pointe Metropolitan District; Series 2019 A, Ref. GO Bonds		5.25%		12/01/2051		1,000		740,330


Verve Metropolitan District No. 1; Series 2021, Ref. GO Bonds		5.00%		12/01/2036		525		437,663


West Meadow Metropolitan District (Senior Bonds); Series 2023 A, Ref. GO Bonds^(g)		6.50%		12/01/2050		500		511,119


Windler Public Improvement Authority; Series 2021 A‑2, RB^(e)		4.63%		12/01/2051		2,375		1,274,890


								37,976,310



Connecticut–0.57%
Georgetown (City of), CT Special Taxing District; Series 2006 A, GO Bonds^(c)(m)		5.13%		10/01/2036		5,310		637,200


Hamden (Town of), CT (Whitney Center); Series 2022 A, RB		7.00%		01/01/2053		1,000		1,019,034


								1,656,234



Delaware–0.32%
Millsboro (Town of), DE (Plantation Lakes Special Development District); Series 2018, Ref. RB^(g)		5.25%		07/01/2048		999		945,985



District of Columbia–2.15%
Tender Option Bond Trust Receipts/Certificates; Series 2023, RB^(h)(i)(l)		5.25%		10/01/2048		6,000		6,295,565

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


5		Invesco Municipal Income Opportunities Trust


	Interest Rate	Maturity Date	Principal Amount (000)		Value


Florida–13.31%
Alachua (County of), FL Health Facilities Authority (East Ridge Retirement Village, Inc.); Series 2014, RB (Acquired 02/26/2014‑06/30/2014; Cost $889,644)^(d)	6.38%	11/15/2049	$	900	$	620,547


Alachua (County of), FL Health Facilities Authority (Terraces at Bonita Springs);
Series 2022 A, Ref. RB^(g)	5.00%	11/15/2061		1,075		723,664


Series 2022 B, RB^(g)	6.50%	11/15/2033		100		87,091


Broward (County of), FL Airport System; Series 2017, RB^(h)(i)(l)	5.00%	10/01/2042		3,000		3,044,008


Capital Trust Agency, Inc. (Advantage Academy of Hillsborough); Series 2019 A, RB	5.00%	12/15/2049		2,630		2,432,081


Capital Trust Agency, Inc. (H‑Bay Ministries, Inc.- Superior Residences); Series 2018 A‑1, RB^(c)	5.00%	07/01/2048		250		87,500


Capital Trust Agency, Inc. (Tallahassee Tapestry);
Series 2015, RB (Acquired 08/14/2019; Cost $102,052)^(c)(d)(g)	6.75%	12/03/2035		100		32,750


Series 2015, RB (Acquired 12/02/2015; Cost $988,260)^(c)(d)(g)	7.00%	12/01/2045		1,000		327,500


Collier (County of), FL Industrial Development Authority (The Arlington of Naples); Series 2014 A, RB (Acquired 12/16/2013‑12/19/2013; Cost $882,393)^(c)(d)(g)	8.25%	05/15/2049		895		49,216


Florida Development Finance Corp. (Parrish Charter Academy, Inc.); Series 2023, RB^(b)(g)	6.25%	06/15/2028		2,140		2,097,493


Florida Development Finance Corp. (Renaissance Charter School, Inc.); Series 2015, RB^(g)	6.13%	06/15/2046		1,000		995,630


Florida Development Finance Corp. (River City Science Academy); Series 2021, RB	4.00%	07/01/2045		1,200		972,083


Lake Helen (City of), FL (Ivy Hawn Charter School of the Arts); Series 2018 A, RB^(g)	5.38%	07/15/2038		1,300		1,172,171


Lee (County of), FL Industrial Development Authority (Lee County Community Charter Schools, LLC); Series 2012, IDR^(g)	5.75%	06/15/2042		1,200		1,131,249


Manatee (County of), FL; Series 2023, Ref. RB⁽ⁱ⁾	4.00%	10/01/2053		10,000		9,288,375


Miami-Dade (County of), FL;
Series 2009, RB^(j)	0.00%	10/01/2042		7,900		3,155,638


Series 2022, RB⁽ⁱ⁾	5.00%	07/01/2052		5,000		5,263,572


Miami-Dade (County of), FL Educational Facilities Authority (University of Miami); Series 2018 A, RB	5.00%	04/01/2053		1,500		1,530,938


Seminole (County of), FL; Series 2022, RB⁽ⁱ⁾	5.00%	10/01/2052		2,430		2,566,184


Tampa (City of), FL; Series 2020 A, RB^(j)	0.00%	09/01/2049		13,829		3,344,687


						38,922,377



Idaho–0.81%
Idaho (State of) Health Facilities Authority (Valley Vista Care Corp.); Series 2017 A, Ref. RB	5.25%	11/15/2047		1,600		1,176,700


Idaho (State of) Housing & Finance Association (Future Public School); Series 2022 A, RB^(g)	4.00%	05/01/2057		1,705		1,184,623


						2,361,323



Illinois–10.12%
Bolingbrook (Village of), IL; Series 2005, RB	6.25%	01/01/2024		460		454,954


Chicago (City of), IL;
Series 2007 F, Ref. GO Bonds	5.50%	01/01/2042		1,250		1,262,311


Series 2009 C, Ref. GO Bonds^(j)	0.00%	01/01/2031		5,020		3,623,299


Series 2017 A, Ref. GO Bonds	6.00%	01/01/2038		1,500		1,581,544


Chicago (City of), IL (O’Hare International Airport);
Series 2022 A, RB^(h)(i)	4.63%	01/01/2053		1,000		974,029


Series 2022 A, RB (INS - AGM)^(h)(i)	5.50%	01/01/2053		1,000		1,048,983


Chicago (City of), IL Board of Education;
Series 2017 H, GO Bonds	5.00%	12/01/2046		1,500		1,452,164


Series 2021 A, GO Bonds	5.00%	12/01/2034		2,250		2,318,598


Series 2022 B, Ref. GO Bonds	4.00%	12/01/2040		1,665		1,486,371


Illinois (State of);
Series 2017 C, GO Bonds	5.00%	11/01/2029		1,000		1,051,009


Series 2020, GO Bonds	5.75%	05/01/2045		1,000		1,075,582


Series 2021 A, GO Bonds	5.00%	03/01/2046		500		513,267


Illinois (State of) Development Finance Authority (CITGO Petroleum Corp.); Series 2002, RB^(h)	8.00%	06/01/2032		140		140,097


Illinois (State of) Finance Authority (Intrinsic Schools - Belmont School); Series 2015, RB^(g)	6.00%	12/01/2045		1,000		1,019,146


Illinois (State of) Finance Authority (Lutheran Communities Obligated Group);
Series 2019 A, Ref. RB	5.00%	11/01/2040		1,525		1,317,327


Series 2019 A, Ref. RB	5.00%	11/01/2049		1,000		801,847


Illinois (State of) Finance Authority (Northshore Edward Elmhurst Health Credit Group); Series 2022, RB^(i)(l)	5.00%	08/15/2051		5,375		5,529,094


Illinois (State of) Finance Authority (Rogers Park Montessori School); Series 2014, Ref. RB	6.13%	02/01/2045		1,500		1,501,852


Illinois (State of) Finance Authority (Roosevelt University); Series 2019 A, RB^(g)	6.00%	04/01/2038		1,000		943,429


Illinois (State of) Finance Authority (Villa St. Benedict); Series 2015, Ref. RB	6.38%	11/15/2043		775		778,440

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


6		Invesco Municipal Income Opportunities Trust


	Interest Rate	Maturity Date	Principal Amount (000)		Value


Illinois–(continued)
Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion); Series 2017 B, Ref. RB^(e)	4.70%	12/15/2037	$	1,000	$	709,517


						29,582,860



Indiana–2.13%
Indiana (State of) Finance Authority (Irvington Community School);
Series 2018 A, Ref. RB^(g)	5.90%	07/01/2038		1,000		973,916


Series 2018 A, Ref. RB^(g)	6.00%	07/01/2048		1,000		951,668


Indiana (State of) Finance Authority (University of Evansville); Series 2022 A, Ref. RB	5.25%	09/01/2044		3,500		3,278,998


Valparaiso (City of), IN (Pratt Paper, LLC); Series 2013, RB^(h)	7.00%	01/01/2044		1,000		1,009,450


						6,214,032



Iowa–1.86%
Iowa (State of) Finance Authority (Alcoa, Inc.); Series 2012, RB	4.75%	08/01/2042		1,000		954,310


Iowa (State of) Finance Authority (Iowa Fertilizer Co.); Series 2022, Ref. RB^(b)	5.00%	12/01/2042		2,000		2,011,584


Iowa (State of) Finance Authority (Northcrest, Inc.); Series 2018 A, RB	5.00%	03/01/2038		1,150		1,052,208


Iowa (State of) Tobacco Settlement Authority; Series 2021 B‑2, Ref. RB^(j)	0.00%	06/01/2065		13,000		1,417,689


						5,435,791



Kansas–0.64%
Wichita (City of), KS (Larksfield Place); Series 2013 III, Ref. RB^(b)(k)	7.38%	12/15/2023		1,000		1,009,923


Wichita (City of), KS (Presbyterian Manors, Inc.); Series 2013 IV‑A, RB	6.50%	05/15/2048		1,000		848,790


