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May 2, 2025 Newswires

Annual Report by Investment Company (Form N-CSR)

U.S. Markets via PUBT

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: February 28

Date of reporting period: February 28, 2025

Item 1. Reports to Stockholders.

(a) The Registrant's annual report transmitted to shareholders pursuant to Rule

30e-1

under the Investment Company Act of 1940, as amended (the "Act") is as follows:



Annual Report to Shareholders		February 28, 2025
Invesco Municipal Income Opportunities Trust
NYSE: OIA


2		Management's Discussion
2		Performance Summary
4		Long-Term Trust Performance
6		Supplemental Information
7		Dividend Reinvestment Plan
9		Schedule of Investments
17		Financial Statements
21		Financial Highlights
22		Notes to Financial Statements
27		Report of Independent Registered Public Accounting Firm
28		Tax Information
29		Additional Information
T-1		Trustees and Officers

Management's Discussion of Trust Performance



Performance summary For the fiscal year ended February 28, 2025, Invesco Municipal Income Opportunities Trust (the Trust), at net asset value (NAV), underperformed its style-specific benchmark, the Custom Invesco Municipal Income Opportunities Trust Index. The Trust's retucan be calculated based on either the market price or the NAV of its shares. NAV per share is determined by dividing the value of the Trust's portfolio securities, cash and other assets, less all liabilities and preferred shares, by the total number of common shares outstanding. Market price reflects the supply and demand for Trust shares. As a result, the two returns can differ, as they did during the fiscal year.
Performance
Total returns, 2/29/24 to 2/28/25
Trust at NAV			6.00%
Trust at Market Value			4.66
S&P Municipal Bond High Yield Index ▼ (Broad Market Index)			7.27
Custom Invesco Municipal Income Opportunities Trust Index ∎ (Style-Specific Index)			6.42
Market Price Discount to NAV as of 2/28/25			-3.58

Source(s): ▼ RIMES Technologies Corp.; ∎ Invesco, RIMES Technologies Corp.

The performance data quoted represent past performance and cannot guarantee comparable future results; current performance may be lower or higher. Investment return, 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.

Market conditions and your Trust

During the fiscal year ended February 28, 2025, investment grade municipal bonds returned 2.96%, high yield municipal bonds ret urned 8.12% and taxable municipal bonds returned 6.20%.

At the beginning of the fiscal year, global economic growth was better than expected, largely due to a resilient US economy.

The US Federal Reserve Board (Fed), in its efforts to rein in inflation without harming employment or the overall economy, continued with a transitional stance after its most aggressive monetary policy since the 1980s. The Fed left the federal funds rate unchanged over the fiscal year until September, when it began a series of three rate cuts through the end of the calendar year, resulting in a target rate of 4.50%.

The Fed remains committed to a 2% inflation target, while acknowledging the progress made thus far to gradually move toward a more neutral policy stance.

Municipal supply initially continued at a steady pace as issuers, with cash on their balance sheets, had been reluctant to issue at higher interest rates; however, this trend reversed through the fiscal year, as issuers aimed to get ahead of the US presidential election in November. The uptick in supply brought the fiscal year's new issuance total to

$522 billion, up 33% from the previous year's $393 billion.

The fiscal year was also constructive in terms of inflows to municipal funds. Following two calendar years of outflows in 2022 and 2023, the municipal market began its retuto more positive levels over the fiscal year.

The fiscal year had a total of $43 billion in net inflows, which was a significant increase from $10 billion of outflows in the previous fiscal year.

At the end of the fiscal year, municipal credits were still benefiting from federal pandemic aid and strong tax collections, with credit rating upgrades still outpacing rating downgrades.

We expect credit quality to remain generally stable in the near term, with fewer upgrades but no major increase in downgrades or defaults.

With two anticipated rate cuts before the end of calendar year 2025 and a steady supply of new issuance, we believe high absolute yields, strong fundamentals and investor migration out of cash will present positive opportunities for municipal bonds. We continue to rely on our experienced portfolio managers and credit analysts to weather economic challenges while seeking to identify marketplace opportunities to add long-term value for shareholders.

During the fiscal year, an overweight allocation to Continuing Care Retirement

Community bonds contributed to the Trust's relative retuover the period compared to its style-specific benchmark. An overweight exposure to

BB-rated

bonds also added to relative performance.

†

On a state level, bonds domiciled in Michigan contributed to relative performance.

An overweight exposure to the hospital sector detracted from relative retuover the fiscal year. An underweight exposure to

A-rated

bonds detracted from relative performance.

†

On a state level, an allocation to bonds domiciled in Florida detracted from relative performance.

One important factor affecting the Trust's performance relative to its style-specific benchmark was the use of leverage. The Trust uses leverage because we believe that, over time, leveraging can provide opportunities for additional income and total retufor common shareholders. However, the use of leverage also can expose common shareholders to additional volatility. For example, if the prices of securities held by a trust decline, the negative effect of these valuation changes on common-share NAV and total retuis magnified by the use of leverage. Conversely, leverage may enhance common-share returns during periods when the prices of securities held by a trust generally are rising.

Over the fiscal year, leverage contributed to the Trust's performance relative to its style-specific benchmark. The Trust achieved a leveraged position through the use of inverse floating rate securities and variable rate muni term preferred (VMTP) shares. Inverse floating rate securities or tender option bonds (TOBs) are instruments that have an inverse relationship to a referenced interest rate. All of the Trust's outstanding VMTP shares were redeemed over the fiscal year. VMTPs are a variable rate form of preferred stock with a mandatory redemption date. Inverse floating rate securities and VMTPs can be an efficient way to manage duration, yield curve exposure and credit exposure, potentially enhancing yield. At the close of the fiscal year, leverage accounted for 29% of the Trust's total assets and it contributed to returns. For more information about the Trust's use of leverage, see the Notes to Financial Statements and Additional Information - Investment Objective, Policies and Principal Risks of the Trust, later in this report.

We wish to remind you that the Trust is subject to interest rate risk, meaning when interest rates rise, the value of fixed income securities tends to fall. The degree to which the value of fixed income securities may decline due to rising interest rates may vary depending on the speed and magnitude of the increase in interest rates, as well as individual security characteristics, such as price, maturity, duration and coupon and market forces, such as supply and demand for similar securities. We are monitoring interest rates, and the market, economic and geopolitical factors that may impact the direction, speed and


2		Invesco Municipal Income Opportunities Trust

magnitude of changes to interest rates across the maturity spectrum, including the potential impact of monetary policy changes by the Fed and certain foreign central banks. If interest rates rise or fall faster than expected, markets may experience increased volatility, which may affect the value and/or liquidity of certain of the Trust's investments and/or the market price of the Trust's common shares.

Thank you for investing in Invesco Municipal Income Opportunities Trust and for sharing our long-term investment horizon.

1 Source: Bloomberg LP

2 Source: US Federal Reserve

3 Source: Lipper Inc.

4 Source: Standard & Poor's

† Standard & Poor's, Fitch Ratings, Moody's. A

credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice.

"Non-Rated"

indicates the debtor was not rated and should not be interpreted as indicating low quality. For more information on rating methodology, please visit spglobal.com, fitchratings.com and ratings.moodys.com.

Portfolio manager(s)

Jack Connelly

Tim O'Reilly

Mark Paris

John Schorle

Julius Williams

The views and opinions expressed in management's discussion of Trust performance are those of Invesco Advisers, Inc. and its affiliates. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Trust. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.

See important Trust and, if applicable, index disclosures later in this report.


3		Invesco Municipal Income Opportunities Trust

Your Trust's Long-Term Performance

Results of a $10,000 Investment

Trust and index data from 2/28/15

1 Source: RIMES Technologies Corp.

2 Source: Invesco, RIMES Technologies Corp.

Past performance cannot guarantee future results.

Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Trust distributions or sale of Trust shares.


4		Invesco Municipal Income Opportunities Trust



Average Annual Total Returns
As of 2/28/25
	NAV		Market
10 Years		3.71%		4.18%
5 Years		0.81		0.23
1 Year		6.00		4.66

The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ performance for the most recent

month-end

performance.

Performance figures do not reflect deduction of taxes a shareholder would pay on Trust distributions or sale of Trust shares. Investment retuand principal value will fluctuate so that you may have a gain or loss when you sell shares.


5		Invesco Municipal Income Opportunities Trust

Supplemental Information

∎	Unless otherwise stated, information presented in this report is as of February 28, 2025, and is based on total net assets applicable to common shares.

∎	Unless otherwise noted, all data is provided by Invesco.

∎	To access your Trust's reports, visit invesco.com/fundreports.

About indexes used in this report

∎	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% weight in the S&P Municipal Bond Investment Grade Index.

∎	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.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


6		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 eafrom Distributions will be reinvested automatically in more shares of the Trust, allowing you to potentially increase your investment over time. All shareholders in the Trust are automatically enrolled in the Plan when shares are purchased.

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, Computer-share Trust Company, N.A., P.O. Box 43078, Providence, RI 02940-3078. 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 43078, Providence, RI 02940-3078. 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 $2.50 per account and a brokerage charge.

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

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.


7		Invesco Municipal Income Opportunities Trust

Fund Information


Portfolio Composition
By credit sector		% of total investments

Revenue Bonds		88.83%

General Obligation Bonds		9.59

Pre-Refunded Bonds		1.58

Top Five Debt Holdings


		% of total net assets

1.	Hillsborough County Industrial Development Authority, Series 2024, RB	4.59%

2.	Broward (County of), FL, Series 2022, RB	4.37

3.	Philadelphia (City of), PA Authority for Industrial Development (Children's Hospital of Philadelphia), Series 2024, RB	3.63

4.	Maine Health & Higher Educational Facilities Authority, Series 2023, RB	3.53

5.	Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2023 A, Ref. RB	3.51

The Trust's holdings are subject to change, and there is no assurance that the Trust will continue to hold any particular security.

Data presented here are as of February 28, 2025.


8		Invesco Municipal Income Opportunities Trust

Schedule of Investments

February 28, 2025


	Interest Rate		Maturity Date	Principal Amount (000)		Value


Municipal Obligations-137.88% (a)
Alabama-0.81%
Birmingham (City of), AL Special Care Facilities Financing Authority (Methodist Home for the Aging); Series 2016, RB		5.75%	06/01/2045	$	1,000	$	953,937


Huntsville (City of), AL Special Care Facilities Financing Authority (Redstone Village); Series 2007, RB (b)		5.50%	01/01/2043		925		508,750


Tuscaloosa (County of), AL Industrial Development Authority (Hunt Refining); Series 2019 A, Ref. IDR (c)		5.25%	05/01/2044		1,000		1,021,864


							2,484,551



American Samoa-0.25%
American Samoa (Territory of) Economic Development Authority; Series 2015 A, Ref. RB		6.63%	09/01/2035		750		760,333



Arizona-1.49%
Arizona (State of) Industrial Development Authority (Academies of Math & Science); Series 2022, RB (c)		5.25%	07/01/2052		1,700		1,708,687


Glendale (City of), AZ Industrial Development Authority (The Beatitudes Campus); Series 2017, Ref. RB		5.00%	11/15/2040		1,500		1,363,811


Pima (County of), AZ Industrial Development Authority (The) (Career Success Schools); Series 2020, Ref. RB (c)		5.50%	05/01/2040		1,500		1,504,958


							4,577,456



Arkansas-0.51%
Arkansas (State of) Development Finance Authority (Green Bonds); Series 2022, RB (d)		5.45%	09/01/2052		1,500		1,557,822



California-18.99%
California (State of); Series 2023, GO Bonds (e)		5.25%	09/01/2053		4,000		4,412,167


California (State of) Educational Facilities Authority (Stanford University); Series 2014 U-6, RB (e)		5.00%	05/01/2045		3,000		3,605,874


California (State of) Municipal Finance Authority (Palomar Health); Series 2022 A, Ref. COP (INS - AGM) (f)		5.25%	11/01/2052		1,250		1,297,111


California (State of) Pollution Control Financing Authority (Plant Bonds); Series 2012, RB (c)(d)		5.00%	07/01/2037		1,000		1,001,997


California (State of) Statewide Communities Development Authority (Creative Child Care & Team Charter); Series 2015, RB (c)		6.75%	06/01/2045		710		713,710


California (State of) Statewide Communities Development Authority (Loma Linda University Medical Center); Series 2014, RB		5.50%	12/01/2054		2,000		2,000,924


California (State of) Statewide Financing Authority (Pooled Tobacco Securitization Program);
Series 2002, RB		6.00%	05/01/2043		750		765,995


Series 2006 A, RB (g)		0.00%	06/01/2046		10,000		2,671,855


Series 2006 C, RB (c)(g)		0.00%	06/01/2055		25,000		1,428,995


Daly (City of), CA Housing Development Finance Agency (Franciscan Mobile Home Park Acquisition); Series 2007 C, Ref. RB		6.50%	12/15/2047		835		835,313


Golden State Tobacco Securitization Corp.; Series 2021 B-2, Ref. RB (g)		0.00%	06/01/2066		11,800		1,391,940


Long Beach (City of), CA Finance Authority; Series 2023, RB (e)		4.00%	08/01/2053		10,000		9,918,872


Poway Unified School District (School Facilities Improvement); Series 2011, GO Bonds (g)		0.00%	08/01/2039		8,000		4,687,715


Regents of the University of California Medical Center; Series 2022, RB (e)(h)		4.00%	05/15/2053		10,740		10,534,640


Silicon Valley Tobacco Securitization Authority (Santa Clara);
Series 2007 A, RB (g)		0.00%	06/01/2036		2,000		1,080,223


Series 2007 A, RB (g)		0.00%	06/01/2041		5,000		2,012,919


SoutheCalifornia Logistics Airport Authority; Series 2008 A, RB (g)		0.00%	12/01/2044		18,085		5,126,944


SoutheCalifornia Tobacco Securitization Authority (San Diego County Asset Securitization Corp.); Series 2019, Ref. RB (g)		0.00%	06/01/2054		3,500		708,684


Ventura Unified School District (Election of 2022); Series 2022 A, GO Bonds (e)		4.00%	08/01/2048		4,000		3,995,656


							58,191,534



Colorado-8.29%
Chaparral Pointe Metropolitan District; Series 2021, GO Bonds (c)		5.00%	12/01/2051		1,350		1,217,405


Colorado (State of) Health Facilities Authority (Intermountain Healthcare); Series 2020 A, RB (e)		4.00%	05/15/2052		9,900		9,472,133


Denver (City & County of), CO;
Series 2022, RB (d)(e)(h)		5.00%	11/15/2042		1,000		1,051,267


Series 2022, RB (d)(e)(h)		5.75%	11/15/2045		2,000		2,201,429

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


Colorado-(continued)
Dominion Water & Sanitation District; Series 2022, Ref. RB		5.88%	12/01/2052	$	2,270	$	2,317,065


East Bend Metropolitan District; Series 2022, GO Bonds		6.50%	12/01/2052		2,600		2,623,825