						1,858,713



Kentucky–0.78%
Kentucky (Commonwealth of) Public Transportation Infrastructure Authority (Downtown Crossing); Series 2013 C, RB	6.88%	07/01/2046		2,000		2,271,017



Louisiana–0.24%
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority; Series 2015 A, Ref. RB	6.25%	11/15/2045		750		709,550



Massachusetts–0.59%
Massachusetts (Commonwealth of); Series 2004 A, Ref. GO Bonds (INS - AMBAC)^(f)(i)	5.50%	08/01/2030		960		1,098,669


Massachusetts (Commonwealth of) Development Finance Agency (Massachusetts Institute of Technology); Series 2002 K, RB⁽ⁱ⁾	5.50%	07/01/2032		505		615,829


						1,714,498



Michigan–1.00%
Charyl Stockwell Academy; Series 2015, Ref. RB (Acquired 04/23/2015; Cost $615,680)^(d)	5.75%	10/01/2045		635		521,847


Michigan (State of) Strategic Fund (Canterbury Health Care, Inc.); Series 2016, RB^(g)	5.00%	07/01/2046		2,705		1,619,633


Michigan (State of) Strategic Fund (Friendship Village of Kalamazoo); Series 2021, Ref. RB^(g)	5.00%	08/15/2051		1,000		771,008


						2,912,488



Minnesota–1.19%
Ramsey (City of), MN; Series 2022 A, Ref. RB	5.00%	06/01/2032		1,500		1,493,590


Rochester (City of), MN (Homestead at Rochester, Inc.); Series 2013 A, RB	6.88%	12/01/2048		1,000		980,502


St. Paul (City of), MN Housing & Redevelopment Authority (Emerald Gardens); Series 2010, Ref. RB	6.25%	03/01/2025		450		450,105


St. Paul (City of), MN Housing & Redevelopment Authority (Higher Ground Academy); Series 2023, Ref. RB	5.50%	12/01/2038		545		552,515


						3,476,712



Missouri–2.80%
Branson Hills Infrastructure Facilities Community Improvement District; Series 2007 A, RB^(m)	5.50%	04/01/2027		686		288,239


Kirkwood (City of), MO Industrial Development Authority (Aberdeen Heights);
Series 2017 A, Ref. RB	5.25%	05/15/2037		2,250		1,902,963


Series 2017 A, Ref. RB	5.25%	05/15/2050		1,250		935,415


Lee’s Summit (City of), MO Industrial Development Authority (John Knox Village);
Series 2016 A, RB	5.00%	08/15/2046		2,000		1,580,760


Series 2018 A, Ref. RB	5.00%	08/15/2042		755		619,774


Missouri (State of) Development Finance Board (St. Louis Zoo); Series 2022, RB⁽ⁱ⁾	5.13%	05/01/2052		1,500		1,567,209

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


7		Invesco Municipal Income Opportunities Trust


	Interest Rate	Maturity Date	Principal Amount (000)		Value


Missouri–(continued)
St. Louis (County of), MO Industrial Development Authority (Friendship Village West County); Series 2018 A, RB	5.13%	09/01/2049	$	1,500	$	1,300,038


						8,194,398



Nevada–0.74%
North Las Vegas (City of), NV Special Improvement District No. 66 (Villages at Tule Springs Village 1); Series 2022, RB^(g)	5.75%	06/01/2047		1,600		1,555,461


Reno (City of), NV (ReTRAC - Reno Transportation Rail Access Corridor); Series 2018 C, Ref. RB^(g)(j)	0.00%	07/01/2058		5,000		616,021


						2,171,482



New Hampshire–0.35%
New Hampshire (State of) Business Finance Authority (Social Bonds); Series 2022‑2A, RB	4.00%	10/20/2036		1,088		1,020,199



New Jersey–2.46%
New Jersey (State of) Economic Development Authority (Continental Airlines, Inc.);
Series 1999, RB^(h)	5.25%	09/15/2029		1,000		1,002,843


Series 2012, RB^(h)	5.75%	09/15/2027		900		900,821


New Jersey (State of) Economic Development Authority (Leap Academy University Charter School, Inc.); Series 2014 A, RB^(g)	6.30%	10/01/2049		1,200		1,203,493


New Jersey (State of) Economic Development Authority (Paterson Charter School for Science and Technology, Inc.); Series 2012 C, RB	5.30%	07/01/2044		1,000		953,856


New Jersey (State of) Transportation Trust Fund Authority; Series 2022, RB	5.00%	06/15/2048		3,000		3,140,407


						7,201,420



New York–9.77%
Brooklyn Arena Local Development Corp. (Barclays Center);
Series 2009, RB^(j)	0.00%	07/15/2035		1,475		850,131


Series 2009, RB^(j)	0.00%	07/15/2046		10,000		2,971,031


Monroe County Industrial Development Corp. (St. Ann’s Community); Series 2019, Ref. RB	5.00%	01/01/2050		1,000		805,588


Nassau (County of), NY Industrial Development Agency (Amsterdam at Harborside);
Series 2021, RB (Acquired 05/05/2009‑11/16/2016; Cost $1,609,326)^(d)	5.00%	01/01/2058		1,479		442,431


Series 2021, Ref. RB (Acquired 09/07/2021; Cost $730,000)^(c)(d)(g)	9.00%	01/01/2041		730		693,500


New York (City of), NY Transitional Finance Authority; Series 2022, RB⁽ⁱ⁾	5.25%	11/01/2048		5,000		5,415,191


New York (State of) Dormitory Authority; Series 2018 E, RB⁽ⁱ⁾	5.00%	03/15/2045		2,250		2,346,788


New York Counties Tobacco Trust V; Series 2005 S‑2, RB^(j)	0.00%	06/01/2050		8,100		1,117,029


New York Counties Tobacco Trust VI; Series 2016 A‑1, Ref. RB	5.75%	06/01/2043		2,000		2,047,797


New York Liberty Development Corp. (3 World Trade Center); Series 2014, Class 3, Ref. RB^(g)	7.25%	11/15/2044		1,000		1,009,031


New York Transportation Development Corp. (American Airlines, Inc.); Series 2016, Ref. RB^(h)	5.00%	08/01/2026		470		471,038


New York Transportation Development Corp. (Delta Air Lines, Inc. LaGuardia Airport Terminals C&D Redevelopment); Series 2020, RB^(h)	4.38%	10/01/2045		1,750		1,650,392


New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment); Series 2016 A, RB^(h)(i)(l)	5.00%	07/01/2046		1,750		1,744,451


Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels); Series 2017 A, RB⁽ⁱ⁾	5.00%	11/15/2047		4,170		4,280,339


TSASC, Inc.; Series 2016 B, Ref. RB	5.00%	06/01/2045		2,000		1,864,312


Westchester (County of), NY Industrial Development Agency (Million Air Two LLC General Aviation Facilities); Series 2017 A, RB^(g)(h)	7.00%	06/01/2046		1,000		857,653


						28,566,702



North Carolina–0.36%
North Carolina (State of) Medical Care Commission (Salemtowne Project); Series 2018 A, RB	5.00%	10/01/2043		1,260		1,043,546



Ohio–4.08%
Buckeye Tobacco Settlement Financing Authority;
Series 2020 B‑2, Ref. RB	5.00%	06/01/2055		1,755		1,606,660


Series 2020 B‑3, Ref. RB^(j)	0.00%	06/01/2057		11,600		1,340,212


Cuyahoga (County of), OH (MetroHealth System); Series 2017, Ref. RB	5.00%	02/15/2052		3,250		3,122,426


Franklin (County of), OH (Wesley Communities); Series 2020, Ref. RB	5.25%	11/15/2055		1,500		1,274,738


Muskingum (County of), OH (Genesis Healthcare System); Series 2013, RB	5.00%	02/15/2044		3,075		2,784,993


Ohio (State of) Air Quality Development Authority (AMG Vanadium Project); Series 2019, RB^(g)(h)	5.00%	07/01/2049		2,000		1,804,283


						11,933,312

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


8		Invesco Municipal Income Opportunities Trust


	Interest Rate	Maturity Date	Principal Amount (000)		Value


Oklahoma–0.00%
Oklahoma (State of) Development Finance Authority (Provident Oklahoma Education Resources, Inc.-Cross Village Student Housing); Series 2017, RB^(c)	5.00%	08/01/2052	$	1,750	$	1,750


Payne (County of), OK Economic Development Authority (Epworth Living at the Ranch); Series 2016 A, RB^(c)	7.00%	11/01/2051		665		466


						2,216



Pennsylvania–2.52%
Pennsylvania (Commonwealth of) Economic Development Financing Authority (Penndot Major Bridges); Series 2022, RB^(h)	6.00%	06/30/2061		1,250		1,357,659


Philadelphia (City of), PA Authority for Industrial Development (Discovery Charter School); Series 2022, Ref. RB^(g)	5.00%	04/15/2052		2,400		2,076,477


Philadelphia (City of), PA Authority for Industrial Development (First Philadelphia Preparatory Charter School); Series 2014 A, RB	7.25%	06/15/2043		750		765,344


Philadelphia (City of), PA Authority for Industrial Development (St. Joseph’s University); Series 2022, RB	5.50%	11/01/2060		3,000		3,153,820


						7,353,300



Puerto Rico–6.95%
Children’s Trust Fund;
Series 2002, RB	5.50%	05/15/2039		440		440,052