Gardens on Havana Metropolitan District No. 3 (The); Series 2017 B, RB		7.75%	12/15/2047		560		561,136


Hess Ranch Metropolitan District No. 6; Series 2020 A-2, GO Bonds (i)		5.75%	12/01/2049		1,000		862,469


Palisade Metropolitan District No. 2; Series 2024, Ref. RB (c)(i)		5.88%	12/15/2054		500		460,890


Remuda Ranch Metropolitan District; Series 2020 A, GO Bonds		5.00%	12/01/2050		2,300		2,113,938


Rudolph Farms Metropolitan District No. 6; Series 2022 A, GO Bonds		6.50%	06/01/2052		1,500		1,500,323


Verve Metropolitan District No. 1; Series 2021, Ref. GO Bonds		5.00%	12/01/2036		525		497,677


West Meadow Metropolitan District (Senior Bonds); Series 2023 A, Ref. GO Bonds (c)		6.50%	12/01/2050		500		523,614


							25,403,171



Connecticut-0.56%
Georgetown (City of), CT Special Taxing District; Series 2006 A, GO Bonds (b)(j)		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		1,087,055


							1,724,255



Delaware-0.32%
Millsboro (Town of), DE (Plantation Lakes Special Development District); Series 2018, Ref. RB (c)		5.25%	07/01/2048		997		992,125



District of Columbia-2.06%
Metropolitan Washington Airports Authority; Series 2023 A, Ref. RB (d)(e)(h)		5.25%	10/01/2048		6,000		6,314,743



Florida-23.74%
Alachua (County of), FL Health Facilities Authority (East Ridge Retirement Village, Inc.); Series 2014, RB (Acquired 02/26/2014-06/30/2014; Cost $888,926) (b)(k)		6.38%	11/15/2049		900		585,000


Alachua (County of), FL Health Facilities Authority (Terraces at Bonita Springs); Series 2022 A, Ref. RB (b)(c)		5.00%	11/15/2061		1,075		760,353


Broward (County of), FL; Series 2022, RB (e)		5.50%	01/01/2055		12,365		13,381,030


Capital Projects Finance Authority (Kissimmee Charter Academy);
Series 2024, RB (c)		6.50%	06/15/2054		275		290,490


Series 2024, RB (c)		6.63%	06/15/2059		445		472,360


Capital Trust Agency, Inc. (Advantage Academy of Hillsborough); Series 2019 A, RB		5.00%	12/15/2049		3,230		3,121,795


Capital Trust Agency, Inc. (H-Bay Ministries, Inc.- Superior Residences); Series 2018 A-1, RB (Acquired 03/09/2020; Cost $258,452) (b)(k)		5.00%	07/01/2048		250		75,000


Capital Trust Agency, Inc. (Tallahassee Tapestry);
Series 2015, RB (b)(c)		6.75%	01/12/2035		100		25,000


Series 2015, RB (b)(c)		7.00%	12/01/2045		1,000		250,000


Capital Trust Authority (Central Florida Preparatory School Project); Series 2024, RB (c)		6.63%	06/15/2054		1,000		1,033,216


Capital Trust Authority (KIPP Miami N Campus);
Series 2024 A, RB (c)		6.00%	06/15/2054		650		679,198


Series 2024 A, RB (c)		6.13%	06/15/2060		800		836,962


Collier (County of), FL Industrial Development Authority (The Arlington of Naples); Series 2014 A, RB (b)(c)		8.25%	05/15/2049		895		89


Florida Development Finance Corp. (Brightline Florida Passenger Rail Expansion);
Series 2024, Ref. RB (c)(d)(l)		12.00%	07/15/2028		2,000		2,140,527


Series 2024, Ref. RB (d)		5.00%	07/01/2041		2,000		2,028,562


Series 2024, Ref. RB (INS - AGM) (d)(f)		5.25%	07/01/2053		2,000		2,086,896


Florida Development Finance Corp. (Parrish Charter Academy, Inc.); Series 2023, RB (c)(l)		6.25%	06/15/2028		2,140		2,146,993


Florida Development Finance Corp. (Renaissance Charter School, Inc.); Series 2015, RB (c)		6.13%	06/15/2046		1,000		1,001,770


Florida Development Finance Corp. (River City Science Academy); Series 2021, RB		4.00%	07/01/2045		1,200		1,068,419


Hillsborough County Industrial Development Authority; Series 2024, RB (e)(h)		5.25%	11/15/2049		13,000		14,074,892


Lake Helen (City of), FL (Ivy Hawn Charter School of the Arts); Series 2018 A, RB (c)		5.38%	07/15/2038		1,300		1,304,411


Lee (County of), FL Industrial Development Authority (Lee County Community Charter Schools, LLC); Series 2012, IDR (c)		5.75%	06/15/2042		1,200		1,200,302


Manatee (County of), FL; Series 2023, Ref. RB (e)		4.00%	10/01/2053		10,000		9,588,111


Miami-Dade (County of), FL;
Series 2009, RB (g)		0.00%	10/01/2042		7,900		3,712,544


Series 2017 B, Ref. RB (d)(e)(h)		5.00%	10/01/2040		2,000		2,037,990


Series 2022, RB (e)		5.00%	07/01/2052		5,000		5,261,273


Orange (County of), FL Health Facilities Authority (Presbyterian Retirement Communities Obligated Group); Series 2024, Ref. RB		5.00%	08/01/2054		1,000		1,024,504

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


Florida-(continued)
Seminole (County of), FL; Series 2022, RB (e)		5.00%		10/01/2052	$	2,430	$	2,560,058


								72,747,745



Idaho-0.42%
Idaho (State of) Health Facilities Authority (Valley Vista Care Corp.); Series 2017 A, Ref. RB		5.25%		11/15/2047		1,600		1,283,407



Illinois-5.47%
Chicago (City of), IL; Series 2017 A, Ref. GO Bonds		6.00%		01/01/2038		1,500		1,545,492


Chicago (City of), IL Board of Education;
Series 2022 B, Ref. GO Bonds		4.00%		12/01/2040		1,665		1,548,856


Series 2023 A, GO Bonds		6.00%		12/01/2049		1,000		1,082,037


Illinois (State of);
Series 2020, GO Bonds		5.75%		05/01/2045		1,000		1,077,746


Series 2021 A, GO Bonds		5.00%		03/01/2046		500		517,521


Illinois (State of) Development Finance Authority (CITGO Petroleum Corp.); Series 2002, RB (d)		8.00%		06/01/2032		140		140,187


Illinois (State of) Finance Authority (Intrinsic Schools - Belmont School); Series 2015, RB (c)		6.00%		12/01/2045		1,000		1,005,826


Illinois (State of) Finance Authority (Lutheran Communities Obligated Group);
Series 2019 A, Ref. RB		5.00%		11/01/2040		1,525		915,000


Series 2019 A, Ref. RB		5.00%		11/01/2049		1,000		600,000


Illinois (State of) Finance Authority (Northshore Edward Elmhurst Health Credit Group); Series 2022, RB (e)(h)		5.00%		08/15/2051		5,375		5,623,281


Illinois (State of) Finance Authority (Rogers Park Montessori School); Series 2014, Ref. RB		6.13%		02/01/2045		1,140		1,140,324


Illinois (State of) Finance Authority (Villa St. Benedict); Series 2015, Ref. RB		6.38%		11/15/2043		775		779,624


Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion); Series 2017 B, Ref. RB (i)		4.70%		12/15/2037		1,000		780,023


								16,755,917



Indiana-2.16%
Indiana (State of) Finance Authority (Irvington Community School);
Series 2018 A, Ref. RB (c)		5.90%		07/01/2038		1,000		1,001,244


Series 2018 A, Ref. RB (c)		6.00%		07/01/2048		1,000		1,000,691


Indiana (State of) Finance Authority (University of Evansville); Series 2022 A, Ref. RB		5.25%		09/01/2044		3,500		3,537,470


Indianapolis Local Public Improvement Bond Bank (Convention Center Hotel); Series 2023 E, RB		6.00%		03/01/2053		1,000		1,073,042


								6,612,447



Iowa-1.84%
Iowa (State of) Finance Authority (Iowa Fertilizer Co.); Series 2022, Ref. RB (l)(m)		5.00%		12/01/2032		2,000		2,308,242


Iowa (State of) Finance Authority (Northcrest, Inc.); Series 2018 A, RB		5.00%		03/01/2038		1,150		1,159,062


Iowa (State of) Tobacco Settlement Authority; Series 2021 B-2, Ref. RB (g)		0.00%		06/01/2065		13,000		2,176,938


								5,644,242



Kansas-0.33%
Wichita (City of), KS (Presbyterian Manors, Inc.); Series 2024 VIII, Ref. RB		5.75%		05/15/2045		1,000		1,025,145



Kentucky-0.75%
Kentucky (Commonwealth of) Public Transportation Infrastructure Authority (Downtown Crossing); Series 2013 C, RB		6.88%		07/01/2046		2,000		2,313,919



Louisiana-0.24%
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority; Series 2015 A, Ref. RB		6.25%		11/15/2045		750		750,943



Maine-3.53%
Maine Health & Higher Educational Facilities Authority; Series 2023, RB (INS - AGM) (e)(f)(h)		4.75%		07/01/2053		10,660		10,803,470



Massachusetts-4.01%
Massachusetts (Commonwealth of);
Series 2004 A, Ref. GO Bonds (INS - AMBAC) (e)(f)		5.50%		08/01/2030		960		1,079,166


Series 2023, GO Bonds (e)		5.00%		10/01/2053		10,000		10,609,262


Massachusetts (Commonwealth of) Development Finance Agency (Massachusetts Institute of Technology); Series 2002 K, RB (e)		5.50%		07/01/2032		505		602,085


								12,290,513

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


11		Invesco Municipal Income Opportunities Trust


	Interest Rate		Maturity Date	Principal Amount (000)		Value


Michigan-0.39%
Charyl Stockwell Academy; Series 2015, Ref. RB		5.75%	10/01/2045	$	635	$	603,229
Michigan Strategic Fund; Series 2016, RB		5.00%	07/01/2046		2,705		603,215


							1,206,444



Minnesota-1.07%
Ramsey (City of), MN (Pact Charter School); Series 2022 A, Ref. RB		5.00%	06/01/2032		1,500		1,468,814


Rochester (City of), MN (Homestead at Rochester, Inc.); Series 2013 A, RB		6.88%	12/01/2048		1,000		1,000,916


St. Paul (City of), MN Housing & Redevelopment Authority (Emerald Gardens); Series 2010, Ref. RB		6.25%	03/01/2025		235		235,000


St. Paul (City of), MN Housing & Redevelopment Authority (Higher Ground Academy); Series 2023, Ref. RB		5.50%	12/01/2038		545		575,346


							3,280,076



Missouri-3.06%
Branson Hills Infrastructure Facilities Community Improvement District; Series 2007 A, RB (j)		5.50%	04/01/2027		656		216,586


Kirkwood (City of), MO Industrial Development Authority (Aberdeen Heights);
Series 2017 A, Ref. RB		5.25%	05/15/2037		2,250		2,227,138


Series 2017 A, Ref. RB		5.25%	05/15/2050		1,250		1,133,969


Lee's Summit (City of), MO Industrial Development Authority (John Knox Village);
Series 2016 A, RB		5.00%	08/15/2046		2,000		1,888,140


Series 2018 A, Ref. RB		5.00%	08/15/2042		855		841,461


Missouri (State of) Development Finance Board (St. Louis Zoo); Series 2022, RB (e)		5.13%	05/01/2052		1,500		1,555,688


St. Louis (County of), MO Industrial Development Authority (Friendship Village West County); Series 2018 A, RB		5.13%	09/01/2049		1,500		1,502,277


							9,365,259



Nevada-1.73%
Nevada (State of) Department of Business & Industry (Brightline West Passenger Rail) (Green Bonds); Series 2025, RB (c)(d)(l)		9.50%	01/01/2033		3,000		3,017,995


North Las Vegas (City of), NV Special Improvement District No. 66 (Villages at Tule Springs Village 1); Series 2022, RB (c)		5.75%	06/01/2047		1,565		1,607,294


Reno (City of), NV (ReTRAC - Reno Transportation Rail Access Corridor); Series 2018 C, Ref. RB (c)(g)		0.00%	07/01/2058		4,500		677,156


							5,302,445



New Hampshire-0.34%
New Hampshire (State of) Business Finance Authority (Social Bonds); Series 2022-2A, RB		4.00%	10/20/2036		1,065		1,042,004



New Jersey-3.78%
New Jersey (State of) Economic Development Authority (Continental Airlines, Inc.);
Series 1999, RB (d)		5.25%	09/15/2029		855		855,986


Series 2012, RB (d)		5.75%	09/15/2027		805		806,223


New Jersey (State of) Economic Development Authority (Leap Academy University Charter School, Inc.); Series 2014 A, RB (c)		6.30%	10/01/2049		1,200		1,200,952


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		1,000,438


New Jersey (State of) Housing & Mortgage Finance Agency (Riverview Towers Apartments); Series 2024, RB (CEP - Federal Housing Administration)		5.25%	12/20/2065		2,250		2,329,856


New Jersey (State of) Transportation Trust Fund Authority; Series 2023, RB (e)(h)		5.25%	06/15/2050		5,000		5,390,082


							11,583,537



New York-8.62%
Brooklyn Arena Local Development Corp. (Barclays Center);
Series 2009, RB (g)		0.00%	07/15/2035		1,475		991,807


Series 2009, RB (g)		0.00%	07/15/2046		10,000		3,767,010


Nassau (County of), NY Industrial Development Agency (Amsterdam at Harborside);
Series 2021, RB (Acquired 05/05/2009-11/16/2016; Cost $1,610,712) (b)(k)		5.00%	01/01/2058		1,479		135,847


Series 2021, Ref. RB (Acquired 09/07/2021; Cost $730,000) (b)(c)(k)		9.00%	01/01/2041		730		730,000


New York (City of), NY Transitional Finance Authority; Series 2022, RB (e)		5.25%	11/01/2048		5,000		5,378,250


New York (State of) Dormitory Authority; Series 2018 E, RB (e)		5.00%	03/15/2046		2,250		2,327,325


New York Counties Tobacco Trust IV; Series 2010 A, RB (c)		6.25%	06/01/2041		1,000		995,317


New York Counties Tobacco Trust V; Series 2005 S-2, RB (g)		0.00%	06/01/2050		8,100		1,316,463


New York Counties Tobacco Trust VI; Series 2016 A-1, Ref. RB		5.75%	06/01/2043		2,000		2,006,538

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


12		Invesco Municipal Income Opportunities Trust


	Interest Rate		Maturity Date		Principal Amount (000)		Value


New York-(continued)
New York Liberty Development Corp. (3 World Trade Center); Series 2014-3, Ref. RB (c)		7.25%		11/15/2044	$	3,000	$	3,003,590


New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment); Series 2016 A, RB (d)(e)(h)		5.00%		07/01/2046		1,750		1,749,984


New York Transportation Development Corp. (Terminal 4 JFK International Airport) (Green Bonds); Series 2024, Ref. RB (d)		5.50%		12/31/2060		1,000		1,062,394


TSASC, Inc.; Series 2016 B, Ref. RB		5.00%		06/01/2045		2,000		1,904,426


Westchester (County of), NY Industrial Development Agency (Million Air Two LLC General Aviation Facilities); Series 2017 A, RB (c)(d)		7.00%		06/01/2046		1,000		1,047,211


								26,416,162



North Carolina-0.39%
North Carolina (State of) Medical Care Commission (Salemtowne Project); Series 2018 A, RB		5.00%		10/01/2043		1,260		1,196,802



Ohio-4.08%
Buckeye Tobacco Settlement Financing Authority;
Series 2020 B-2, Ref. RB		5.00%		06/01/2055		1,750		1,602,370


Series 2020 B-3, Ref. RB (g)		0.00%		06/01/2057		11,600		1,242,206


Cuyahoga (County of), OH (MetroHealth System); Series 2017, Ref. RB		5.00%		02/15/2052		3,250		3,257,181


Franklin (County of), OH (Wesley Communities); Series 2020, Ref. RB		5.25%		11/15/2055		1,500		1,459,953


Muskingum (County of), OH (Genesis Healthcare System); Series 2013, RB		5.00%		02/15/2044		3,075		3,035,477


Ohio (State of) Air Quality Development Authority (AMG Vanadium Project); Series 2019, RB (c)(d)		5.00%		07/01/2049		2,000		1,896,929


								12,494,116



Oklahoma-0.00%
Payne (County of), OK Economic Development Authority (Epworth Living at the Ranch); Series 2016 A, RB (b)		7.00%		11/01/2051		665		2,296



Pennsylvania-5.13%
Pennsylvania (Commonwealth of) Economic Development Financing Authority (Penndot Major Bridges); Series 2022, RB (d)		6.00%		06/30/2061		1,250		1,362,220


Philadelphia (City of), PA Authority for Industrial Development (Children's Hospital of Philadelphia); Series 2024, RB		5.50%		07/01/2053		10,000		11,109,817


Philadelphia (City of), PA Authority for Industrial Development (St. Joseph's University); Series 2022, RB		5.50%		11/01/2060		3,000		3,251,193


								15,723,230



Puerto Rico-6.98%
Children's Trust Fund;
Series 2002, RB		5.50%		05/15/2039		365		366,907


Series 2002, RB		5.63%		05/15/2043		1,000		1,011,906


Series 2005 A, RB (g)		0.00%		05/15/2050		27,000		5,385,239


Puerto Rico (Commonwealth of); Subseries 2022, RN (g)		0.00%		11/01/2043		3,190		2,009,700


Puerto Rico (Commonwealth of) Electric Power Authority;
Series 2007 TT, RB (b)		5.00%		07/01/2037		495		277,200


Series 2007 VV, Ref. RB (INS - NATL) (f)		5.25%		07/01/2035		1,000		1,002,065


Puerto Rico (Commonwealth of) Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority (AES Puerto Rico);
Series 2023 A, RB (Acquired 01/08/2020-03/25/2024; Cost $ 96,293) (k)		6.63%		01/01/2027		82		80,730


Series 2023 A, RB (Acquired 01/08/2020-03/25/2024; Cost $ 751,430) (k)		6.63%		01/01/2028		622		614,187


Puerto Rico Sales Tax Financing Corp.;
Series 2018 A-1, RB (g)		0.00%		07/01/2046		24,150		8,139,523


Series 2018 A-1, RB (g)		0.00%		07/01/2051		10,062		2,507,608


								21,395,065



South Carolina-1.14%
South Carolina (State of) Jobs-Economic Development Authority (High Point Academy Project); Series 2018 A, RB (c)		5.75%		06/15/2039		1,500		1,483,468


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		2,002,007


								3,485,475

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


13		Invesco Municipal Income Opportunities Trust


	Interest Rate		Maturity Date	Principal Amount (000)		Value


Tennessee-2.84%
Bristol (City of), TN Industrial Development Board (Pinnacle); Series 2016, RB		5.63%	06/01/2035	$	1,000	$	919,391


Knox (County of) & Knoxville (City of), TN City Sports Authority; Series 2024, RB (e)		6.00%	12/01/2054		5,000		5,651,547


Shelby (County of), TN Health, Educational & Housing Facilities Board (Trezevant Manor);
Series 2013 A, Ref. RB (c)		5.50%	09/01/2047		1,600		1,425,058


Series 2016 A, Ref. RB (c)		5.00%	09/01/2031		750		704,211


							8,700,207



Texas-11.65%
Arlington Higher Education Finance Corp. (Cypress Christian School); Series 2024, RB (c)		5.75%	06/01/2043		1,500		1,548,896


Brazoria County Industrial Development Corp. (Gladieux Metals Recycling LLC); Series 2019, RB (Acquired 12/17/2019; Cost $1,207,286) (b)(d)(k)		7.00%	03/01/2039		1,160		928,000


Houston (City of), TX Airport System (Continental Airlines, Inc.); Series 2011 A, Ref. RB (d)		6.63%	07/15/2038		1,000		1,009,494


Lower Colorado River Authority (LCRA Transmission Services Corp.); Series 2023 A, Ref. RB (INS - AGM) (e)(f)		5.25%	05/15/2053		10,000		10,773,069


Mission Economic Development Corp. (Natgasoline); Series 2018, Ref. RB (c)(d)		4.63%	10/01/2031		1,500		1,503,464


New Hope Cultural Education Facilities Finance Corp. (Carillon Lifecare Community); Series 2016, Ref. RB		5.00%	07/01/2036		600		592,101


New Hope Cultural Education Facilities Finance Corp. (MRC Senior Living-The Langford);
Series 2016 A, RB		5.50%	11/15/2046		400		339,637


Series 2016 A, RB		5.50%	11/15/2052		1,500		1,229,265


New Hope Cultural Education Facilities Finance Corp. (Outlook at Windhaven (The)); Series 2022, RB		5.50%	10/01/2027		1,000		1,000,284


North Texas Tollway Authority; Series 2011 B, RB (g)(l)(m)		0.00%	09/01/2031		7,000		3,621,067


Port Beaumont Navigation District (Jefferson Gulf Coast Energy); Series 2024, RB (c)(d)		5.00%	01/01/2039		1,000		1,032,512


Rowlett (City of), TX (Bayside Public Improvement District North Improvement Area); Series 2016, RB		6.00%	09/15/2046		450		451,289


San Antonio (City of), TX; Series 2023 A, Ref. RB (e)		5.50%	02/01/2050		5,750		6,336,965


Tarrant County Cultural Education Facilities Finance Corp. (Buckner Senior Living - Ventana); Series 2017, RB		6.75%	11/15/2052		1,000		1,032,560


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


Tarrant County Cultural Education Facilities Finance Corp. (Stayton at Museum Way (The)); Series 2024 A, RB		5.75%	12/01/2054		659		607,215


Texas (State of) Water Development Board;
Series 2022, RB (e)		4.80%	10/15/2052		2,000		2,077,556


Series 2022, RB (e)		5.00%	10/15/2057		1,000		1,059,049


							35,692,423



Utah-1.98%
Salt Lake City (City of), UT; Series 2017 A, RB (d)(e)		5.00%	07/01/2047		3,000		3,030,403


Utah (State of) Charter School Finance Authority (Wallace Stegner Academy); Series 2022 A, RB (c)		5.75%	06/15/2052		3,000		3,037,343


							6,067,746



Virginia-0.70%
Ballston Quarter Community Development Authority;
Series 2016 A-1, RB		5.50%	03/01/2046		376		374,122


Series 2016 A-2, RB (i)		7.13%	03/01/2059		902		776,882


Tobacco Settlement Financing Corp.; Series 2007 B-2, RB		5.20%	06/01/2046		1,000		999,989


							2,150,993



Washington-2.26%
King (County of), WA Public Hospital District No. 4; Series 2015 A, RB		6.25%	12/01/2045		1,000		1,000,957


Washington (State of) Convention Center Public Facilities District; Series 2018, RB (e)(h)		5.00%	07/01/2058		3,225		3,280,197


Washington (State of) Housing Finance Commission (Heron's Key Senior Living); Series 2015 A, RB (c)(l)(m)		7.00%	07/01/2025		740		748,393


Washington (State of) Housing Finance Commission (Presbyterian Retirement Communities Northwest); Series 2016 A, Ref. RB (c)		5.00%	01/01/2051		2,000		1,905,755


							6,935,302



West Virginia-0.92%
Harrison (County of), WV County Commission (Charles Pointe Economic Opportunity Development District); Series 2019 A, RB (b)(c)(j)		5.75%	06/01/2042		1,495		1,071,117

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


14		Invesco Municipal Income Opportunities Trust


	Interest Rate			Maturity Date	Principal Amount (000)		Value


West Virginia-(continued)
Monongalia (County of), WV Commission Special District (University Town Centre Economic Opportunity Development District); Series 2017 A, Ref. RB (c)		5.75%		06/01/2043	$	1,000	$	1,017,953


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


Series 2018, RB (b)(c)(d)		8.75	%	02/01/2036		240		192,000


								2,806,070



Wisconsin-5.05%
Wisconsin (State of) Public Finance Authority;
Series 2023 A, Ref. RB (c)		6.25	%	10/01/2053		1,000		1,047,827


Series 2023 B, RB (c)(g)		0.00	%	07/01/2062		2,000		1,465,000


Wisconsin (State of) Public Finance Authority (Alabama Proton Therapy Center); Series 2017 A, RB (Acquired 12/01/2017; Cost $1,965,676) (b)(c)(k)		6.85%		10/01/2047		2,000		200,000


Wisconsin (State of) Public Finance Authority (Coral Academy of Science Reno); Series 2022, RB (c)		5.88%		06/01/2052		900		917,868


Wisconsin (State of) Public Finance Authority (Delray Beach Radiation Therapy Center); Series 2017 A, RB (Acquired 04/03/2017; Cost $982,664) (b)(c)(k)		6.85%		11/01/2046		1,000		550,000


Wisconsin (State of) Public Finance Authority (Explore Academy); Series 2018 A, RB (c)		6.13%		02/01/2048		970		972,781


Wisconsin (State of) Public Finance Authority (Maryland Proton Treatment Center); Series 2018 A-1, RB (c)		6.25%		01/01/2038		1,000		450,000


Wisconsin (State of) Public Finance Authority (Midtown); Series 2025, RB (c)(g)		0.00%		12/15/2034		3,750		2,111,219


Wisconsin (State of) Public Finance Authority (Million Air Two LLC General Aviation Facilities); Series 2017 A, RB (d)		7.25%		06/01/2035		2,500		2,627,100


Wisconsin (State of) Public Finance Authority (Quality Education Academy); Series 2023, RB (c)		6.25%		07/15/2053		475		507,382


Wisconsin (State of) Public Finance Authority (Roseman University of Health Sciences); Series 2015, Ref. RB		5.88%		04/01/2045		660		660,650


Wisconsin (State of) Public Finance Authority (Signorelli); Series 2024, RB (c)		5.38%		12/15/2032		1,202		1,202,758


Wisconsin (State of) Public Finance Authority (Two Step); Series 2024, RB (c)(g)		0.00%		12/15/2034		1,500		839,474


Wisconsin (State of) Public Finance Authority (Uwharrie Charter Academy); Series 2022 A, RB (c)		5.00%		06/15/2057		2,000		1,931,803


								15,483,862


Total Municipal Obligations (Cost $418,882,878)								422,563,252



U.S. Dollar Denominated Bonds & Notes-0.01%
Puerto Rico-0.01%
AES Puerto Rico, Inc. (Cost $32,367) (j)		12.50%		03/04/2026		33		31,853



					Shares
Preferred Stocks-0.00%
AES Puerto Rico, Inc., Pfd. (Cost $0) (j)						13,681		0


TOTAL INVESTMENTS IN SECURITIES (n) -137.89% (Cost $418,915,245)								422,595,105


FLOATING RATE NOTE OBLIGATIONS-(40.55)%
Notes with interest and fee rates ranging from 1.42% to 2.58% at 02/28/2025 and contractual maturities of collateral ranging from 08/01/2030 to 07/01/2058 (See Note 1K) (o)								(124,270,000	)


OTHER ASSETS LESS LIABILITIES-2.66%								8,143,622


NET ASSETS-100.00%							$	306,468,727

Investment Abbreviations:


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

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


15		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)	Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at February 28, 2025 was $8,002,852, which represented 2.61% of the Trust's Net Assets.

(c)

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 February 28, 2025 was $68,291,403, which represented 22.28% of the Trust's Net Assets.

(d)	Security subject to the alternative minimum tax.

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

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

(g)	Zero coupon bond issued at a discount.

(h)

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 $45,161,280. However, such shortfall payment would be reduced by the proceeds from the sale of the security underlying the TOB Trusts.

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

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

(k)	Restricted security. The aggregate value of these securities at February 28, 2025 was $4,448,764, which represented 1.45% of the Trust's Net Assets.

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

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

(n)

This table provides a listing of those entities that have either issued, guaranteed, backed or otherwise enhanced the credit quality of more than 5% of the securities held in the portfolio. In instances where the entity has guaranteed, backed or otherwise enhanced the credit quality of a security, it is not primarily responsible for the issuer's obligations but may be called upon to satisfy the issuer's obligations.


Entity		Percent


Assured Guaranty Municipal Corp.		5.91%

(o)

Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at February 28, 2025. At February 28, 2025, the Trust's investments with a value of $175,737,514 are held by TOB Trusts and serve as collateral for the $124,270,000 in the floating rate note obligations outstanding at that date.