Series 2002, RB	5.63%	05/15/2043		1,000		1,005,021


Series 2005 A, RB^(j)	0.00%	05/15/2050		27,000		4,895,343


Puerto Rico (Commonwealth of); Subseries 2022, RN	0.00%	11/01/2043		6,638		3,426,763


Puerto Rico (Commonwealth of) Electric Power Authority;
Series 2007 TT, RB^(c)	5.00%	07/01/2037		495		136,125


Series 2007 VV, Ref. RB (INS - NATL)^(f)	5.25%	07/01/2035		1,000		973,317


Puerto Rico (Commonwealth of) Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority; Series 2000, RB (Acquired 01/08/2020; Cost $900,000)^(c)(d)(h)	6.63%	06/01/2026		900		630,000


Puerto Rico Sales Tax Financing Corp.;
Series 2018 A‑1, RB^(j)	0.00%	07/01/2046		24,150		6,726,468


Series 2018 A‑1, RB^(j)	0.00%	07/01/2051		10,062		2,079,690


						20,312,779



South Carolina–1.08%
South Carolina (State of) Jobs-Economic Development Authority (High Point Academy Project); Series 2018 A, RB^(g)	5.75%	06/15/2039		1,500		1,514,094


South Carolina (State of) Jobs-Economic Development Authority (South Carolina Episcopal Home at Still Hopes); Series 2018 A, Ref. RB	5.00%	04/01/2048		2,000		1,655,448


						3,169,542



Tennessee–3.40%
Bristol (City of), TN Industrial Development Board (Pinnacle); Series 2016, RB	5.63%	06/01/2035		1,000		887,321


Knox (County of), TN & Knoxville (City of), TN Sports Authority (Multi‑Use Stadium); Series 2023 A, RB	6.00%	12/01/2054		5,000		5,675,284


Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Lipscomb University); Series 2019, Ref. RB	5.25%	10/01/2058		1,500		1,402,219


Shelby (County of), TN Health, Educational & Housing Facilities Board (Trezevant Manor);
Series 2013 A, Ref. RB	5.50%	09/01/2047		1,600		1,307,794


Series 2016 A, Ref. RB^(g)	5.00%	09/01/2031		750		676,740


						9,949,358



Texas–13.82%
City of San Antonio TX Electric & Gas Systems Revenue ; Series 2023, RB⁽ⁱ⁾	5.50%	02/01/2050		5,750		6,334,934


Bexar County Health Facilities Development Corp. (Army Retirement Residence Foundation);
Series 2016, Ref. RB	4.00%	07/15/2031		1,500		1,352,525


Series 2016, Ref. RB	5.00%	07/15/2041		1,000		875,330


Brazoria County Industrial Development Corp. (Gladieux Metals Recycling LLC); Series 2019, RB^(h)	7.00%	03/01/2039		1,200		1,102,445


Houston (City of), TX Airport System (Continental Airlines, Inc.); Series 2011 A, Ref. RB^(h)	6.63%	07/15/2038		1,000		1,002,741


La Vernia Higher Education Finance Corp. (Meridian World School); Series 2015 A, RB^(b)(g)(k)	5.50%	08/15/2024		750		760,346


Lower Colorado River Authority (LCRA Transmission Services Corp.); Series 2023 A, Ref. RB (INS - AGM)^(f)(i)	5.25%	05/15/2053		10,000		10,712,920


Mission Economic Development Corp. (Natgasoline); Series 2018, Ref. RB^(g)(h)	4.63%	10/01/2031		1,500		1,465,879

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


9		Invesco Municipal Income Opportunities Trust


	Interest Rate	Maturity Date	Principal Amount (000)		Value


Texas–(continued)
New Hope Cultural Education Facilities Finance Corp. (Carillon Lifecare Community); Series 2016, Ref. RB	5.00%	07/01/2036	$	600	$	502,602


New Hope Cultural Education Facilities Finance Corp. (Longhorn Village); Series 2017, Ref. RB	5.00%	01/01/2047		1,000		869,586


New Hope Cultural Education Facilities Finance Corp. (MRC Senior Living‑The Langford);
Series 2016 A, RB	5.50%	11/15/2046		400		324,970


Series 2016 A, RB	5.50%	11/15/2052		1,500		1,184,531


North Texas Tollway Authority; Series 2011 B, RB^(b)(j)(k)	0.00%	09/01/2031		7,000		3,400,300


Rowlett (City of), TX (Bayside Public Improvement District North Improvement Area); Series 2016, RB	6.00%	09/15/2046		450		447,452


Sanger Industrial Development Corp. (Texas Pellets); Series 2012 B, RB (Acquired 09/04/2012; Cost $990,000)^(c)(d)(h)(m)	8.00%	07/01/2038		990		247,500


Shallowater Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School Fund)	5.25%	02/15/2048		1,500		1,618,968


Sweetwater Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School Fund)	4.00%	02/15/2053		1,000		941,623


Tarrant County Cultural Education Facilities Finance Corp. (Buckner Senior Living - Ventana); Series 2017, RB	6.75%	11/15/2052		1,000		1,006,991


Tarrant County Cultural Education Facilities Finance Corp. (C.C. Young Memorial Home); Series 2017 A, RB (Acquired 12/15/2016; Cost $1,004,781)^(c)(d)	6.38%	02/15/2052		1,000		550,000


Tarrant County Cultural Education Facilities Finance Corp. (Stayton at Museum Way); Series 2020 A, RB	5.75%	12/01/2054		913		593,331


Texas (State of) Water Development Board;
Series 2022, RB⁽ⁱ⁾	4.80%	10/15/2052		2,000		2,088,569


Series 2022, RB⁽ⁱ⁾	5.00%	10/15/2057		1,000		1,056,095


Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners LLC - North Tarrant Express Managed Lanes); Series 2019 A, Ref. RB	4.00%	12/31/2038		1,000		951,948


Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners Segments 3 LLC Segments 3A and 3B Facility); Series 2013, RB^(h)	6.75%	06/30/2043		1,000		1,001,779


						40,393,365



Utah–2.39%
Salt Lake City (City of), UT;
Series 2018 A, RB^(h)(i)	5.00%	07/01/2043		3,000		3,059,574


Series 2023 A, RB^(h)	5.25%	07/01/2053		1,000		1,046,782


Utah (State of) Charter School Finance Authority (Wallace Stegner Academy); Series 2022 A, RB^(g)	5.75%	06/15/2052		3,000		2,865,904


						6,972,260



Virginia–0.58%
Ballston Quarter Community Development Authority; Series 2016 A, RB	5.38%	03/01/2036		945		741,874


Tobacco Settlement Financing Corp.; Series 2007 B‑2, RB	5.20%	06/01/2046		1,000		965,021


						1,706,895



Washington–2.23%
King (County of), WA Public Hospital District No. 4; Series 2015 A, RB	6.25%	12/01/2045		1,000		980,406


Washington (State of) Convention Center Public Facilities District; Series 2018, RB^(i)(l)	5.00%	07/01/2058		3,225		3,248,062


Washington (State of) Housing Finance Commission (Heron’s Key Senior Living); Series 2015 A, RB^(b)(g)(k)	7.00%	07/01/2025		740		779,769


Washington (State of) Housing Finance Commission (Presbyterian Retirement Communities Northwest); Series 2016 A, Ref. RB^(g)	5.00%	01/01/2051		2,000		1,511,671


						6,519,908



West Virginia–1.31%
Harrison (County of), WV County Commission (Charles Pointe Economic Opportunity Development District); Series 2019 A, RB^(c)(g)	5.75%	06/01/2042		1,495		1,070,512


Monongalia (County of), WV Commission Special District (University Town Centre Economic Opportunity Development District); Series 2017 A, Ref. RB^(g)	5.75%	06/01/2043		2,000		2,049,020


West Virginia (State of) Economic Development Authority (Entsorga West Virginia LLC);
Series 2016, RB^(c)(g)(h)	7.25%	02/01/2036		750		525,000


Series 2018, RB^(c)(g)(h)	8.75%	02/01/2036		240		192,000


						3,836,532



Wisconsin–4.74%
Wisconsin (State of) Center District; Series 2020 D, RB (INS - AGM)^(f)(j)	0.00%	12/15/2060		5,000		810,707


Wisconsin (State of) Public Finance Authority (Alabama Proton Therapy Center); Series 2017 A, RB^(g)	6.85%	10/01/2047		2,000		1,200,000


Wisconsin (State of) Public Finance Authority (American Dream at Meadowlands); Series 2017, RB^(g)	7.00%	12/01/2050		1,400		1,269,345

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


10		Invesco Municipal Income Opportunities Trust


	Interest Rate		Maturity Date		Principal Amount (000)		Value


Wisconsin–(continued)
Wisconsin (State of) Public Finance Authority (Coral Academy of Science Reno); Series 2022, RB^(g)		5.88%		06/01/2052	$	900	$	863,207


Wisconsin (State of) Public Finance Authority (Cross Creek Public Improvement District); Series 2019, RB^(g)		5.75%		10/01/2053		960		960,438


Wisconsin (State of) Public Finance Authority (Delray Beach Radiation Therapy Center); Series 2017 A, RB (Acquired 04/03/2017; Cost $982,664)^(c)(d)(g)		6.85%		11/01/2046		1,000		600,000


Wisconsin (State of) Public Finance Authority (Explore Academy); Series 2018 A, RB^(g)		6.13%		02/01/2048		1,000		858,865