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


16		Invesco Municipal Income Opportunities Trust

Statement of Assets and Liabilities

February 28, 2025


Assets:
Investments in unaffiliated securities, at value
(Cost $418,915,245)			$422,595,105


Cash			4,769,703


Receivable for:
Fund expenses absorbed			134,519


Interest			4,601,765


Investments matured, at value (Cost $2,468,045)			1,785,226


Investment for trustee deferred compensation and retirement plans			52,216


Other assets			561


Total assets			433,939,095



Liabilities:
Floating rate note obligations			124,270,000


Payable for:
Investments purchased			2,895,000


Dividends			32,094


Accrued fees to affiliates			22,255


Accrued trustees' and officers' fees and benefits			1,974


Accrued other operating expenses			84,307


Trustee deferred compensation and retirement plans			164,738


Total liabilities			127,470,368


Net assets applicable to common shares			$306,468,727


Net assets applicable to common shares consist of:
Shares of beneficial interest - common shares	$	344,183,353


Distributable earnings (loss)		(37,714,626	)


	$	306,468,727



Common shares outstanding, no par value, with an unlimited number of common shares authorized:
Shares outstanding		47,676,824


Net asset value per common share	$	6.43


Market value per share	$	6.20

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


17		Invesco Municipal Income Opportunities Trust

Statement of Operations

For the year ended February 28, 2025


Investment income:
Interest	$	22,222,920



Expenses:
Advisory fees		2,357,246


Administrative services fees		45,269


Custodian fees		7,444


Interest, facilities and maintenance fees		4,755,178


Transfer agent fees		30,381


Trustees' and officers' fees and benefits		32,585


Registration and filing fees		46,250


Reports to shareholders		145,826


Professional services fees		192,078


Other		3,163


Total expenses		7,615,420


Net investment income		14,607,500



Realized and unrealized gain (loss) from:
Net realized gain (loss) from unaffiliated investment securities (includes net gains (losses) from securities sold to affiliates of $ (1,055,392))		(4,330,832	)


Change in net unrealized appreciation of unaffiliated investment securities		7,138,269


Net realized and unrealized gain		2,807,437


Net increase in net assets resulting from operations applicable to common shares	$	17,414,937

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


18		Invesco Municipal Income Opportunities Trust

Statement of Changes in Net Assets

For the years ended February 28, 2025 and February 29, 2024


	2025			2024


Operations:
Net investment income	$	14,607,500		$	13,063,560


Net realized gain (loss)		(4,330,832	)		(5,641,831	)


Change in net unrealized appreciation		7,138,269			14,481,777


Net increase in net assets resulting from operations applicable to common shares		17,414,937			21,903,506


Distributions to shareholders from distributable earnings		(15,222,957	)		(14,736,986	)


Retuof capital applicable to common shares		(1,420,622	)		(583,080	)


Total distributions		(16,643,579	)		(15,320,066	)


Net increase in common shares of beneficial interest		209,191			145,488


Net increase in net assets applicable to common shares		980,549			6,728,928



Net assets applicable to common shares:
Beginning of year		305,488,178			298,759,250


End of year	$	306,468,727		$	305,488,178

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


19		Invesco Municipal Income Opportunities Trust

Statement of Cash Flows

For the year ended February 28, 2025


Cash provided by operating activities:
Net increase in net assets resulting from operations applicable to common shares	$	17,414,937



Adjustments to reconcile the change in net assets applicable to common shares from operations to net cash provided by operating activities:
Purchases of investments		(49,131,721	)


Proceeds from sales of investments		72,220,017


Proceeds from sales of short-term investments, net		2,526,751


Amortization (accretion) of premiums and discounts, net		(3,064,878	)


Net realized loss from investment securities		4,330,832


Net change in unrealized appreciation on investment securities		(7,138,269	)


Change in operating assets and liabilities:


Decrease in receivables and other assets		348,131


Decrease in accrued expenses and other payables		(41,606	)


Net cash provided by operating activities		37,464,194


Cash provided by (used in) financing activities:
Dividends paid to shareholders from distributable earnings		(15,016,700	)


Retuof capital		(1,420,622	)


Decrease in VMTP Shares, at liquidation value		(30,000,000	)


Proceeds from TOB Trusts		13,420,000


Net cash provided by (used in) financing activities		(33,017,322)


Net increase in cash and cash equivalents		4,446,872


Cash and cash equivalents at beginning of period		322,831


Cash and cash equivalents at end of period	$	4,769,703



Non-cash financing activities:
Value of shares of beneficial interest issued in reinvestment of dividends paid to common shareholders	$	209,191



Supplemental disclosure of cash flow information:


Cash paid during the period for interest, facilities and maintenance fees	$	4,859,824

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


20		Invesco Municipal Income Opportunities Trust

Financial Highlights

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


	Year Ended			Year Ended			Years Ended
	February 28,			February 29,			February 28,
	2025			2024			2023			2022			2021
Net asset value per common share, beginning of period	$	6.41		$	6.27		$	7.44		$	7.70		$	8.02
Net investment income (a)		0.31			0.27			0.33			0.36			0.37
Net gains (losses) on securities (both realized and unrealized)		0.06			0.19			(1.15	)		(0.25	)		(0.31	)
Total from investment operations		0.37			0.46			(0.82	)		0.11			0.06
Less:
Dividends paid to common shareholders from net investment income		(0.32	)		(0.31	)		(0.35	)		(0.37	)		(0.38	)
Retuof capital		(0.03	)		(0.01	)		(0.00	)		-			-
Total distributions		(0.35	)		(0.32	)		(0.35	)		(0.37	)		(0.38	)
Net asset value per common share, end of period	$	6.43		$	6.41		$	6.27		$	7.44		$	7.70
Market value per common share, end of period	$	6.20		$	6.26		$	6.89		$	7.20		$	7.80
Total retuat net asset value (b)		6.00	%		7.72	%		(11.08	)%		1.34	%		1.11	%
Total retuat market value (c)		4.66	%		(4.27	)%		1.07	%		(3.18	)%		3.20	%
Net assets applicable to common shares, end of period (000's omitted)	$	306,469		$	305,488		$	298,759		$	354,364		$	366,246
Portfolio turnover rate (d)		13	%		19	%		21	%		9	%		13	%

Ratios/supplemental data based on average net assets applicable to common shares outstanding:
Ratio of expenses:
With fee waivers and/or expense reimbursements		2.49	%		2.76	%		1.62	%		1.05	%		1.23	%
With fee waivers and/or expense reimbursements excluding interest, facilities and maintenance fees		0.94	%		0.90	%		0.82	%		0.80	%		0.81	%
Without fee waivers and/or expense reimbursements		2.49	%		2.76	%		1.62	%		1.05	%		1.23	%
Ratio of net investment income to average net assets		4.78	%		4.42	%		4.97	%		4.59	%		5.03	%

Senior securities:
Total amount of preferred shares outstanding (000's omitted)		N/A		$	30,000		$	30,000		$	30,000		$	30,000
Asset coverage per preferred share (e)		N/A		$	1,118,294		$	1,095,864		$	1,281,214		$	1,320,819
Liquidating preference per preferred share		N/A		$	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 retuassumes an investment at the common share market price at the beginning of the period indicated, reinvestment of all distributions for the period in accordance with the Trust's dividend reinvestment plan, and sale of all shares at the closing common share market price at the end of the period indicated. Not annualized for periods less than one year, if applicable.

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

(e)	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.


21		Invesco Municipal Income Opportunities Trust

Notes to Financial Statements

February 28, 2025

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 ("FASB") 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.

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/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

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.

Federal Income Taxes -

The Trust intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), necessary to qualify as a regulated investment company and to distribute substantially all of the Trust's taxable earnings to shareholders. As such, the Trust will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

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.


22		Invesco Municipal Income Opportunities Trust

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 retufor 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.

Segment Reporting

- In November 2023, the FASB issued Accounting Standards Update

2023-07,

Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU

2023-07"),

with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity's segments impact overall performance. The Trust represents a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Trust's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Trust. The CODM monitors the operating results as a whole, and the Trust's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Trust's financial statements. Adoption of the new standard impacted the Trust's financial statement note disclosures only and did not affect the Trust's financial position or the results of its operations.

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

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 and their affiliates from sponsoring and/or providing certain services for existing TOB Trusts, which constitute "covered funds" under the Volcker Rule. As a result of the Volcker Rule, the Trust, as holder of inverse floating rate securities, is required to perform certain duties in connection with TOB financing transactions previously performed by banking entities. These duties may alternatively be performed by a

non-bank

third-party service provider. The Trust's expanded role may increase its operational and regulatory risk.

Further, the SEC and various banking agencies have adopted rules implementing credit risk retention requirements for asset-backed securities (the "Risk Retention Rules"), which apply to TOB financing transactions and TOB Trusts. The Risk Retention Rules require the sponsor of a TOB Trust to retain at least 5% of the credit risk of the underlying security held by the TOB Trust. 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 financing transactions or increase the costs of such transactions in certain circumstances.

There can be no assurances that TOB financing transactions will continue to be a viable or cost-effective form of leverage. The unavailability of TOB financing transactions or an increase in the cost of financing provided by TOB transactions 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


23		Invesco Municipal Income Opportunities Trust

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 risk of a municipal obligation generally depends on the financial and credit status of the issuer. Constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives, and the issuer's regional economic conditions may affect the municipal security's value, interest payments, repayment of principal and the Trust's ability to sell the security. Failure of a municipal security issuer to comply with applicable tax requirements may make income paid thereon taxable, resulting in a decline in the security's value. In addition, there could be changes in applicable tax laws or tax treatments that reduce or eliminate the current federal income tax exemption on municipal securities or otherwise adversely affect the current federal or state tax status of municipal securities.

There is a possibility that the credit rating of a municipal security may be downgraded after purchase, which may occur quickly and without advanced warning following sudden market downturns or unexpected developments involving an issuer, and which may adversely affect the liquidity and value of the security.

Fluctuations 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, perhaps suddenly and to a significant degree, and to reduced liquidity for certain fixed income investments, particularly those with longer maturities, when rates increase. Such changes and resulting increased volatility may adversely impact the Trust, including its operations, universe of potential investment options, and retupotential. 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 and other governmental actions and political events within the U.S. and abroad may also, among other things, affect investor and consumer expectations and confidence in the financial markets. This could result in higher than normal redemptions by shareholders, which could potentially increase the Trust's portfolio turnover rate and transaction costs.

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 any 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 year ended February 28, 2025, 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. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.
Level 3 -		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser's assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of February 28, 2025. 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		$-	$	420,638,349	$	1,924,903	$	422,563,252


U.S. Dollar Denominated Bonds & Notes		-		-		31,853		31,853


Preferred Stocks		-		-		0		0


Total Investments in Securities		-		420,638,349		1,956,756		422,595,105



Other Investments - Assets


Investments Matured		-		1,785,226		-		1,785,226


Total Investments		$-	$	422,423,575	$	1,956,756	$	424,380,331


24		Invesco Municipal Income Opportunities Trust

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 "current market price", as provided for in these procedures and Rule

17a-7.

Pursuant to these procedures, for the year ended February 28, 2025, the Trust engaged in securities purchases of $15,015,123 and securities sales of $45,260,958, which resulted in net realized gains (losses) of $(1,055,392).

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 year ended February 28, 2025 were $118,313,077 and 3.81%, respectively.

NOTE 7-Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended February 28, 2025 and February 29, 2024:


	2025		2024


Ordinary income*	$	249,005	$	33,706


Ordinary income-tax-exempt		14,973,952		14,703,280


Ordinary income-tax-exempt VMTP shares		233,777		1,356,806


Retuof capital		1,420,622		583,080


Total distributions	$	16,877,356	$	16,676,872

*	Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at

Period-End:


	2025


Net unrealized appreciation - investments	$	1,721,234


Temporary book/tax differences		(145,080	)


Capital loss carryforward		(39,290,780	)


Shares of beneficial interest		344,183,353


Total net assets	$	306,468,727

The difference between book-basis and

tax-basis

unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Trust's net unrealized appreciation (depreciation) difference is attributable primarily to inverse floaters, defaulted bonds and amortization and accretion on debt securities.

The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Trust's temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.

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 has a capital loss carryforward as of February 28, 2025, as follows:

Capital Loss Carryforward*

Expiration

Short-Term

Long-Term

Total

Not subject to expiration

$11,855,844

$27,434,936

$39,290,780

*	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 year ended February 28, 2025 was $52,319,673 and $71,965,017, respectively. As of February 28, 2025, the aggregate cost of


25		Invesco Municipal Income Opportunities Trust

investments, including any derivatives, on a tax basis listed below 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	$	20,423,843


Aggregate unrealized (depreciation) of investments		(18,702,609	)


Net unrealized appreciation of investments	$	1,721,234

Cost of investments for tax purposes is $422,659,097.

NOTE 9-Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of market discounts, defaulted bonds, retuof capital distributions and amortization and accretion on debt securities, on February 28, 2025, undistributed net investment income was increased by $1,379,894, undistributed net realized gain (loss) was increased by $40,728 and shares of beneficial interest was decreased by $1,420,622. This reclassification had no effect on the net assets of the Trust.

NOTE 10-Common Shares of Beneficial Interest

Transactions in common shares of beneficial interest were as follows:


	Year Ended		Year Ended
	February 28,		February 29,
	2025		2024


Beginning shares		47,644,344		47,620,753


Shares issued through dividend reinvestment		32,480		23,591


Ending shares		47,676,824		47,644,344

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.

Effective February 12, 2025, the Trust filed a registration statement (the "Registration Statement") with the U.S. Securities and Exchange Commission authorizing the Trust to issue up to 25,500,000 additional common shares through a "shelf" registration process pursuant to Rule 415 under the 1933 Act.

Effective January 31, 2025, the Trust has entered into a distribution agreement with Invesco Distributors, Inc. ("IDI"), an affiliate of the Trust and Invesco, to provide for distribution of the Trust's common shares. IDI has entered into a

sub-placement

agent agreement dated March 13, 2025 with JonesTrading Institutional Services LLC pursuant to which JonesTrading Institutional Services LLC will be acting as IDI's exclusive

sub-placement

agent (the

"Sub-Placement

Agent") with respect to the Trust's common shares offered pursuant to the Registration Statement.

Under the 1940 Act, the Trust may not sell any common shares at a price below the current net asset value per share of such common shares plus the per share amount of any distributing commission or discount. The Trust or IDI will suspend the sale of common shares if the per share price of the common shares is less than such minimum price. The Trust currently intends to distribute the common shares offered pursuant to the Registration Statement primarily in negotiated transactions or through transactions deemed "at the market," as defined in Rule 415 under the 1933 Act, including sales made directly on the New York Stock Exchange or sales made to or through a market maker other than on an exchange at prices related to the prevailing market prices or at negotiated prices.

The Trust will compensate IDI with respect to sales of common shares at a commission rate of up to 1.00% of the gross proceeds of the sale of the Trust's common shares. Out of this amount, IDI will compensate the

Sub-Placement

Agent at a rate of up to the full 1.00% of the gross sales proceeds of the sale of the Trust's common shares sold by the

Sub-Placement

Agent.

During the year ended February 28, 2025, the Trust did not sell any common shares pursuant to the Registration Statement.

NOTE 11-Variable Rate Muni Term Preferred Shares

On April 30, 2024, the Trust redeemed all of its outstanding VMTP Shares at their liquidation preference.

The Trust had incurred costs in connection with the issuance and/or the extension of the VMTP Shares. These costs were recorded as a deferred charge and were 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.

Dividends paid on the VMTP Shares (which are treated as interest expense for financial reporting purposes) were 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 April 29, 2024, the dividend rate was equal to the SIFMA Index plus a spread of 1.07%, which was 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 period March 1, 2024 through April 29, 2024 were $30,000,000 and 4.68%, respectively.

Dividends paid on VMTP Shares are recognized as a component of

Interest, facilities and maintenance fees

on the Statement of Operations.

NOTE 12-Dividends

The Trust declared the following dividends to common shareholders from net investment income subsequent to February 28, 2025:

Declaration Date

Amount per Share

Record Date

Payable Date

March 3, 2025

$0.0291

March 17, 2025

March 31, 2025

March 24, 2025

$0.0291

April 16, 2025

April 30, 2025


26		Invesco Municipal Income Opportunities Trust

Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders of Invesco Municipal Income Opportunities Trust

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Municipal Income Opportunities Trust (the "Trust") as of February 28, 2025, the related statements of operations and cash flows for the year ended February 28, 2025, the statement of changes in net assets for each of the two years in the period ended February 28, 2025, including the related notes, and the financial highlights for each of the five years in the period ended February 28, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Trust as of February 28, 2025, the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the two years in the period ended February 28, 2025 and the financial highlights for each of the five years in the period ended February 28, 2025 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Trust's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 28, 2025 by correspondence with the custodian, portfolio company investee, and brokers; when replies were not received from the portfolio company investee, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

April 23, 2025

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.


27		Invesco Municipal Income Opportunities Trust

Tax Information

Form

1099-DIV,

Form

1042-S

and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state's requirement.

The Trust designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended February 28, 2025:



		Federal and State Income Tax
		Qualified Dividend Income*		0.00%
		Corporate Dividends Received Deduction*		0.00%
		U.S. Treasury Obligations*		0.00%
		Qualified Business Income*		0.00%
		Business Interest Income*		0.00%
		Tax-Exempt Interest Dividends*		98.39%

The above percentages are based on ordinary income dividends paid to shareholders during the Trust's fiscal year.


28		Invesco Municipal Income Opportunities Trust

Additional Information

Investment Objective, Policies and Principal Risks of the Trust

Recent Changes

The following information is a summary of certain changes made during the Trust's most recent fiscal year. This information may not reflect all of the changes that have occurred since you purchased the Trust.

Changes to Fundamental Investment Restrictions

At the annual meeting of shareholders held on August 29, 2024, shareholders approved changes to the Trust's fundamental investment restrictions. As further discussed in the proxy statement sent to shareholders in connection with the changes, the revised fundamental investment restrictions are intended to standardize the Trust's fundamental restrictions across the Invesco funds complex and update the Trust's fundamental restrictions in line with regulatory changes, providing the Trust with greater flexibility to respond to market, industry, regulatory or technical changes and innovations. The changes are not anticipated to materially impact the way the Trust is currently managed and operated. For a list of the Trust's current fundamental investment restrictions, which reflects changes approved by shareholders on August 29, 2024, see "Additional Information - Fundamental Investment Restrictions" below.

Changes to Principal Risks

On March 27, 2024, the Board of the Trust approved the redemption in full of all outstanding Variable Rate Muni Term Preferred ("VMTP") Shares, with a redemption date of April 30, 2024. Due to this redemption, the risks associated with preferred shares are no longer a principal risk of the Trust and have been removed from the Trust's policies and principal risk disclosures below.

Except as noted above, during the Trust's most recent fiscal year, there were no material changes in the Trust's investment objectives or policies that have not been approved by shareholders or in the principal risk factors associated with investment in the Trust.

Changes to Portfolio Managers

Effective March 18, 2024, Mr. DeMitry no longer serves as a portfolio manager of the Trust.

Except as noted above, during the Trust's most recent fiscal year, there were no other changes to the portfolio management of the Trust.

Investment Objective

The investment objective of Invesco Municipal Income Opportunities Trust (the "Trust") is to provide a high level of current income which is exempt from federal income tax. The investment objective is fundamental and may not be changed without approval of a majority of the Trust's outstanding voting securities, as defined in the Investment Company Act of 1940, as amended (the "1940 Act").

Investment Policies of the Trust

The Trust will invest at least 80% of its net assets in Municipal Obligations, except during temporary defensive periods. The remaining portion of the Trust's net assets may be invested in "temporary investments" and in options and futures. Under normal circumstances, the Trust expects that substantially greater than 80% of its net assets will be invested in Municipal Obligations. For purposes of

the Trust's 80% policy, the Trust will consider Municipal Obligations, the interest from which, in the opinion of bond counsel to the Trust, is exempt from federal income tax. "Municipal Obligations" consist of Municipal Bonds, Municipal Notes and Municipal Commercial Paper (each described below), including such obligations purchased on a when-issued or delayed delivery basis.

Under normal circumstances, the Trust will seek to invest at least 65% of its total assets in:

(i) non-rated

Municipal Obligations which are deemed by Invesco Advisers, Inc. (the "Adviser") to be of medium quality and which provide a high rate of current income; and (ii) Municipal Obligations rated A, Baa or Ba by Moody's Investors Service, Inc. ("Moody's") or A, Baa or Ba by S&P Global Ratings ("S&P"). The Adviser attributes to medium quality,

non-rated

Municipal Obligations many of the same general characteristics as Moody's does with respect to Municipal Obligations rated A, Baa and Ba and as S&P does with respect to Municipal Obligations rated A, BBB and BB. Medium quality,

non-rated

Municipal Obligations are obligations of those issuers which the Adviser believes possess adequate but not outstanding capacities to service their obligations. The Trust may also invest in other types of Municipal Obligations, including rated or

non-rated

higher quality or lower quality Municipal Obligations.

The Trust may acquire higher quality obligations for its portfolio when the difference in yields on higher and lower quality obligations is narrowed to the extent that higher risk is not justified by higher return, or, when unusual market conditions are present. The Trust intends to emphasize investments in Municipal Obligations with long-term maturities (10 years or more) because such long-term obligations generally produce higher income than short-term obligations although such longer-term obligations are more susceptible to market fluctuations resulting from changes in interest rates than shorter-term obligations. The average maturity of the Trust's portfolio as well as the emphasis on longer-term obligations may vary depending upon market conditions. The Trust will only invest in Municipal Obligations which are currently paying or accruing income at the time of purchase.

The Adviser will attempt to reduce the risks of investing in medium and lower quality Municipal Obligations through the use of active portfolio management, diversification, extensive credit research and analysis, economic analysis, including attention to current trends in the economy and financial markets, and participation in the financial futures and options markets. Also, the Trust will take any action it considers appropriate in the event of anticipated financial difficulties or default, or an actual default or bankruptcy, of either the issuer of any such obligation or of the underlying source of funds for debt service of such obligation. Such action may include retaining the services of various persons or firms such as consulting or management services (including affiliates of the Adviser), to evaluate or protect any real estate, facilities or other assets securing such obligation or acquired by the Trust as a result of any of the aforementioned events.

Except during temporary defensive periods, the Trust may not invest more than 20% of its net assets in "temporary investments," the income from which may be subject to federal income taxes. The Trust may invest more than 20% of its net assets in temporary investments for defensive purposes when market or economic conditions dictate. The Trust will invest only in temporary investments which are certificates of deposit of U.S. domestic banks, including foreign branches of domestic banks, with assets of $1 billion or more; bankers' acceptances; time deposits; U.S. Government securities; or debt securities rated within the two highest grades by Moody's or S&P or, if not rated, are of comparable quality as determined by the Trustees, and which mature within one year from the date of purchase. Temporary investments made by the Trust may also include repurchase agreements.

Certain Municipal Bonds in which the Trust may invest without limit may subject certain investors to the alternative minimum tax and, therefore, a substantial portion of the income produced by the Trust may be taxable for such investors under the alternative minimum tax. The Trust, therefore, may not ordinarily be a suitable investment for investors who are subject to the alternative minimum tax.

The foregoing investment objective and policies are fundamental policies of the Trust and may not be changed without the approval of a majority of the outstanding voting securities of the Trust as defined in the 1940 Act.

"Municipal Bonds," "Municipal Notes" and "Municipal Commercial Paper" are debt obligations of states or territories, cities, counties, municipalities and other agencies or instrumentalities which generally have maturities, at the time of their issuance, of either one year or more (Bonds), or from six months to three years (Notes), or less than one year (Commercial Paper). While most Municipal Obligations pay a fixed rate of interest, certain Municipal Obligations are floating or variable rate instruments which generally have a final maturity of more than one year and are subject to periodic rate changes and/or short-term put or tender dates in order to attempt to minimize the fluctuation in the values of these instruments. Municipal Obligations in which the Trust will primarily invest bear interest that, in the opinion of bond counsel to the issuer, is exempt from federal income tax. The Adviser does not conduct its own analysis of the tax status of the interest paid by municipal securities held by the Trust, but will rely on the opinion of counsel to the issuer of each such instrument.

Included within the general category of Municipal Obligations in which the Trust may invest are participations in lease obligations or installment purchase contract obligations (hereinafter collectively called "lease obligations") of counties, cities or other governmental authorities or entities. Although lease obligations do not constitute general obligations of the issuer for which the issuer's taxing power is pledged, a lease obligation is ordinarily backed by the issuer's covenant to budget for, appropriate and make the payments due under the lease obligation. The Trust may also purchase "certificates of participation," which evidence a


29		Invesco Municipal Income Opportunities Trust

proportionate interest in base rental or lease payments to be made by a county, city or other governmental authority or entity.

The Trust reserves the right to invest 25% or more of its total assets in any of the following types of Municipal Obligations provided that the percentage of the Trust's total assets in private activity bonds in any one category does not exceed 25% of the Trust's total assets: health facility obligations, housing obligations, single family mortgage revenue bonds, industrial revenue obligations (including pollution control obligations), electric utility obligations, airport facility revenue obligations, water and sewer obligations, university and college revenue obligations, bridge authority and toll road obligations and resource recovery obligations. Subject to the foregoing, the Trust may invest more than 25% of its total assets in a segment of the municipal securities market with similar characteristics if the Adviser determines that the yields available from obligations in a particular segment justify the additional risks of a larger investment in such segment. The Trust has no policy limiting its investments in municipal securities whose issuers are located in the same state. If the Trust were to invest a significant portion of its total assets in issuers located in the same state, it would be more susceptible to adverse economic, business or regulatory conditions in that state.

The Trust may invest up to 35% of its assets in lower-grade municipal securities. Lower-grade municipal securities shall include securities rated by S&P or Fitch, Inc. as

BB-

through D (inclusive) for bonds or

SP-2

or lower for notes; by Moody's as Ba3 through D (inclusive) for bonds or MIG3 or VMIG3 or lower for notes, or unrated municipal securities determined by Invesco to be of comparable quality at the time of purchase.

†

If two or more nationally recognized statistical rating organizations ("NRSROs") have assigned different ratings to a security, the Adviser uses the lowest rating assigned. Medium- and lower-grade securities are inclusive of some securities rated below investment grade. Securities rated below investment grade are commonly referred to as junk bonds. The Trust may invest in securities that are in default.

†

The Adviser actively manages the Trust's portfolio and adjusts the average maturity of portfolio investments based upon its expectations regarding the direction of interest rates and other economic factors. The Adviser seeks to identify those securities that it believes entail reasonable credit risk considered in relation to the Trust's investment policies. In selecting securities for investment, the Adviser uses its extensive research capabilities to assess potential investments and considers a number of factors, including general market and economic conditions and interest rate, credit and prepayment risks. Each security considered for investment is subjected to an

in-depth

credit analysis to evaluate the level of risk it presents. Finally, the Adviser employs leverage in an effort to enhance the Trust's income and total return.

Decisions to purchase or sell securities are determined by the relative value considerations of the portfolio managers that factor in economic and credit-related fundamentals, market supply and demand, market dislocations and situation-specific opportunities. The purchase or sale of securities may be related to a decision to alter the Trust's macro risk exposure (such as duration, yield curve positioning and sector exposure), a need to limit or reduce the Trust's exposure to a particular security or issuer,

degradation of an issuer's credit quality, or general liquidity needs of the Trust. The potential for realization of capital gains or losses resulting from possible changes in interest rates will not be a major consideration and frequency of portfolio turnover generally will not be a limiting factor if the Adviser considers it advantageous to purchase or sell securities.

Municipal Securities.

The yields of municipal securities depend on, among other things, general money market conditions, general conditions of the municipal securities market, size of a particular offering, the maturity of the obligation and rating of the issue. The ratings of S&P and Moody's represent their opinions of the quality of the municipal securities they undertake to rate. These ratings are general and are not absolute standards of quality. Consequently, municipal securities with the same maturity, coupon and rating may have different yields while municipal securities of the same maturity and coupon with different ratings may have the same yield. The Trust has no limitation as to the maturity of municipal securities in which it may invest. The Adviser may adjust the average maturity of the Trust's portfolio from time to time depending on its assessment of the relative yields available on securities of different maturities and its expectations of future changes in interest rates.

The principal types of municipal debt securities purchased by the Trust are revenue obligations and general obligations. Revenue obligations are usually payable only from the revenues derived from a particular facility or class of facilities or, in some cases, from the proceeds of a special excise tax or other specific revenue source, but not from the general taxing power. Revenue obligations may include industrial development, pollution control, public utility, housing, and health care issues. General obligation securities are secured by the issuer's pledge of its faith, credit and taxing power for the payment of principal and interest.

Within these principal classifications of municipal securities, there are a variety of types of municipal securities, including but not limited to:

∎

Variable rate securities, which bear rates of interest that are adjusted periodically according to formulae intended to reflect market rates of interest.

∎

Municipal notes, including tax, revenue and bond anticipation notes of short maturity, generally less than three years, which are issued to obtain temporary funds for various public purposes.

∎

Variable rate demand notes, which are obligations that contain a floating or variable interest rate adjustment formula, and which are subject to a right of demand for payment of the principal balance plus accrued interest either at any time or at specified intervals. The interest rate on a variable rate demand note may be based on a known lending rate, such as a bank's prime rate, and may be adjusted when such rate changes, or the interest rate may be a market rate that is adjusted at specified intervals. The adjustment formula maintains the value of the variable rate demand note at approximately the par value of such note at the adjustment date.

∎

Municipal leases, which are obligations issued by state and local governments or authorities to finance the acquisition of equipment and facilities. Certain municipal lease obligations may include

non-appropriation

clauses which provide that the municipality has no obligation to make lease or installment purchase payments in future years unless

money is appropriated for such purpose on a yearly basis.

∎

Private activity bonds, which are issued by, or on behalf of, public authorities to finance privately operated facilities.

∎

Participation certificates, which are obligations issued by state or local governments or authorities to finance the acquisition of equipment and facilities. They may represent participations in a lease, an installment purchase contract or a conditional sales contract.

∎

Municipal securities that may not be backed by the faith, credit and taxing power of the issuer.

∎

Municipal securities that are privately placed and that may have restrictions on the Trust's ability to resell, such as timing restrictions or requirements that the securities only be sold to qualified institutional investors.

∎

Municipal securities that are insured by financial insurance companies.

The following investment practices apply to the portfolio investments of the Trust and may be changed by the Trustees of the Trust without shareholder approval.

Inverse Floating Rate Interests.