Wisconsin (State of) Public Finance Authority (Maryland Proton Treatment Center); Series 2018 A‑1, RB^(g)		6.25%		01/01/2038		1,000		615,000


Wisconsin (State of) Public Finance Authority (Million Air Two LLC General Aviation Facilities); Series 2017 A, RB^(h)		7.25%		06/01/2035		2,500		2,356,631


Wisconsin (State of) Public Finance Authority (Prime Healthcare Foundation, Inc.); Series 2018 A, RB		5.20%		12/01/2037		1,500		1,507,435


Wisconsin (State of) Public Finance Authority (Quality Education Academy); Series 2023, RB^(g)		6.25%		07/15/2053		475		469,884


Wisconsin (State of) Public Finance Authority (Roseman University of Health Sciences); Series 2015, Ref. RB		5.88%		04/01/2045		660		663,450


Wisconsin (State of) Public Finance Authority (Uwharrie Charter Academy); Series 2022 A, RB^(g)		5.00%		06/15/2057		2,000		1,684,055


								13,859,017


TOTAL INVESTMENTS IN SECURITIES⁽ⁿ⁾-138.12% (Cost $421,477,496)								403,771,783


FLOATING RATE NOTE OBLIGATIONS-(30.03)%
Notes with interest and fee rates ranging from 4.58% to 4.73% at 08/31/2023 and contractual maturities of collateral ranging from 08/01/2030 to 07/01/2058 (See Note 1J)^(o)								(87,785,000	)


VARIABLE RATE MUNI TERM PREFERRED SHARES-(10.24)%								(29,939,299	)


OTHER ASSETS LESS LIABILITIES-2.15%								6,280,724


NET ASSETS APPLICABLE TO COMMON SHARES-100.00%							$	292,328,208


Investment Abbreviations:

AGM		- Assured Guaranty Municipal Corp.
AMBAC		- American Municipal Bond Assurance Corp.
BAM		- Build America Mutual Assurance Co.
CEP		- Credit Enhancement Provider
COP		- Certificates of Participation
GO		- General Obligation
IDR		- Industrial Development Revenue Bonds
INS		- Insurer
NATL		- National Public Finance Guarantee Corp.
RB		- Revenue Bonds
Ref.		- Refunding
RN		- Revenue Notes
Wts.		- Warrants

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


11		Invesco Municipal Income Opportunities Trust

Notes to Schedule of Investments:

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

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

^(c)	Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at August 31, 2023 was $6,430,019, which represented 2.20% of the Trust’s Net Assets.

^(d)	Restricted security. The aggregate value of these securities at August 31, 2023 was $5,364,291, which represented 1.84% of the Trust’s Net Assets.

^(e)	Convertible capital appreciation bond. The interest rate shown represents the coupon rate at which the bond will accrue at a specified future date.

^(f)	Principal and/or interest payments are secured by the bond insurance company listed.

^(g)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2023 was $60,927,182, which represented 20.84% of the Trust’s Net Assets.

^(h)	Security subject to the alternative minimum tax.

⁽ⁱ⁾	Underlying security related to TOB Trusts entered into by the Trust. See Note 1J.

^(j)	Zero coupon bond issued at a discount.

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

^(l)

Security is subject to a reimbursement agreement which may require the Trust to pay amounts to a counterparty in the event of a significant decline in the market value of the security underlying the TOB Trusts. In case of a shortfall, the maximum potential amount of payments the Trust could ultimately be required to make under the agreement is $24,150,000. However, such shortfall payment would be reduced by the proceeds from the sale of the security underlying the TOB Trusts.

^(m)	Security valued using significant unobservable inputs (Level 3). See Note 3.

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

^(o)

Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at August 31, 2023. At August 31, 2023, the Trust’s investments with a value of $120,002,791 are held by TOB Trusts and serve as collateral for the $87,785,000 in the floating rate note obligations outstanding at that date.

Portfolio Composition

By credit sector, based on total investments

As of August 31, 2023


Revenue Bonds			86.91%


General Obligation Bonds			11.37


Pre‑Refunded Bonds			1.72

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


12		Invesco Municipal Income Opportunities Trust

Statement of Assets and Liabilities

August 31, 2023

(Unaudited)


Assets:

Investments in unaffiliated securities, at value (Cost $421,477,496)	$	403,771,783


Receivable for:
Investments sold		1,047,500


Interest		5,009,798


Investments matured, at value (Cost $2,346,956)		813,413


Investment for trustee deferred compensation and retirement plans		40,257


Total assets		410,682,751



Liabilities:
Floating rate note obligations		87,785,000


Variable rate muni term preferred shares ($0.01 par value, 300 shares issued with liquidation preference of $100,000 per share)		29,939,299


Payable for:
Dividends		21,684


Amount due custodian		203,801


Accrued fees to affiliates		25,266


Accrued interest expense		116,398


Accrued trustees’ and officers’ fees and benefits		1,247


Accrued other operating expenses		100,341


Trustee deferred compensation and retirement plans		161,507


Total liabilities		118,354,543


Net assets applicable to common shares	$	292,328,208


Net assets applicable to common shares consist of:
Shares of beneficial interest – common shares	$	345,924,190


Distributable earnings (loss)		(53,595,982	)


	$	292,328,208



Common shares outstanding, no par value, with an unlimited number of common shares authorized:
Common shares outstanding		47,635,275


Net asset value per common share	$	6.14


Market value per common share	$	6.34

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


13		Invesco Municipal Income Opportunities Trust

Statement of Operations

For the six months ended August 31, 2023

(Unaudited)


Investment income:

Interest	$	10,776,460



Expenses:
Advisory fees		1,137,377


Administrative services fees		22,266


Custodian fees		2,778


Interest, facilities and maintenance fees		2,355,276


Transfer agent fees		15,984


Trustees’ and officers’ fees and benefits		8,990


Registration and filing fees		20,900


Reports to shareholders		17,493


Professional services fees		77,506


Other		1,435


Total expenses		3,660,005


Net investment income		7,116,455



Realized and unrealized gain (loss) from:
Net realized gain (loss) from unaffiliated investment securities (includes net gains (losses) from securities sold to affiliates of $(1,550,234))		(5,402,173	)


Change in net unrealized appreciation (depreciation) of unaffiliated investment securities		(616,251	)


Net realized and unrealized gain (loss)		(6,018,424	)


Net increase in net assets resulting from operations applicable to common shares	$	1,098,031

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


14		Invesco Municipal Income Opportunities Trust

Statement of Changes in Net Assets

For the six months ended August 31, 2023 and the year ended February 28, 2023

(Unaudited)


	August 31,			February 28,
	2023			2023


Operations:
Net investment income	$	7,116,455		$	15,498,289


Net realized gain (loss)		(5,402,173	)		(11,738,642	)


Change in net unrealized appreciation (depreciation)		(616,251	)		(42,808,862	)


Net increase (decrease) in net assets resulting from operations applicable to common shares		1,098,031			(39,049,215	)


Distributions to common shareholders from distributable earnings		(7,620,888	)		(16,488,388	)


Return of capital applicable to common shares		–			(212,557	)


Total distributions		(7,620,888	)		(16,700,945	)


Net increase in common shares of beneficial interest		91,815			145,314


Net increase (decrease) in net assets applicable to common shares		(6,431,042	)		(55,604,846	)



Net assets applicable to common shares:
Beginning of period		298,759,250			354,364,096


End of period	$	292,328,208		$	298,759,250

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


15		Invesco Municipal Income Opportunities Trust

Statement of Cash Flows

For the six months ended August 31, 2023

(Unaudited)


Cash provided by operating activities:
Net increase in net assets resulting from operations applicable to common shares	$	1,098,031



Adjustments to reconcile the change in net assets applicable to common shares from operations to net cash provided by (used in) operating activities:

Purchases of investments		(75,508,160	)


Proceeds from sales of investments		52,393,259


Purchases of short-term investments, net		137,492


Amortization of premium on investment securities		724,391


Accretion of discount on investment securities		(2,057,061	)


Net realized loss from investment securities		5,402,173


Net change in unrealized depreciation on investment securities		616,251


Change in operating assets and liabilities:


Increase in receivables and other assets		(245,774	)


Decrease in accrued expenses and other payables		(73,272	)


Net cash provided by (used in) operating activities		(17,512,670	)


Cash provided by (used in) financing activities:
Dividends paid to common shareholders from distributable earnings		(7,531,823	)


Decrease in payable for amount due custodian		(3,355,507	)


Proceeds of TOB Trusts		42,305,000


Repayments of TOB Trusts		(13,905,000	)


Net cash provided by (used in) financing activities		17,512,670


Net increase in cash and cash equivalents		–


Cash and cash equivalents at beginning of period		–


Cash and cash equivalents at end of period	$	–



Non‑cash financing activities:
Value of shares of beneficial interest issued in reinvestment of dividends paid to common shareholders	$	91,815



Supplemental disclosure of cash flow information:
Cash paid during the period for taxes	$	1,702


Cash paid during the period for interest, facilities and maintenance fees	$	2,334,120

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


16		Invesco Municipal Income Opportunities Trust

Financial Highlights

(Unaudited)

The following schedule presents financial highlights for a share of the Trust outstanding throughout the periods indicated.