The Trust may invest in inverse floating rate interests for investment purposes and to enhance the yield of the Trust. Inverse floating rate interests are variable rate debt instruments that pay interest at rates that move in the opposite direction of prevailing interest rates. Inverse floating rate interests in which the Trust may invest include derivative instruments such as residual interest bonds, tender option bonds or municipal bond trust certificates. Such instruments are typically created by a special purpose trust (the TOB Trust) that holds long-term fixed rate bonds, which are contributed by the Trust (the underlying security), and sells two classes of beneficial interests: short term floating rate interests, which are sold to or held by third party investors, and inverse floating residual interests, which are purchased by the Trust. Because the interest rate paid to holders of such interests is generally determined by subtracting the available or floating rate from a predetermined amount, the interest rate paid to holders of such interests will decrease as such variable or floating rate increases and increase as such variable or floating rate decrease. For additional information regarding Inverse Floating Rate Interests, see "Notes to Financial Statements."

When-Issued and Delayed-Delivery Transactions.

The Trust may purchase municipal securities on a "when-issued" basis and may purchase or sell such securities on a "delayed-delivery" basis, which means that a Trust buys or sells a security with payment and delivery taking place in the future. The payment obligation and the interest rate are fixed at the time a Trust enters into the commitment. No income accrues on such securities until the date a Trust actually takes delivery of the securities.

Restricted Securities.

The Trust may invest up to 10% of its total assets in securities subject to contractual restrictions on resale. Rule 144A Securities and Other Exempt Securities. The Trust may invest in Rule 144A securities and other types of exempt securities, which are not registered for sale pursuant to an exemption from registration under the Securities Act of 1933, as amended.

Zero

Coupon/Pay-in-Kind

Securities.

The Trust may invest in securities not producing immediate cash income, including zero coupon securities or

pay-in-kind

securities, when their


30		Invesco Municipal Income Opportunities Trust

effective yield over comparable instruments producing cash income makes these investments attractive. Zero coupon securities are debt securities that do not entitle the holder to any periodic payment of interest prior to maturity or a specified date when the securities begin paying current interest.

Pay-in-kind

securities are debt securities that pay interest through the issuance of additional securities.

Principal Risks of Investing in the Trust

As with any fund investment, loss of money is a risk of investing. The risks associated with an investment in the Trust can increase during times of significant market volatility. The principal risks of investing in the Trust are:

Market Risk.

The market values of the Trust's investments, and therefore the value of the Trust's shares, will go up and down, sometimes rapidly or unpredictably. Market risk may affect a single issuer, industry or section of the economy, or it may affect the market as a whole. The value of the Trust's investments may go up or down due to general market conditions that 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, or adverse investor sentiment generally. The value of the Trust's investments may also go up or down due to factors that affect an individual issuer or a particular industry or sector, such as changes in production costs and competitive conditions within an industry. In addition, natural or environmental disasters, widespread disease or other public health issues, war, military conflict, acts of terrorism, economic crisis or other events may have a significant impact on the value of the Trust's investments, as well as the financial markets and global economy generally. Such circumstances may also impact the ability of the Adviser to effectively implement the Trust's investment strategy. During a general downtuin the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by the Trust will rise in value.

Market Disruption Risks Related to Armed Conflict.

As a result of increasingly interconnected global economies and financial markets, armed conflict between countries or in a geographic region, for example the current conflicts between Russia and Ukraine in Europe and Hamas and Israel in the Middle East, has the potential to adversely impact the Trust's investments. Such conflicts, and other corresponding events, have had, and could continue to have, severe negative effects on regional and global economic and financial markets, including increased volatility, reduced liquidity, and overall uncertainty. The negative impacts may be particularly acute in certain sectors. The timing and duration of such conflicts, resulting sanctions, related events, and other implications cannot be predicted. The foregoing may result in a negative impact on Trust performance and the value of an investment in the Trust, even beyond any direct investment exposure the Trust may have to issuers located in or with significant exposure to an impacted country or geographic region.

Debt Securities Risk.

The prices of debt securities held by the Trust will be affected by changes in interest rates, the creditworthiness of the issuer and other factors. An increase in prevailing interest rates typically causes the value of existing debt securities to fall and often has a greater impact

on longer-duration debt securities and higher quality debt securities. Falling interest rates will cause the Trust to reinvest the proceeds of debt securities that have been repaid by the issuer at lower interest rates. Falling interest rates may also reduce the Trust's distributable income because interest payments on floating rate debt instruments held by the Trust will decline. The Trust could lose money on investments in debt securities if the issuer or payments and/or to repay principal in a timely manner. If an issuer seeks to restructure the terms of its borrowings or the Trust is required to seek recovery upon a default in the payment of interest or the repayment of principal, the Trust may incur additional expenses. Changes in an issuer's financial strength, the market's perception of such strength or in the credit rating of the issuer or the security may affect the value of debt securities. The Adviser's credit analysis may fail to anticipate such changes, which could result in buying a debt security at an inopportune time or failing to sell a debt security in advance of a price decline or other credit event.

Municipal Securities Risk.

The risk of a municipal obligation generally depends on the financial and credit status of the issuer. Constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives, and the issuer's regional economic conditions may affect the municipal security's value, interest payments, repayment of principal and the Trust's ability to sell the security. Municipal obligations may be more susceptible to downgrades or defaults during recessions or similar periods of economic stress. Municipal securities structured as revenue bonds are generally not backed by the taxing power of the issuing municipality but rather the revenue from the particular project or entity for which the bonds were issued. If the Internal Revenue Service determines that an issuer of a municipal security has not complied with applicable tax requirements, interest from the security could be treated as taxable, which could result in a decline in the security's value. In addition, there could be changes in applicable tax laws or tax treatments that reduce or eliminate the current federal income tax exemption on municipal securities or otherwise adversely affect the current federal or state tax status of municipal securities.

Changing Fixed Income Market Conditions Risk.

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, perhaps suddenly and to a significant degree, and to 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 and other governmental actions and political events within the U.S. and abroad, the U.S. government's inability at times to agree on a long-term budget and deficit reduction plan or other legislation aimed at addressing financial or economic conditions, the threat of a federal government shutdown, and threats not to increase or suspend the federal government's debt limit may also, among other things, affect investor and consumer

expectations and confidence in the financial markets, including in the U.S. government's credit rating and ability to service its debt. Such changes and events may adversely impact the Trust, including its operations, universe of potential investment options, and retupotential.

Interest Rate Risk.

Interest rate risk is the risk that rising interest rates, or an expectation of rising interest rates in the near future, will cause the values of the Trust's investments to decline. The values of debt securities usually change when prevailing interest rates change. When interest rates rise, the values of outstanding debt securities generally fall, and those securities may sell at a discount from their face amount. When interest rates rise, the decrease in values of outstanding debt securities may not be offset by higher income from new investments. When interest rates fall, the values of already-issued debt securities generally rise. However, when interest rates fall, the Trust's investments in new securities may be at lower yields and may reduce the Trust's income. The values of longer-term debt securities usually change more than the values of shorter-term debt securities when interest rates change; thus, interest rate risk is usually greater for securities with longer maturities or durations. "Zero-coupon" or "stripped" securities may be particularly sensitive to interest rate changes.

Market Discount from Net Asset Value Risk.

Shares of

closed-end

investment companies like the Trust frequently trade at prices lower than their net asset value. Because the market price of the Trust's common shares is determined by factors such as relative market supply and demand, general market and economic circumstances, and other factors beyond the control of the Trust, the Trust cannot predict whether its shares of common stock will trade at, below or above net asset value. This characteristic is a risk separate and distinct from the risk that the Trust's net asset value could decrease as a result of investment activities. Common shareholders bear a risk of loss to the extent that the price at which they sell their shares is lower than at the time of purchase.

Defaulted Securities Risk.

Defaulted securities pose a greater risk that principal will not be repaid than

non-defaulted

securities. The Trust will generally not receive interest payments on defaulted securities and may incur costs to protect its investment. Defaulted securities and any securities received in an exchange for such securities may be subject to restrictions on resale. Investments in defaulted securities and obligations of distressed issuers are considered speculative and the prices of these securities may be more volatile than

non-defaulted

securities.

High Yield Debt Securities (Junk Bond/Below-Investment Grade) Risk.

The Trust's investments in high yield debt securities (commonly referred to as junk bonds) and other lower-rated securities will subject the Trust to substantial risk of loss. These securities are considered to be speculative with respect to the issuer's ability to pay interest and principal when due and are more susceptible to default or decline in market value due to adverse economic, regulatory, political or company developments than higher rated or investment grade securities. Prices of high yield debt securities tend to be very volatile. These securities are less liquid than investment grade debt securities and may be difficult to sell at a desirable


31		Invesco Municipal Income Opportunities Trust

time or price, particularly in times of negative sentiment toward high yield securities.

Medium- and Lower-Grade Municipal Securities Risk.

Securities which are in the medium- and lower-grade categories generally offer higher yields than are offered by higher-grade securities of similar maturity, but they also generally involve more volatility and greater risks, such as greater credit risk, market risk, liquidity risk and management risk. Furthermore, many issuers of medium- and lower-grade securities choose not to have a rating assigned to their obligations by any nationally recognized statistical rating organization. As such, the Trust's portfolio may consist of a higher portion of unrated securities as compared with an investment company that invests solely in higher-grade securities. Unrated securities may not be as attractive to as many buyers as are rated securities, a factor which may make unrated securities less able to be sold at a desirable time or price. These factors may limit the ability of the Trust to sell such securities at their fair value either to raise cash or in response to changes in the economy or the financial markets.

Unrated Securities Risk.

The Adviser may internally assign ratings to securities that are not rated by any nationally recognized statistical rating organization, after assessing their credit quality and other factors, in categories similar to those of nationally recognized statistical rating organizations. There can be no assurance, nor is it intended, that the Adviser's credit analysis process is consistent or comparable with the credit analysis process used by a nationally recognized statistical rating organization. Unrated securities are considered "investment-grade" or "below-investment-grade" if judged by the Adviser to be comparable to rated investment-grade or below-investment-grade securities. The Adviser's rating does not constitute a guarantee of the credit quality. In addition, some unrated securities may not have an active trading market or may trade less actively than rated securities, which means that the Trust might have difficulty selling them promptly at an acceptable price. In evaluating the credit quality of a particular security, whether rated or unrated, the Adviser will normally take into consideration a number of factors such as, if applicable, the financial resources of the issuer, the underlying source of funds for debt service on a security, the issuer's sensitivity to economic conditions and trends, any operating history of the facility financed by the obligation, the degree of community support for the financed facility, the capabilities of the issuer's management, and regulatory factors affecting the issuer or the particular facility. A reduction in the rating of a security after the Trust buys it will not require the Trust to dispose of the security. However, the Adviser will evaluate such downgraded securities to determine whether to keep them in the Trust's portfolio.

Credit Risk.

The issuers of instruments in which the Trust invests may be unable to meet interest and/or principal payments. This risk is increased to the extent the Trust invests in junk bonds, which may cause the Trust to incur higher expenses to protect its interests. The credit risks and market prices of lower-grade securities generally are more sensitive to negative issuer developments, such as reduced revenues or increased expenditures, or adverse economic conditions, such as a recession, than are higher-grade securities. An issuer's securities may decrease in value if its financial strength weakens,

which may reduce its credit rating and possibly its ability to meet its contractual obligations. In the event that an issuer of securities held by the Trust experiences difficulties in the timely payment of principal and interest and such issuer seeks to restructure the terms of its borrowings, the Trust may incur additional expenses and may determine to invest additional assets with respect to such issuer or the project or projects to which the Trust's securities relate. Further, the Trust may incur additional expenses to the extent that it is required to seek recovery upon a default in the payment of interest or the repayment of principal on its portfolio holdings and the Trust may be unable to obtain full recovery on such amounts.

Income Risk

. The income you receive from the Trust is based primarily on prevailing interest rates, which can vary widely over the short and long term. If interest rates decrease, your income from the Trust may decrease as well.

Call Risk.

If interest rates fall, it is possible that issuers of securities with high interest rates will prepay or call their securities before their maturity dates. In this event, the proceeds from the called securities would likely be reinvested by the Trust in securities bearing the new, lower interest rates, resulting in a possible decline in the Trust's income and distributions to shareholders.

Municipal Issuer Focus Risk.

The municipal issuers in which the Trust invests may be located in the same geographic area or may pay their interest obligations from revenue of similar projects, such as hospitals, airports, utility systems and housing finance agencies. This may make the Trust's investments more susceptible to similar social, economic, political or regulatory occurrences, making the Trust more susceptible to experience a drop in its share price than if the Trust had been more diversified across issuers that did not have similar characteristics. From time to time, the Trust's investments may include securities that alone or together with securities held by other funds or accounts managed by the Adviser, represents a major portion or all of an issue of municipal securities. Because there may be relatively few potential purchasers for such investments and, in some cases, there may be contractual restrictions on resales, the Trust may find it more difficult to sell such securities at a desirable time or price.

Insurance Risk

. Financial insurance guarantees that interest payments on a bond will be made on time and that principal will be repaid when the bond matures. Insured municipal obligations would generally be assigned a lower rating if the rating was based primarily on the credit quality of the issuer without regard to the insurance feature. If the claims-paying ability of the insurer were downgraded, the ratings on the municipal obligations it insures may also be downgraded. Insurance does not protect the Trust against losses caused by declines in a bond's value due to a change in market conditions.

Alternative Minimum Tax Risk.

Although the interest received from municipal securities generally is exempt from federal income tax, the Trust may invest all or a substantial portion of its total assets in municipal securities subject to the federal alternative minimum tax. Accordingly, an investment in the Trust could cause shareholders to be subject to (or result in an increased liability under) the federal alternative minimum tax.

Taxability Risk.

The Trust's investments in municipal securities rely on the opinion of the

issuer's bond counsel that the interest paid on those securities will not be subject to federal income tax. Tax opinions are generally provided at the time the municipal security is initially issued. However, tax opinions are not binding on the Internal Revenue Service or any court and after the Trust buys a security, the Internal Revenue Service or a court may determine that a bond issued as

tax-exempt

should in fact be taxable and the Trust's dividends with respect to that bond might be subject to federal income tax. As a result, the treatment of dividends previously paid or to be paid by the Trust as "exempt-interest dividends" could be adversely affected, subjecting the Trust's shareholders to increased federal income tax liabilities. In addition, income from

tax-exempt

municipal securities could be declared taxable because of unfavorable changes in tax laws, adverse interpretations by the Internal Revenue Service or a court, or the

non-compliant

conduct of a bond issuer. The value of the Trust's investments and its net asset value may be adversely affected by changes in tax rates and policies. Because interest income from municipal securities is normally not subject to regular federal income taxation, the attractiveness of municipal securities in relation to other investment alternatives is affected by changes in federal income tax rates or changes in the

tax-exempt

status of interest income from municipal securities. Any proposed or actual changes in such rates or exempt status, therefore, can significantly affect the demand for and supply, liquidity and marketability of municipal securities. This could in tuaffect the Trust's net asset value and ability to acquire and dispose of municipal securities at desirable yield and price levels.

Inverse Floating Rate Interests Risk.

Inverse floating rate interests (Inverse Floaters) are issued in connection with municipal tender option bond (TOB) financing transactions to generate leverage for the Trust. Such instruments are created by a special purpose trust (a TOB Trust) that holds long-term fixed rate bonds sold to it by the Trust (the underlying security) and issues two classes of beneficial interests: short-term floating rate interests (Floaters) which are sold to other investors, and Inverse Floaters, which are purchased by the Trust. The Floaters have first priority on the cash flow from the underlying security held by the TOB Trust, have a tender option feature that allows holders to tender the Floaters back to the TOB Trust for their par amount and accrued interest at specified intervals and bear interest at prevailing short-term interest rates. Tendered Floaters are remarketed for sale to other investors for their par amount and accrued interest by a remarketing agent to the TOB Trust and are ultimately supported by a liquidity facility provided by a bank, upon which the TOB Trust can draw funds to pay such amount to holders of Tendered Floaters that cannot be remarketed. The Trust, as a holder of the Inverse Floaters, is paid the residual cash flow from the underlying security. Accordingly, the Inverse Floaters provide the Trust with leveraged exposure to the underlying security. When short-term interest rates rise or fall, the interest payable on the Floaters issued by a TOB Trust will, respectively, rise or fall, leaving less or more, respectively, residual interest cash flow from the underlying security available for payment on the Inverse Floaters. Thus, as short-term interest rates rise, Inverse Floaters produce less income for the Trust, and as short-term interest rates decline, Inverse Floaters produce more income for the Trust.


32		Invesco Municipal Income Opportunities Trust

The price of Inverse Floaters is expected to decline when interest rates rise and increase when interest rates decline, in either case generally more so than the price of a bond with a similar maturity, because of the effect of leverage. As a result, the price of Inverse Floaters is typically more volatile than the price of bonds with similar maturities, especially if the relevant TOB Trust is structured to provide the holder of the Inverse Floaters relatively greater leveraged exposure to the underlying security (e.g., if the par amount of the Floaters as a percentage of the par amount of the underlying security is relatively greater). The Trust generally invests in inverse floaters that include embedded leverage, thus exposing the Trust to greater risks and increased costs. The market value of a "leveraged" inverse floater will fluctuate in response to changes in market rates of interest to a greater extent than the value of an unleveraged investment, and the value of, and income earned on, an inverse floater that has a higher degree of leverage are more likely to be eliminated entirely under adverse market conditions. Further, as short-term interest rates rise, the interests payable on the Floaters issued by a TOB Trust also rises, leaving less residual interest cash flow from the underlying security available for payment on the Inverse Floaters. Additionally, Inverse Floaters may lose some or all of their principal and, in some cases, the Trust could lose money in excess of its investment in Inverse Floaters. Consequently, in a rising interest rate environment, the Trust's investments in Inverse Floaters could negatively impact the Trust's performance and yield, especially when those Inverse Floaters provide the Trust with relatively greater leveraged exposure to the relevant underlying securities. For additional information regarding the risks of Inverse Floating Rate Obligations, see "Notes to Financial Statements.

Liquidity Risk.

The Trust may be unable to sell illiquid investments at the time or price it desires and, as a result, could lose its entire investment in such investments. An investment may be illiquid due to a lack of trading volume in the investment or if the investment is privately placed and not traded in any public market or is otherwise restricted from trading. Liquid securities can become illiquid during periods of market stress.

Tobacco Related Bonds Risk.

The Trust may invest in tobacco settlement revenue bonds and tobacco bonds subject to a state's appropriation pledge (STA Tobacco Bonds).

∎

Tobacco Settlement Revenue Bonds Risk.

In 1998, U.S. tobacco manufacturers representing a majority of U.S. market share reached an out of court agreement, known as the Master Settlement Agreement (MSA), to settle claims against them by 46 states and six U.S. jurisdictions. Tobacco settlement revenue bonds are secured by payments made under the MSA, which provides for annual payments by participating tobacco manufacturers to the states and other jurisdictions in perpetuity. A number of states and local governments have securitized the future flow of those payments by selling bonds backed by the future revenue flows from the tobacco manufacturers. Annual payments on the bonds, and thus the risk to the Trust, are dependent on the receipt of future settlement payments by the state or its instrumentality. The actual amount of future settlement payments is dependent on many factors including, but not limited to, annual domestic cigarette shipments, cigarette consumption, inflation and the financial capability of

participating tobacco companies. Accordingly, payments made by tobacco manufacturers could be reduced if there is a significant decrease in tobacco consumption, which could be a result of, among other things, increased regulation or restrictions on cigarette sales or smoking, anti-smoking campaigns, tax increases, price increases or increased competition from other nicotine delivery devices. A market share loss by the MSA companies to

non-MSA

participating tobacco manufacturers or issues affecting a tobacco manufacturer, such as bankruptcy, could also cause a reduction or delay in bond payments, which could affect the Trust's net asset value. Because tobacco settlement revenue bonds are backed by payments from the tobacco manufacturers, and generally not by the credit of the state or local government issuing the bonds, their creditworthiness depends on the ability of tobacco manufacturers to meet their obligations. The MSA and tobacco manufacturers have been and continue to be subject to various legal claims and an adverse outcome could affect the payment streams associated with the MSA or cause delays or reductions in bond payments.

∎

"Subject to Appropriation" (STA) Tobacco Bonds Risk.

STA Tobacco Bonds rely on both the revenue from the MSA and a state appropriation pledge. "Government appropriation" or "subject to appropriation" bonds (or "appropriation debt") are typically payable from two distinct sources: (i) a dedicated revenue source (in the case of tobacco bonds, the MSA funds), and (ii) the issuer's general funds. Appropriation debt differs from a state's general obligation debt in that general obligation debt is backed by the state's full faith, credit and taxing power, while appropriation debt requires the state to pass a specific periodic appropriation to pay interest and/or principal on the bonds, which is usually made annually. While STA Tobacco Bonds offer an enhanced credit support feature, that feature is generally not an unconditional guarantee of payment by a state and states generally do not pledge the full faith, credit or taxing power of the state.

Investing in U.S. Territories, Commonwealths and Possessions Risk.

The Trust also invests in obligations of the governments of U.S. territories, commonwealths and possessions such as Puerto Rico, the U.S. Virgin Islands, Guam and the NortheMariana Islands to the extent such obligations are exempt from regular federal individual and state income taxes. Accordingly, the Trust may be adversely affected by local political, economic, social and environmental conditions and developments, including natural disasters, within these U.S. territories, commonwealths and possessions affecting the issuers of such obligations. Certain of the municipalities in which the Trust invests, including Puerto Rico, currently experience significant financial difficulties, which may include default, insolvency or bankruptcy. As a result, securities issued by certain of these municipalities are currently considered below-investment-grade securities. A credit rating downgrade relating to, default by, or insolvency or bankruptcy of, one or several municipal security issuers of a state, territory, commonwealth or possession in which the Trust invests could affect the payment of principal and interest, the market values and marketability of many or all municipal obligations of such state, territory, commonwealth or possession. In the past several years, securities issued by Puerto Rico and its

agencies and instrumentalities have been subject to multiple credit downgrades as a result of Puerto Rico's ongoing fiscal challenges, growing debt obligations and uncertainty about its ability to make full repayment on these obligations, and certain issuers of Puerto Rican municipal securities have filed for bankruptcy and/or failed to make payments on obligations that have come due. Such developments could adversely impact the Trust's performance and the Trust may pay expenses to preserve its claims related to its Puerto Rican holdings. The outcome of the debt restructuring of certain Puerto Rican issuers in which the Trust invests, both within and outside bankruptcy proceedings is uncertain, and could adversely affect the Trust.

Risks of Land-Secured or "Dirt" Bonds.

These bonds, which include special assessment, special tax, and tax increment financing bonds, are issued to promote residential, commercial and industrial growth and redevelopment. They are exposed to real estate development-related risks. The bonds could default if the developments failed to progress as anticipated or if taxpayers failed to pay the assessments, fees and taxes specified in the financing plans for a project.

Restricted Securities Risk.

Limitations on the resale of restricted securities may have an adverse effect on their marketability, and may prevent the Trust from disposing of them promptly at reasonable prices. There can be no assurance that a trading market will exist at any time for any particular restricted security. Transaction costs may be higher for restricted securities. Also, restricted securities may be difficult to value because market quotations may not be readily available, and the securities may have significant volatility. In addition, the Trust may get only limited information about the issuer of a restricted security and therefore may be less able to predict a loss.

Rule 144A Securities and Other Exempt Securities Risk.

The Trust may invest in Rule 144A securities and other types of exempt securities, which are not registered for sale pursuant to an exemption from registration under the Securities Act of 1933, as amended. These securities while initially privately placed, typically may be resold only to qualified institutional buyers, or in a privately negotiated transaction, or to a limited number of purchasers, or in limited quantities after they have been held for a specified period of time and other conditions are met for an exemption from registration. If there are an insufficient number of qualified institutional buyers interested in purchasing such securities at a particular time, the Trust may have difficulty selling such securities at a desirable time or price. As a result, the Trust's investment in such securities may be subject to increased liquidity risk. In addition, the issuers of Rule 144A securities may require their qualified institutional buyers (such as the Trust) to keep certain offering information confidential, which could adversely affect the ability of the Trust to sell such securities.

When-Issued, Delayed Delivery and Forward Commitment Risks.

When-issued and delayed delivery transactions are subject to market risk as the value or yield of a security at delivery may be more or less than the purchase price or the yield generally available on securities when delivery occurs. In addition, the Trust is subject to counterparty risk because it relies on the buyer or seller, as the case may be, to consummate the transaction, and failure by the counterparty to


33		Invesco Municipal Income Opportunities Trust

complete the transaction may result in the Trust missing the opportunity of obtaining a price or yield considered to be advantageous. These transactions have a leveraging effect on the Trust because the Trust commits to purchase securities that it does not have to pay for until a later date. These investments therefore increase the Trust's overall investment exposure and, as a result, its volatility. Typically, no income accrues on securities the Trust has committed to purchase prior to the time delivery of the securities is made.

Zero Coupon or

Pay-In-Kind

Securities Risk.

Zero coupon and

pay-in-kind

securities may be subject to greater fluctuation in value and less liquidity in the event of adverse market conditions than comparably rated securities paying cash interest at regular interest payment periods. Prices on

non-cash-paying

instruments may be more sensitive to changes in the issuer's financial condition, fluctuation in interest rates and market demand/supply imbalances than cash-paying securities with similar credit ratings, and thus may be more speculative. Investors may purchase zero coupon and

pay-in-kind

securities at a price below the amount payable at maturity. Because such securities do not entitle the holder to any periodic payments of interest prior to maturity, this prevents any reinvestment of interest payments at prevailing interest rates if prevailing interest rates rise. The higher yields and interest rates on

pay-in-kind

securities reflect the payment deferral and increased credit risk associated with such instruments and that such investments may represent a higher credit risk than coupon loans.

Pay-in-kind

securities may have a potential variability in valuations because their continuing accruals require continuing judgments about the collectability of the deferred payments and the value of any associated collateral. Special tax considerations are associated with investing in certain lower-grade securities, such as zero coupon or

pay-in-kind

securities.

Derivatives Risk.

The value of a derivative instrument depends largely on (and is derived from) the value of an underlying security, currency, commodity, interest rate, index or other asset (each referred to as an underlying asset). In addition to risks relating to the underlying assets, the use of derivatives may include other, possibly greater, risks, including counterparty, leverage and liquidity risks. the derivative contract will default on its obligation to pay the Trust the amount owed or otherwise perform under the derivative contract. Derivatives create leverage risk because they do not require payment up front equal to the economic exposure created by holding a position in the derivative. As a result, an adverse change in the value of the underlying asset could result in the Trust sustaining a loss that is substantially greater than the amount invested in the derivative or the anticipated value of the underlying asset, which may make the Trust's returns more volatile and increase the risk of loss. Derivative instruments may also be less liquid than more traditional investments and the Trust may be unable to sell or close out its derivative positions at a desirable time or price. This risk may be more acute under adverse market conditions, during which the Trust may be most in need of liquidating its derivative positions. Derivatives may also be harder to value, less tax efficient and subject to changing government regulation that could impact the Trust's ability to use certain derivatives or their cost. Derivatives strategies may not always be successful. For

example, derivatives used for hedging or to gain or limit exposure to a particular market segment may not provide the expected benefits, particularly during adverse market conditions.

Variable-Rate Demand Notes Risk.

The absence of an active secondary market for certain variable and floating rate notes could make it difficult to dispose of these instruments, and a portfolio could suffer a loss if the issuer defaults during periods in which a portfolio is not entitled to exercise its demand rights.

Repurchase Agreement Risk.

If the seller of a repurchase agreement defaults or otherwise does not fulfil its obligations, the Trust may incur delays and losses arising from selling the underlying securities, enforcing its rights, or declining collateral value. These risks are magnified to the extent that a repurchase agreement is secured by securities other than cash or U.S. Government securities.

Management Risk.

The Trust is actively managed and depends heavily on the Adviser's judgment about markets, interest rates or the attractiveness, relative values,

liquidity

, or potential appreciation of particular investments made for the Trust's portfolio. The Trust could experience losses if these judgments prove to be incorrect. There can be no guarantee that the Adviser's investment techniques or investment decisions will produce the desired results. Additionally, legislative, regulatory, or tax developments may affect the investments or investment strategies available to the Adviser in connection with managing the Trust, which may also adversely affect the ability of the Trust to achieve its investment objective.

Fundamental Investment Restrictions

The Trust is subject to the following investment restrictions, which may be changed only by a vote of the Trust's outstanding shares:

1. The Trust is a "diversified company" as defined in the 1940 Act. The Trust will not purchase the securities of any issuer if, as a result, the Trust would fail to be a diversified company within the meaning of the 1940 Act, and the rules and regulations promulgated thereunder, as such statute, rules and regulations are amended from time to time or are interpreted from time to time by the Securities and Exchange Commission (the "SEC") staff (collectively, the "1940 Act Laws and Interpretations") or except to the extent that the Trust may be permitted to do so by exemptive order or similar relief (collectively, with the 1940 Act Laws and Interpretations, the "1940 Act Laws, Interpretations and Exemptions"). In complying with this restriction, however, the Trust may purchase securities of other investment companies to the extent permitted by the 1940 Act Laws, Interpretations and Exemptions.

2. The Trust may not borrow money or issue senior securities, except as permitted by the 1940 Act Laws, Interpretations and Exemptions.