	Six Months Ended		Years Ended									Year Ended			Year Ended
	August 31,		February 28,									February 29,			February 28,
	2023		2023			2022			2021			2020			2019


Net asset value per common share, beginning of period		$ 6.27	$	7.44		$	7.70		$	8.02		$	7.33		$	7.41


Net investment income^(a)		0.15		0.33			0.36			0.37			0.38			0.38


Net gains (losses) on securities (both realized and unrealized)		(0.12)		(1.15	)		(0.25	)		(0.31	)		0.69			(0.06	)


Total from investment operations		0.03		(0.82	)		0.11			0.06			1.07			0.32


Less:
Less: Dividends paid to common shareholders from net investment income		(0.16)		(0.35	)		(0.37	)		(0.38	)		(0.38	)		(0.40	)


Return of capital		–		(0.00	)		–			–			–			–


Total distributions		(0.16)		(0.35	)		(0.37	)		(0.38	)		(0.38	)		(0.40	)


Net asset value per common share, end of period		$ 6.14	$	6.27		$	7.44		$	7.70		$	8.02		$	7.33


Market value per common share, end of period		$ 6.34	$	6.89		$	7.20		$	7.80		$	7.96		$	7.65


Total return at net asset value^(b)		0.45%		(11.08	)%		1.34	%		1.11	%		14.99	%		4.49	%


Total return at market value^(c)		(5.61)%		1.07	%		(3.18	)%		3.20	%		9.35	%		7.32	%


Net assets applicable to common shares, end of period (000’s omitted)		$ 292,328	$	298,759		$	354,364		$	366,246		$	381,288		$	348,568


Portfolio turnover rate^(d)		12%		21	%		9	%		13	%		10	%		19	%



Ratios/supplemental data based on average net assets applicable to common shares outstanding:
Ratio of expenses:


With fee waivers and/or expense reimbursements		2.42%^(e)		1.62	%		1.05	%		1.23	%		1.55	%		1.62	%


With fee waivers and/or expense reimbursements excluding interest, facilities and maintenance fees		0.86%^(e)		0.82	%		0.80	%		0.81	%		0.83	%		0.83	%


Without fee waivers and/or expense reimbursements		2.42%^(e)		1.62	%		1.05	%		1.23	%		1.55	%		1.62	%


Ratio of net investment income to average net assets		4.70%^(e)		4.97	%		4.59	%		5.03	%		4.91	%		5.13	%



Senior securities:
Total amount of preferred shares outstanding (000’s omitted)		$ 30,000	$	30,000		$	30,000		$	30,000		$	30,000		$	30,000


Asset coverage per preferred share^(f)		$1,074,427	$	1,095,864		$	1,281,214		$	1,320,819		$	1,370,961		$	1,261,893


Liquidating preference per preferred share		$ 100,000	$	100,000		$	100,000		$	100,000		$	100,000		$	100,000

^(a)	Calculated using average shares outstanding.

^(b)

Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Not annualized for periods less than one year, if applicable.

^(c)

Total return assumes an investment at the common share market price at the beginning of the period indicated, reinvestment of all distributions for the period in accordance with the Trust’s dividend reinvestment plan, and sale of all shares at the closing common share market price at the end of the period indicated. Not annualized for periods less than one year, if applicable.

^(d)	Portfolio turnover is not annualized for periods less than one year, if applicable.

^(e)	Annualized.

^(f)	Calculated by subtracting the Trust’s total liabilities (not including preferred shares, at liquidation value) from the Trust’s total assets and dividing this by the total number of preferred shares outstanding.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


17		Invesco Municipal Income Opportunities Trust

Notes to Financial Statements

August 31, 2023

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco Municipal Income Opportunities Trust (the “Trust”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as a closed‑end management investment company.

The Trust’s investment objective is to provide a high level of current income which is exempt from federal income tax.

The Trust is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services - Investment Companies.

The following is a summary of the significant accounting policies followed by the Trust in the preparation of its financial statements.

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

Securities generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution‑size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a trust may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, 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.

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades 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 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. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non‑U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

Securities for which market quotations are not readily available are fair valued by Invesco Advisers, Inc. (the “Adviser” or “Invesco”) in accordance with Board-approved policies and related Adviser procedures (“Valuation Procedures”). If a fair value price provided by a pricing service is not representative of market value in the Adviser’s judgment (“unreliable”), the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/asked 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.

The Trust may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Trust investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

The price the Trust could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Trust securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Trust could realize a greater or lesser than expected gain or loss upon the sale of the investment.

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.

The Trust may periodically participate in litigation related to Trust investments. As such, the Trust may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Trust’s net asset value and, accordingly, they reduce the Trust’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Trust and the investment adviser.

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

D.	Distributions - The Trust declares and pays monthly dividends from net investment income to common shareholders. Distributions from net realized capital gain, if any, are generally declared and paid annually and are distributed on a pro rata basis to common and preferred shareholders.

E.	Federal Income Taxes - The Trust intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal


18		Invesco Municipal Income Opportunities Trust

Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Trust’s taxable earnings to shareholders. As such, the Trust will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Trust recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Trust’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

In addition, the Trust intends to invest in such municipal securities to allow it to qualify to pay shareholders “exempt dividends”, as defined in the Internal Revenue Code.

The Trust files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Trust is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

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.

Accounting Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Trust monitors for material events or transactions that may occur or become known after the period‑end date and before the date the financial statements are released to print.

Indemnifications - Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into contracts, including the Trust’s servicing agreements, that contain a variety of indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

I.	Cash and Cash Equivalents - For the purposes of the Statement of Cash Flows, the Trust defines Cash and Cash Equivalents as cash (including foreign currency), money market funds and other investments held in lieu of cash and excludes investments made with cash collateral received.

Floating Rate Note Obligations - The Trust invests in inverse floating rate securities, such as Tender Option Bonds (“TOBs”), for investment purposes and to enhance the yield of the Trust. Such securities may be purchased in the secondary market without first owning an underlying bond but generally are created through the sale of fixed rate bonds by the Trust to special purpose trusts established by a broker dealer or by the Trust (“TOB Trusts”) in exchange for cash and residual interests in the TOB Trusts’ assets and cash flows, which are in the form of inverse floating rate securities. The TOB Trusts finance the purchases of the fixed rate bonds by issuing floating rate notes to third parties and allowing the Trust to retain residual interests in the bonds. The floating rate notes issued by the TOB Trusts have interest rates that reset weekly and the floating rate note holders have the option to tender their notes to the TOB Trusts for redemption at par at each reset date. The residual interests held by the Trust (inverse floating rate securities) include the right of the Trust (1) to cause the holders of the floating rate notes to tender their notes at par at the next interest rate reset date, and (2) to transfer the municipal bond from the TOB Trust to the Trust, thereby collapsing the TOB Trust. Inverse floating rate securities tend to underperform the market for fixed rate bonds in a rising interest rate environment, but tend to outperform the market for fixed rate bonds when interest rates decline or remain relatively stable.

The Trust generally invests in inverse floating rate securities that include embedded leverage, thus exposing the Trust to greater risks and increased costs. The primary risks associated with inverse floating rate securities are varying degrees of liquidity and decreases in the value of such securities in response to changes in interest rates to a greater extent than fixed rate securities having similar credit quality, redemption provisions and maturity, which may cause the Trust’s net asset value to be more volatile than if it had not invested in inverse floating rate securities. In certain instances, the short-term floating rate notes created by the TOB Trust may not be able to be sold to third parties or, in the case of holders tendering (or putting) such notes for repayment of principal, may not be able to be remarketed to third parties. In such cases, the TOB Trust holding the fixed rate bonds may be collapsed with the entity that contributed the fixed rate bonds to the TOB Trust. In the case where a TOB Trust is collapsed with the Trust, the Trust will be required to repay the principal amount of the tendered securities, which may require the Trust to sell other portfolio holdings to raise cash to meet that obligation. The Trust could therefore be required to sell other portfolio holdings at a disadvantageous time or price to raise cash to meet this obligation, which risk will be heightened during times of market volatility, illiquidity or uncertainty. The embedded leverage in the TOB Trust could cause the Trust to lose more money than the value of the asset it has contributed to the TOB Trust and greater levels of leverage create the potential for greater losses. In addition, a Trust may enter into reimbursement agreements with the liquidity provider of certain TOB transactions in connection with certain residuals held by the Trust. These agreements commit a Trust to reimburse the liquidity provider to the extent that the liquidity provider must provide cash to a TOB Trust, including following the termination of a TOB Trust resulting from a mandatory tender event (“liquidity shortfall”). The reimbursement agreement will effectively make the Trust liable for the amount of the negative difference, if any, between the liquidation value of the underlying security and the purchase price of the floating rate notes issued by the TOB Trust.

The Trust accounts for the transfer of fixed rate bonds to the TOB Trusts as secured borrowings, with the securities transferred remaining in the Trust’s investment assets, and the related floating rate notes reflected as Trust liabilities under the caption Floating rate note obligations on the Statement of Assets and Liabilities. The carrying amount of the Trust’s floating rate note obligations as reported on the Statement of Assets and Liabilities approximates its fair value. The Trust records the interest income from the fixed rate bonds under the caption Interest and records the expenses related to floating rate obligations and any administrative expenses of the TOB Trusts as a component of Interest, facilities and maintenance fees on the Statement of Operations.

Final rules implementing section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Volcker Rule”) prohibit banking entities from engaging in proprietary trading of certain instruments and limit such entities’ investments in, and relationships with, “covered funds”, as defined in the rules. These rules preclude banking entities and their affiliates from sponsoring and/or providing services for existing TOB Trusts. A new TOB structure is being utilized by the Trust wherein the Trust, as holder of the residuals, will perform certain duties previously performed by banking entities as “sponsors” of TOB Trusts. These duties may be performed by a third-party service provider. The Trust’s expanded role under the new TOB structure may increase its operational and regulatory risk. The new structure is substantially similar to the previous structure; however, pursuant to the Volcker Rule, the remarketing agent would not be able to repurchase tendered floaters for its own account upon a failed remarketing. In the event of a failed remarketing, a banking entity serving as liquidity provider may loan the necessary funds to the TOB Trust to purchase the tendered floaters. The TOB Trust, not the Trust, would be the borrower and the loan from the liquidity provider will be secured by the purchased floaters now held by the TOB Trust. However, as previously described, the Trust would bear the risk of loss with respect to any liquidity shortfall to the extent it entered into a reimbursement agreement with the liquidity provider.

Further, the SEC and various banking agencies have adopted rules implementing credit risk retention requirements for asset-backed securities (the “Risk Retention Rules”). The Risk Retention Rules require the sponsor of a TOB Trust to retain at least 5% of the credit risk of the underlying assets supporting the TOB Trust’s municipal bonds. The Trust has adopted policies intended to comply with the Risk Retention Rules. The Risk Retention Rules may adversely affect the Trust’s ability to engage in TOB Trust transactions or increase the costs of such transactions in certain circumstances.


19		Invesco Municipal Income Opportunities Trust

There can be no assurances that the new TOB structure will continue to be a viable form of leverage. Further, there can be no assurances that alternative forms of leverage will be available to the Trust in order to maintain current levels of leverage. Any alternative forms of leverage may be less advantageous to the Trust, and may adversely affect the Trust’s net asset value, distribution rate and ability to achieve its investment objective.

TOBs are presently classified as private placement securities. Private placement securities are subject to restrictions on resale because they have not been registered under the Securities Act of 1933, as amended (the “1933 Act”), or are otherwise not readily marketable. As a result of the absence of a public trading market for these securities, they may be less liquid than publicly traded securities. Although atypical, these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by the Trust or less than what may be considered the fair value of such securities.

Other Risks - The value of, payment of interest on, repayment of principal for and the ability to sell a municipal security may be affected by constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives and the economics of the regions in which the issuers are located. Since many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal securities market and the Trust’s investments in municipal securities. There is some risk that a portion or all of the interest received from certain tax‑free municipal securities could become taxable as a result of determinations by the Internal Revenue Service.

Increases in the federal funds and equivalent foreign rates or other changes to monetary policy or regulatory actions may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. It is difficult to predict the impact of interest rate changes on various markets. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Trust’s investments and share price may decline. Changes in central bank policies could also result in higher than normal redemptions by shareholders, which could potentially increase the Trust’s portfolio turnover rate and transaction costs.

Policy changes by the U.S. government or its regulatory agencies and political events within the U.S. and abroad may, among other things, affect investor and consumer confidence and increase volatility in the financial markets, perhaps suddenly and to a significant degree, which may adversely impact the Trust’s operations, universe of potential investment options, and return potential.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Trust accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of 0.55% of the Trust’s average weekly managed assets. Managed assets for this purpose means the Trust’s net assets, plus assets attributable to outstanding preferred shares and the amount of any borrowings incurred for the purpose of leverage (whether or not such borrowed amounts are reflected in the Trust’s financial statements for purposes of GAAP).

Under the terms of a master sub‑advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the “Affiliated Sub‑Advisers”) the Adviser, not the Trust, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub‑Adviser(s) that provide(s) discretionary investment management services to the Trust based on the percentage of assets allocated to such Affiliated Sub‑Adviser(s).

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Trust has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Trust. For the six months ended August 31, 2023, expenses incurred under this agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub‑administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Trust. Pursuant to a custody agreement with the Trust, SSB also serves as the Trust’s custodian.

Certain officers and trustees of the Trust are officers and directors of Invesco.

NOTE 3–Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. 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 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.

The following is a summary of the tiered valuation input levels, as of August 31, 2023. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.


	Level 1		Level 2		Level 3		Total


Investments in Securities


Municipal Obligations		$–	$	402,598,844	$	1,172,939	$	403,771,783



Other Investments - Assets


Investments Matured		–		813,413		–		813,413


Total Investments		$–	$	403,412,257	$	1,172,939	$	404,585,196

NOTE 4–Security Transactions with Affiliated Funds

The Trust is permitted to purchase securities from or sell securities to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Trust from or to another fund that is or could be considered an “affiliated person” by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers is made in reliance on Rule 17a‑7 of the 1940 Act and, to the extent applicable, related SEC staff positions. Each such transaction is effected at the security’s


20		Invesco Municipal Income Opportunities Trust

“current market price”, as provided for in these procedures and Rule 17a‑7. Pursuant to these procedures, for the six months ended August 31, 2023, the Trust engaged in securities purchases of $1,000,181 and securities sales of $6,237,337, which resulted in net realized gains (losses) of $(1,550,234).

NOTE 5–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Trust to pay remuneration to certain Trustees and Officers of the Trust. Trustees have the option to defer compensation payable by the Trust, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Trust to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Trusts in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Trust may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Trust to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Trust.

NOTE 6–Cash Balances and Borrowings

The Trust is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period‑end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Trust may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

Inverse floating rate obligations resulting from the transfer of bonds to TOB Trusts are accounted for as secured borrowings. The average floating rate notes outstanding and average annual interest and fee rate related to inverse floating rate note obligations during the six months ended August 31, 2023 were $79,637,857 and 4.20%, respectively.

NOTE 7–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Trust’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Trust’s fiscal year‑end.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Trust to utilize. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Trust had a capital loss carryforward as of February 28, 2023, as follows:


Capital Loss Carryforward*


Expiration	Short-Term		Long-Term		Total


Not subject to expiration	$	12,020,320	$	15,800,278	$	27,820,598

*	Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Trust during the six months ended August 31, 2023 was $72,286,059 and $47,426,463, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period‑end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis


Aggregate unrealized appreciation of investments	$	12,309,696


Aggregate unrealized (depreciation) of investments		(32,020,246	)


Net unrealized appreciation (depreciation) of investments	$	(19,710,550	)

Cost of investments for tax purposes is $424,295,746.

NOTE 9–Common Shares of Beneficial Interest

Transactions in common shares of beneficial interest were as follows:


	Six Months Ended		Year Ended
	August 31,		February 28,
	2023		2023
Beginning shares		47,620,753		47,598,708
Shares issued through dividend reinvestment		14,522		22,045
Ending shares		47,635,275		47,620,753

The Trust may, when appropriate, purchase shares in the open market or in privately negotiated transactions at a price not above market value or net asset value, whichever is lower at the time of purchase.

NOTE 10–Variable Rate Muni Term Preferred Shares

The Trust issued Series 2020 VMTP Shares, with a liquidation preference of $100,000 per share, pursuant to an offering exempt from registration under the 1933 Act. As of August 31, 2023, the VMTP Shares outstanding were as follows:

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


21		Invesco Municipal Income Opportunities Trust

VMTP Shares are a variable-rate form of preferred shares with a mandatory redemption date and are considered debt for financial reporting purposes. Effective March 21, 2023, the Trust extended the term of the VMTP Shares and is required to redeem all outstanding VMTP Shares on October 31, 2025, unless earlier redeemed, repurchased or extended. VMTP Shares are subject to optional and mandatory redemption in certain circumstances. The redemption price per share is equal to the sum of the liquidation preference per share plus any accumulated but unpaid dividends and a redemption premium, if any. On or prior to the redemption date, the Trust will be required to segregate assets having a value equal to 110% of the redemption amount.

The Trust incurs costs in connection with the issuance and/or the extension of the VMTP Shares. These costs are recorded as a deferred charge and are amortized over the term life of the VMTP Shares. Amortization of these costs is included in Interest, facilities and maintenance fees on the Statement of Operations, and the unamortized balance is included in the value of Variable rate muni term preferred shares on the Statement of Assets and Liabilities.

Dividends paid on the VMTP Shares (which are treated as interest expense for financial reporting purposes) are declared daily and paid monthly. The initial rate for dividends was equal to the sum of 1.05% per annum plus Securities Industry and Financial Markets Association Municipal Swap Index (the “SIFMA” Index). As of August 31, 2023, the dividend rate is equal to the SIFMA Index plus a spread of 1.07%, which is based on the long term preferred share ratings assigned to the VMTP Shares by a ratings agency. The average aggregate liquidation preference outstanding and the average annualized dividend rate of the VMTP Shares during the six months ended August 31, 2023 were $30,000,000 and 4.35%, respectively.

The Trust utilizes the VMTP Shares as leverage in order to enhance the yield of its common shareholders. The primary risk associated with VMTP Shares is exposing the net asset value of the common shares and total return to increased volatility if the value of the Trust decreases while the value of the VMTP Shares remains unchanged. Fluctuations in the dividend rates on the VMTP Shares can also impact the Trust’s yield or its distributions to common shareholders. The Trust is subject to certain restrictions relating to the VMTP Shares, such as maintaining certain asset coverage and leverage ratio requirements. Failure to comply with these restrictions could preclude the Trust from declaring any distributions to common shareholders or purchasing common shares and/or could trigger an increased rate which, if not cured, could cause the mandatory redemption of VMTP Shares at the liquidation preference plus any accumulated but unpaid dividends.

The liquidation preference of VMTP Shares, which approximates fair value, is recorded as a liability under the caption Variable rate muni term preferred shares on the Statement of Assets and Liabilities. The fair value of VMTP Shares is expected to be approximately their liquidation preference so long as the credit rating on the VMTP Shares, and therefore the “spread” on the VMTP Shares (determined in accordance with the VMTP Shares’ governing document) remains unchanged. At period‑end, the Trust’s Adviser has determined that fair value of VMTP Shares is approximately their liquidation preference. Fair value could vary if market conditions change materially. Unpaid dividends on VMTP Shares are recognized as Accrued interest expense on the Statement of Assets and Liabilities. Dividends paid on VMTP Shares are recognized as a component of Interest, facilities and maintenance fees on the Statement of Operations.

NOTE 11–Dividends

The Trust declared the following dividends to common shareholders from net investment income subsequent to August 31, 2023:


Declaration Date	Amount per Share	Record Date		Payable Date
September 1, 2023	$0.0265		September 15, 2023		September 29, 2023
October 2, 2023	$0.0265		October 16, 2023		October 31, 2023


22		Invesco Municipal Income Opportunities Trust

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2023, the Board of Trustees (the Board or the Trustees) of Invesco Municipal Income Opportunities Trust (the Fund) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Fund’s Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub‑Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub‑Advisers and the sub‑advisory contracts) for another year, effective July 1, 2023. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub‑advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub‑Advisers is fair and reasonable.

The Board’s Evaluation Process

The Board has established an Investments Committee, which in turn has established

Sub‑Committees, that meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub‑Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review 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 sub‑advisory contracts. The Board took into account evaluations and reports that it received from its committees and sub‑committees, as well as the information provided to the Board and its committees and sub‑committees throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement and sub‑advisory contracts.

As part of the contract renewal process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal

process to ensure they are negotiated in a manner that is at arms’ length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 2, 2023 and June 13, 2023, the independent Trustees also discussed the continuance of the investment advisory agreement and sub‑advisory 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 follow‑up requests for information submitted by the independent Trustees to management. The independent Trustees met and discussed those follow‑up responses with legal counsel to the independent Trustees and the Senior Officer.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub‑advisory 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 sub‑advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 13, 2023.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

A.	Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub‑Advisers

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board considered recent senior management changes at Invesco and Invesco Advisers, including the appointment of new Co‑Heads of Investments, that had been presented to and discussed with the Board. The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco’s methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco’s ability to attract and retain talent. The Board considered the additional services provided to the Fund due to the fact that the Fund is a closed‑end 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 to, Invesco Advisers’ global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non‑advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers’ systems preparedness and ongoing investment enabled Invesco Advisers to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

The Board reviewed the services that may be provided to the Fund by the Affiliated Sub‑Advisers under the sub‑advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub‑Advisers who provide these services. The Board noted the Affiliated Sub‑Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub‑Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub‑Advisers can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. The Board concluded that the sub‑advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub‑Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub‑Advisers are appropriate and satisfactory.

B.	Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub‑advisory contracts for the Fund, as no Affiliated Sub‑Adviser currently manages assets of the Fund.

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2022 to the performance of funds in the Broadridge performance universe and against the Custom Invesco Municipal Income Opportunities Trust Index (Index). The Board noted that the Fund’s performance was in the first quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing


23		Invesco Municipal Income Opportunities Trust

funds and the fifth quintile being the worst performing funds). The Board noted that the Fund’s performance was below the performance of the Index for the one, three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions. The Board also reviewed supplementally historic premium and discount levels of the Fund as provided to the Board at meetings throughout the year.

C.	Advisory and Sub‑Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for shares of the Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non‑portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund‑by‑fund 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.

The Board noted that Invesco Advisers does not manage other similarly managed mutual funds or client accounts. The Board also considered the services that may be provided by the Affiliated Sub‑Advisers pursuant to the sub‑advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub‑Advisers pursuant to the sub‑advisory contracts.

D.	Economies of Scale and Breakpoints

The Board noted that most closed‑end funds do not have fund level breakpoints because closed‑end funds generally do not experience substantial asset growth after the initial public offering. The Board 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 Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E.	Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in

providing these services in the aggregate and on an individual fund‑by‑fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers’ support for and commitment to an Invesco Fund are not, however, solely dependent on the profits realized as to that Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub‑Advisers are financially sound and have the resources necessary to perform their obligations under the sub‑advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.

F.	Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund. The Board considered the organizational structure employed to provide these services.

The Board considered that the Fund’s uninvested cash may be invested in registered money market funds advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund’s investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash.


24		Invesco Municipal Income Opportunities Trust

Proxy Results

A Joint Annual Meeting (“Meeting”) of Shareholders of Invesco Municipal Income Opportunities Trust (the “Fund”) was held on August 3, 2023. The Meeting was held for the following purpose:

(1). Election of Trustees by Common Shareholders and Preferred Shareholders voting together as a single class.

(2). Election of Trustees by Preferred Shareholders voting as a separate class.

The results of the voting on the above matters were as follows:


	Matters	Votes For		Votes Withheld


(1).	Beth Ann Brown		37,492,645.59		1,642,811.14
	Joel W. Motley		37,294,830.25		1,840,626.48
	Teresa M. Ressel		37,458,083.25		1,677,373.48
(2).	Anthony J. LaCava, Jr.		300.00		0.00


25		Invesco Municipal Income Opportunities Trust

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Correspondence information

Send general correspondence to Computershare Trust Company, N.A., P.O. Box 505000, Louisville, KY 40233-5000.

Trust holdings and proxy voting information

The Trust provides a complete list of its portfolio holdings four times each fiscal year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Trust’s semiannual and annual reports to shareholders. For the first and third quarters, the Trust files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N‑PORT. The most recent list of portfolio holdings is available at invesco.com/us. Shareholders can also look up the Trust’s Form N‑PORT filings on the SEC website at sec.gov. The SEC file number for the Trust is shown below.

A description of the policies and procedures that the Trust uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 341 2929 or at invesco.com/corporate/about‑us/esg. The information is also available on the SEC website, sec.gov.

Information regarding how the Trust voted proxies related to its portfolio securities during the most recent 12‑month period ended June 30 is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov.


SEC file number(s): 811‑05597				MS‑CE‑MIOPP‑SAR‑1

(b) Not applicable.

ITEM 2.

CODE OF ETHICS.

Not applicable for a semi-annual report.

ITEM 3.

AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4.

PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5.

AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6.

SCHEDULE OF INVESTMENTS.

Investments in securities of unaffiliated issuers is included as part of the reports to stockholders filed under Item 1 of this Form.

ITEM 7.

DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

ITEM 8.

PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

As of August 31, 2023, the following individuals are jointly and primarily responsible for the day-to-day management of the Trust:

•

Mark Paris, Portfolio Manager, who has been responsible for the Trust since 2009 (or the predecessor Trust) and has been associated with Invesco and/or its affiliates since 2010.

•

John Connelly, Portfolio Manager, who has been responsible for the Trust since 2016 and has been associated with Invesco and/or its affiliates since 2016.

•

Tim O’Reilly, Portfolio Manager, who has been responsible for the Trust since 2016 and has been associated with Invesco and/or its affiliates since 2010.

•

John Schorle, Portfolio Manager, who has been responsible for the Trust since 2018 and has been associated with Invesco and/or its affiliates since 2010.

•

Julius Williams, Portfolio Manager, who has been responsible for the Trust since 2015 and has been associated with Invesco and/or its affiliates since 2010.

Portfolio Manager Fund Holdings and Information on Other Managed Accounts

Invesco’s portfolio managers develop investment models which are used in connection with the management of certain Invesco Funds as well as other mutual funds for which Invesco or an affiliate acts as sub-adviser, other pooled investment vehicles that are not registered mutual funds, and other accounts managed for organizations and individuals. The ‘Investments’ chart reflects the portfolio managers’ investments in the Fund(s) that they manage and includes investments in the Fund’s shares beneficially owned by a portfolio manager, as determined in accordance with Rule 16a-1(a)(2) under the Securities Exchange Act of 1934, as amended (beneficial ownership includes ownership by a portfolio manager’s immediate family members sharing the same household). The ‘Assets Managed’ chart reflects information regarding accounts other than the Funds for which each portfolio manager has day-to-day management responsibilities. Accounts are grouped into three categories: (i) other registered investment companies; (ii) other pooled investment vehicles; and (iii) other accounts. To the extent that any of these accounts pay advisory fees that are based on account performance (performance-based fees), information on those accounts is specifically noted. In addition, any assets denominated in foreign currencies have been converted into U.S. dollars using the exchange rates as of the applicable date.

Investments

The following information is as of August 31, 2023 (unless otherwise noted):


Portfolio Managers		Dollar Range of Investments in the Fund

Invesco Municipal Income Opportunities Trust
Mark Paris		None
Jack Connelly		None
Tim O’Reilly		None
John Schorle		None
Julius Williams		None

Assets Managed

The following information is as of August 31, 2023 (unless otherwise noted):


Portfolio Managers	Other Registered Investment Companies Managed				Other Pooled Investment Vehicles Managed				Other Accounts Managed
	Number of Accounts		Assets (in millions)		Number of Accounts		Assets (in millions)		Number of Accounts			Assets (in millions)
Invesco Municipal Income Opportunities Trust
Mark Paris		26	$	46462.3		None		None		2	¹	$	224.1	¹
Jack Connelly		14	$	23,563.0		None		None		2	¹	$	224.1	¹
Tim O’Reilly		26	$	46,481.8		None		None		2	¹	$	224.1	¹
John Schorle		16	$	23,602.5		None		None		2	¹	$	224.1	¹
Julius Williams		26	$	46,481.8		None		None		2	¹	$	224.1	¹

Potential Conflicts of Interest

Actual or apparent conflicts of interest may arise when a portfolio manager has day-to-day management responsibilities with respect to more than one Fund or other account. More specifically, portfolio managers who manage multiple Funds and/or other accounts may be presented with one or more of the following potential conflicts:

•

The management of multiple Funds and/or other accounts may result in a portfolio manager devoting unequal time and attention to the management of each Fund and/or other account. The Adviser and each Sub-Adviser seek to manage such competing interests for the time and attention of portfolio managers by having portfolio managers focus on a particular investment discipline. Most other accounts managed by a portfolio manager are managed using the same investment models that are used in connection with the management of the Funds.

•

If a portfolio manager identifies a limited investment opportunity which may be suitable for more than one Fund or other account, a Fund may not be able to take full advantage of that opportunity due to an allocation of filled purchase or sale orders across all eligible Funds and other accounts. To deal with these situations, the Adviser, each Sub-Adviser and the Funds have adopted procedures for allocating portfolio transactions across multiple accounts.

•

The Adviser and each Sub-Adviser determine which broker to use to execute each order for securities transactions for the Funds, consistent with its duty to seek best execution of the transaction. However, for certain other accounts (such as mutual funds for which Invesco or an affiliate acts as sub-adviser, other pooled investment vehicles that are not registered mutual funds, and other accounts managed for organizations and individuals), the Adviser and each Sub-Adviser may be limited by the client with respect to the selection of brokers or may be instructed to direct trades through a particular broker. In these cases, trades for a Fund in a particular security may be placed separately from, rather than aggregated with, such other accounts. Having separate transactions with respect to a security may temporarily affect the market price of the security or the execution of the transaction, or both, to the possible detriment of the Fund or other account(s) involved.

•

The appearance of a conflict of interest may arise where the Adviser or Sub-Adviser has an incentive, such as a performance-based management fee, which relates to the management of one Fund or account but not all Funds and accounts for which a portfolio manager has day-to-day management responsibilities. None of the Invesco Fund accounts managed have a performance fee.

•

In the case of a fund-of-funds arrangement, including where a portfolio manager manages both the investing Fund and an affiliated underlying fund in which the investing Fund invests or may invest, a conflict of interest may arise if the portfolio manager of the investing Fund receives material nonpublic information about the underlying fund. For example, such a conflict may restrict the ability of the portfolio manager to buy or sell securities of the underlying Fund, potentially for a prolonged period of time, which may adversely affect the Fund.

The Adviser, each Sub-Adviser, and the Funds have adopted certain compliance procedures which are designed to address these types of conflicts. However, there is no guarantee that such procedures will detect each and every situation in which a conflict arises.

Description of Compensation Structure

For the Adviser and each Sub-Adviser

The Adviser and each Sub-Adviser seek to maintain a compensation program that is competitively positioned to attract and retain high-caliber investment professionals. Portfolio managers receive a base salary, an incentive cash bonus opportunity and a deferred compensation opportunity. Portfolio manager compensation is reviewed and may be modified each year as appropriate to reflect changes in the market, as well as to adjust the factors used to determine bonuses to promote competitive Fund performance. The Adviser and each Sub-Adviser evaluate competitive market compensation by reviewing compensation survey results conducted by an independent third party of investment industry compensation. Each portfolio manager’s compensation consists of the following three elements:

Base Salary. Each portfolio manager is paid a base salary. In setting the base salary, the Adviser and each Sub-Adviser’s intention is to be competitive in light of the particular portfolio manager’s experience and responsibilities.

Annual Bonus. The portfolio managers are eligible, along with other employees of the Adviser and each Sub-Adviser, to participate in a discretionary year-end bonus pool. The Compensation Committee of Invesco Ltd. reviews and approves the firm-wide bonus pool based upon progress against strategic objectives and annual operating plan, including investment performance and financial results. In addition, while having no direct impact on individual bonuses, assets under management are considered when determining the starting bonus funding levels. Each portfolio manager is eligible to receive an annual cash bonus which is based on quantitative (i.e. investment performance) and non-quantitative factors (which may include, but are not limited to, individual performance, risk management and teamwork).

Each portfolio manager’s compensation is linked to the pre-tax investment performance of the Funds/accounts managed by the portfolio manager as described in Table 1 below.

Table 1


Sub-Adviser		Performance time period¹
Invesco² Invesco Canada³ Invesco Deutschland³ Invesco Hong Kong³ Invesco Asset Management³ Invesco India³ Invesco Listed Real Assets Division³		One-, Three- and Five-year performance against Fund peer group

Invesco Senior Secured^3,³ Invesco Capital^3,⁴		Not applicable

Invesco Japan		One-, Three- and Five-year performance

High investment performance (against applicable peer group and/or benchmarks) would deliver compensation generally associated with top pay in the industry (determined by reference to the third-party provided compensation survey information) and poor investment performance (versus applicable peer group) would result in low bonus compared to the applicable peer group or no bonus at all. These decisions are reviewed and approved collectively by senior leadership which has responsibility for executing the compensation approach across the organization.

With respect to Invesco Capital, there is no policy regarding, or agreement with, the Portfolio Managers or any other senior executive of the Adviser to receive bonuses or any other compensation in connection with the performance of any of the accounts managed by the Portfolio Managers.

¹	Rolling time periods based on calendar year-end.

²	Portfolio Managers may be granted an annual deferral award that vests on a pro-rata basis over a four-year period.

³	Invesco Senior Secured’s bonus is based on annual measures of equity return and standard tests of collateralization performance.

⁴	Portfolio Managers for Invesco Capital base their bonus on Invesco results as well as overall performance of Invesco Capital.

Deferred / Long Term Compensation. Portfolio managers may be granted a deferred compensation award based on a firm-wide bonus pool approved by the Compensation Committee of Invesco Ltd. Deferred compensation awards may take the form of annual deferral awards or long-term equity awards. Annual deferral awards may be granted as an annual stock deferral

award or an annual fund deferral award. Annual stock deferral awards are settled in Invesco Ltd. common shares. Annual fund deferral awards are notionally invested in certain Invesco Funds selected by the Portfolio Manager and are settled in cash. Long-term equity awards are settled in Invesco Ltd. common shares. Both annual deferral awards and long-term equity awards have a four-year ratable vesting schedule. The vesting period aligns the interests of the Portfolio Managers with the long-term interests of clients and shareholders and encourages retention.

Retirement and health and welfare arrangements. Portfolio managers are eligible to participate in retirement and health and welfare plans and programs that are available generally to all employees.

ITEM 9.

PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10.

SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

None.

ITEM 11.

CONTROLS AND PROCEDURES.

(a)

As of October 17, 2023, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the PEO and PFO, to assess the effectiveness of the Registrant’s disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of October 17, 2023, the Registrant’s disclosure controls and procedures were reasonably designed to ensure: (1) that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure.

(b)

There have been no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12.

DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.


ITEM 13.		EXHIBITS.

13(a) (1)		Not applicable.

13(a) (2)		Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002.

13(a) (3)		Not applicable.

13(a) (4)		Not applicable.

13(b)		Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(b) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant: Invesco Municipal Income Opportunities Trust


By:		/s/ Glenn Brightman
		Glenn Brightman
		Principal Executive Officer

Date:		November 6, 2023

Pursuant to the requirements of the Securities and Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.


By:		/s/ Glenn Brightman
		Glenn Brightman
		Principal Executive Officer

Date:		November 6, 2023


By:		/s/ Adrien Deberghes
		Adrien Deberghes
		Principal Financial Officer

Date:		November 6, 2023

I, Glenn Brightman, Principal Executive Officer, certify that:

1. I have reviewed this report on Form N-CSR of Invesco Municipal Income Opportunities Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d) Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

5. The Registrant’s other certifying officer and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of trustees (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.


Date: November 6, 2023		/s/ Glenn Brightman
		Glenn Brightman, Principal Executive Officer

I, Adrien Deberghes, Principal Financial Officer, certify that:

1. I have reviewed this report on Form N-CSR of Invesco Municipal Income Opportunities Trust;

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.


Date: November 6, 2023		/s/ Adrien Deberghes
		Adrien Deberghes, Principal Financial Officer

CERTIFICATION OF SHAREHOLDER REPORT

In connection with the Certified Shareholder Report of Invesco Municipal Income Opportunities Trust (the “Company”) on Form N-CSR for the period ended August 31, 2023, as filed with the Securities and Exchange Commission (the “Report”), I, Glenn Brightman, Principal Executive Officer of the Company, certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


Date: November 6, 2023		/s/ Glenn Brightman
		Glenn Brightman, Principal Executive Officer

CERTIFICATION OF SHAREHOLDER REPORT

In connection with the Certified Shareholder Report of Invesco Municipal Income Opportunities Trust (the “Company”) on Form N-CSR for the period ended August 31, 2023, as filed with the Securities and Exchange Commission (the “Report”), I, Adrien Deberghes, Principal Financial Officer of the Company, certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.