3. The Trust may not underwrite the securities of other issuers. This restriction does not prevent the Trust from engaging in transactions involving the acquisition, disposition or resale of its portfolio securities, regardless of whether the Trust may be considered to be an underwriter under the Securities Act of 1933, as amended.

4. The Trust may not make personal loans or loans of its assets to persons who control or are under common control with the Trust, except to the extent permitted by the 1940 Act Laws, Interpretations and Exemptions. This restriction does not prevent the Trust from, among other things, purchasing debt

obligations, entering into repurchase agreements, loaning its assets to broker-dealers or institutional investors, or investing in loans, including assignments and participation interests.

5. The Trust may not purchase real estate or sell real estate unless acquired as a result of ownership of securities or other instruments. This restriction does not prevent the Trust from investing in issuers that invest, deal, or otherwise engage in transactions in real estate or interests therein, or investing in securities that are secured by real estate or interests therein.

6. The Trust may not purchase or sell physical commodities except to the extent permitted by the 1940 Act and any other governing statute, and by the rules thereunder, and by the SEC or other regulatory agency with authority over the Trust.

7. The Trust will not make investments that will result in the concentration (as that term may be defined or interpreted by the 1940 Act Laws, Interpretations and Exemptions) of its investments in the securities of issuers primarily engaged in the same industry. This restriction does not limit the Trust's investments in (i) obligations issued or guaranteed by the U.S. government, its agencies or instrumentalities, or

(ii) tax-exempt

obligations issued by governments or political subdivisions of governments. In complying with this restriction, the Trust will not consider a bank-issued guaranty or financial guaranty insurance as a separate security.

†

Standard & Poor's, Fitch Ratings, Moody's. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D lowest); ratings are subject to change without notice.

"Non-Rated"


34		Invesco Municipal Income Opportunities Trust

Additional Financial Highlights and Senior Securities

The following information is presented in conformance with annual reporting requirements for funds that have filed a registration statement pursuant to General Instruction A.2 of Form

N-2

("Short Form

N-2").

The table below sets forth additional Financial Highlights and each class of senior securities outstanding of the Trust for the years ended, as indicated below. Refer to the "Financial Highlights" for the most recent five years of senior securities outstanding, which have been audited by PricewaterhouseCoopers LLP ("PwC"), the Trust's independent registered public accounting firm. The earliest five years of Financial Highlights and senior securities outstanding of the Trust for the years ended, as set forth in the table below, have been previously audited by PwC but is not covered by the current report of the independent registered public accounting firm.


	Year Ended			Years Ended						Years Ended
	February 29,			February 28,						February 29,
	2020			2019		2018		2017		2016


Net asset value per common share, beginning of period	$	7.33		$	7.41	$	7.44	$	7.65	$	7.58


Net investment income (a)		0.38			0.38		0.42		0.41		0.42


Net gains (losses) on securities (both realized and unrealized)		0.69			(0.06)		(0.04)		(0.22)		0.04


Total from investment operations		1.07			0.32		0.38		0.19		0.46


Dividends paid to common shareholders from net investment income		(0.38)			(0.40)		(0.41)		(0.40)		(0.39)


Net asset value per common share, end of period	$	8.02		$	7.33	$	7.41	$	7.44	$	7.65


Market value per common share, end of period	$	7.96		$	7.65	$	7.53	$	7.60	$	7.43


Total retuat net asset value (b)		14.99%			4.49%		5.19%		2.51%		6.73%


Total retuat market value (c)		9.35%			7.32%		4.64%		7.82%		12.41%


Net assets applicable to common shares, end of period (000's omitted)	$	381,288		$	348,568	$	351,816	$	353,295	$	362,645


Portfolio turnover rate (d)		10%			19%		13%		14%		7%


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


With fee waivers and/or expense reimbursements		1.55%	(e)		1.62%		1.20%		0.98%		0.86%


With fee waivers and/or expense reimbursements excluding interest, facilities and maintenance fees		0.83%	(e)		0.83%		0.83%		0.76%		0.74%


Without fee waivers and/or expense reimbursements		1.55%	(e)		1.62%		1.20%		0.98%		0.86%


Ratio of net investment income to average net assets		4.91%	(e)		5.13%		5.63%		5.33%		5.58%


Senior securities:
Total amount of preferred shares outstanding (000's omitted)	$	30,000		$	30,000	$	30,000		N/A		N/A


Asset coverage per preferred share (f)	$	1,370,961		$	1,261,893	$	1,272,271		N/A		N/A


Liquidating preference per preferred share	$	100,000		$	100,000	$	100,000		N/A		N/A

(a)	Calculated using average shares outstanding.

(b)

(c)

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

(e)	Ratios are based on average daily net assets applicable to common shares (000's omitted) of $363,826.

(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.

N/A - Not applicable


35

Summary of Trust Expenses

The following table contains information about the costs and expenses that Common Shareholders will bear directly or indirectly. The table is based on the capital structure of the Trust as of February 28, 2025 (except as noted below).




Common Shareholder Transaction Expenses Sales load paid by you (as a percentage of offering price) Offering expenses borne by Common Shareholders (as a percentage of offering price) Dividend Reinvestment Plan fees 2		None 1 None 1 None


Annual expenses		As a percentage of Net Assets Attributable to Common Shares 3
Management fees 4		0.77%
Interest payments on borrowed funds 5		1.56
Other expenses		0.16
Total other expenses		1.72
Total annual expenses		2.49%

1	If Common Shares are sold to or through underwriters, the applicable Prospectus Supplement will set forth any applicable sales load and the estimated offering expenses borne by the Trust.

2	Common Shareholders will pay service fee of $2.50 and brokerage charges if they direct the Plan Agent to sell Common Shares held in a dividend reinvestment account.

3	Based upon average net assets applicable to Common Shares for the fiscal year ended February 28, 2025.

The Trust pays the Adviser an annual fee, payable monthly, in an amount equal to 0.55% of the Trust's average daily Managed Assets. The fee shown above is based upon outstanding leverage of 29% of the Trust's total assets. If leverage of more than 29% of the Trust's total assets is used, the management fees shown would be higher.

5	Based upon the Trust's outstanding borrowings of approximately $124,270,000 as of February 28, 2025, and the average daily weighted interest rate for the fiscal year ended February 28, 2025 of 4.68%.

The purpose of the table and the example below is to help you understand the fees and expenses that you, as a holder of Common Shares, would bear directly or indirectly.

Example

The following example illustrates the expenses that you would pay on a $1,000 investment in Common Shares, assuming (1) "Total annual expenses" of 2.49% of net assets attributable to Common Shares and (2) a 5% annual return:*


	1 Year	3 Years	5 Years	10 Years


Total Expenses paid by Common Shareholders 1	$25	$78	$133	$254

* The Example should not be considered a representation of future expenses or returns. Actual expenses may be higher or lower than those assumed. Moreover, the Trust's actual rate of retumay be higher or lower than the hypothetical 5% retushown in the example. The example assumes that all dividends and distributions are reinvested at net asset value.

The example above does not include sales loads or estimated offering costs. In connection with an offering of Common Shares, the applicable Prospectus Supplement will set forth an Example including sales load and estimated offering costs.


36

Market and Net Asset Value Information

The following table sets forth, for each of the periods indicated: (i) the high and low closing market prices for the Common Shares reported as of the end of the day on the NYSE, (ii) the high and low net asset value (NAV) of the Common Shares, and (iii) the high and low of the premium or discount to NAV (expressed as a percentage) of shares of the Common Shares. Net asset value is generally determined on each day that the NYSE is open for business.


		Market Price		NAV 1	Premium/(Discount) to NAV 2
During Quarter
Ended	High	Low	High	Low	High	Low
February 2025	$6.66	$5.84	$6.58	$6.24	1.68%	(7.74)%
Novemeber 2024	$6.96	$6.43	$6.63	$6.33	6.42%	(1.68)%
August 2024	$6.59	$6.20	$6.59	$6.23	1.93%	(3.43)%
May 2024	$6.70	$6.06	$6.48	$6.22	4.36%	(2.57)%
February 2024	$6.66	$6.20	$6.47	$6.18	4.02%	(2.82)%
November 2023	$6.45	$4.94	$6.17	$5.54	5.74%	(11.15)%
August 2023	$6.39	$6.00	$6.38	$6.08	4.58%	(4.09)%
May 2023	$6.82	$5.97	$6.49	$6.17	8.95%	(3.92)%
February 2023	$7.09	$5.98	$6.59	$6.25	9.89%	(4.93)%
August 2022	$7.19	$6.03	$6.86	$6.39	8.59%	(5.93)%

1	Based on the Trust's computations.

2	Calculated based on the information presented. Percentages are rounded.

The net asset value per Common Share, the market price, and percentage of premium/(discount) to net asset value per Common Share on February 28, 2025 was $6.43, $6.20, and (3.58)%, respectively. As of February 28, 2025, the Trust had 47,676,824 Common Shares outstanding and net assets applicable to Common Shares of $306,468,727. The Trust cannot predict whether its Common Shares will trade in the future at a premium to or discount from net asset value, or the level of any premium or discount.

Senior Securities

The Trust engaged in senior securities during the prior ten years as follows:


Year Ended	Total Amount Outstanding		Asset Coverage per $1,000		Involuntary Liquidation Preference		Average Market Value Outstanding
February 28, 2025		N/A		N/A		N/A		N/A
February 29, 2024		$30,000,000		$1,118		$100,000		$30,000,000
February 28, 2023		$30,000,000		$1,096		$100,000		$30,000,000
February 28, 2022		$30,000,000		$1,281		$100,000		$30,000,000
February 28, 2021		$30,000,000		$1,321		$100,000		$30,000,000
February 29, 2020		$30,000,000		$1,371		$100,000		$30,000,000
February 28, 2019		$30,000,000		$1,262		$100,000		$30,000,000
February 28, 2018		$30,000,000		$1,272		$100,000		$30,000,000
February 28, 2017		N/A		N/A		N/A		N/A
February 28, 2016		N/A		N/A		N/A		N/A

Unresolved Staff Comments

The Trust believes that there are no material unresolved written comments, received 180 days or more before February 28, 2025, from the Staff of the Securities and Exchange Commission regarding any of its periodic or current reports under the Securities Exchange Act of 1934 or the Investment Company Act of 1940, or its registration statement.

Trustees and Officers

The address of each trustee and officer is 11 Greenway Plaza, Houston, Texas 77046-1173. Column two below includes length of time served with predecessor entities, if any.


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During At Least The Past 5 Years
Interested Trustees
Jeffrey H. Kupor 1 - 1968 Trustee	2024	Senior Managing Director, Company Secretary and General Counsel, Invesco Ltd.; Trustee, Invesco Foundation, Inc.; Director, Invesco Advisers, Inc.; Executive Vice President, Invesco Asset Management (Bermuda), Ltd. and Invesco Investments (Bermuda) Ltd; and Vice President, Invesco Group Services, Inc. Formerly: Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, Oppenheimer Funds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; Secretary and Vice President, Trinity Investment Management Corporation, Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC	158	None
Douglas Sharp 1 - 1974 Trustee	2024	Senior Managing Director and Head of Americas & EMEA, Invesco Ltd. Formerly: Director and Chairman Invesco UK Limited; Director, Chairman and Chief Executive, Invesco Fund Managers Limited	158	None

1	Mr. Kupor and Mr. Sharp are considered interested persons (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because they are officers of the Adviser to the Trust, and officers of Invesco Ltd., ultimate parent of the Adviser.


T-1		Invesco Municipal Income Opportunities Trust

Trustees and Officers-

(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown - 1968 Trustee (2019) and Chair (2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; and Vice President, Key Account Manager, Liberty Funds Distributor, Inc.	158	Director, Board of Directors of Caron Engineering Inc.; Formerly: Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit); President and Director of Grahamtastic Connection (non-profit); and Trustee of certain Oppenheimer Funds
Carol Deckbar - 1962 Trustee	2024	Formerly: Executive Vice President and Chief Product Officer, TIAA Financial Services; Executive Vice President and Principal, College Retirement Equities Fund at TIAA; Executive Vice President and Head of Institutional Investments and Endowment Services, TIAA	158	Formerly: Board Member, TIAA Asset Management, Inc.; and Board Member, TH Real Estate Group Holdings Company
Cynthia Hostetler - 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads): Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	158	Resideo Technologies (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Investment Company Institute (professional organization) and Independent Directors Council (professional organization); Formerly: Textainer Global Holdings (holding company)
Eli Jones - 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Board Member of the regional board, Frist Financial Bank Texas; Dean of Mays Business School - Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	158	Insperity, Inc. (formerly known as Administaff) (human resources provider); and Board Member, First Financial Bankshares, Inc. Texas
Elizabeth Krentzman - 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management - Office of Regulatory Policy of the U.S. Securities and Exchange Commission; and Associate at Ropes & Gray LLP	158	Formerly: Member of the Cartica Funds Board of Directors (private investment funds); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee; and Trustee of certain Oppenheimer Funds
Anthony J. LaCava, Jr. - 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	158	Member and Chairman of the Bentley University Business School Advisory Council Formerly: Board Member and Chair of the Audit and Finance Committee and Nominating Committee, KPMG LLP
James "Jim" Liddy - 1959 Trustee	2024	Formerly: Chairman, Global Financial Services, Americas and Retired Partner, KPMG LLP	158	Director and Treasurer, Gulfside Place Condominium Association, Inc. and Non-Executive Director, Kellenberg Memorial High School
Prema Mathai-Davis - 1950 Trustee	2010	Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	158	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)


T-2		Invesco Municipal Income Opportunities Trust

Trustees and Officers-

(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees-(continued)
Joel W. Motley - 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; Member of Investment Committee and Board of Historic Hudson Valley (non-profit cultural organization) and Member of the Vestry and the Investment Committee of Trinity Church Wall Street Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); and Director of Columbia Equity Financial Corp. (privately held financial advisor)	158	Member of the Board, Blue Ocean Acquisition Corp; Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism); and Trustee of certain Oppenheimer Funds
Edward Perkin - 1972 Trustee	2025	Former: Chief Investment Officer, Equity, Eaton Vance	158	None
Teresa M. Ressel - 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations; Managing Partner, Radiate Capital (private equity sponsor) Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Group Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); and Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	158	None
Daniel S. Vandivort -1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) and Member, Investment Committee of Historic Charleston Foundation Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	158	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America.


T-3		Invesco Municipal Income Opportunities Trust

Trustees and Officers-

(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Glenn Brightman - 1972 President and Principal Executive Officer	2023	Chief Operating Officer, Investments & Americas, Invesco Ltd.; Senior Vice President, Invesco Advisers, Inc.; President and Principal Executive Officer, The Invesco Funds; Manager, Invesco Investment Advisers LLC; Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd.; Director, Chief Executive Officer and President, Invesco Corporate Class Inc.; Director, Invesco Investment Services, Inc.; and President, Invesco Global Direct Real Estate GP Ltd., Invesco, Inc., Invesco IP Holdings (Canada) Ltd., Invesco Global Direct Real Estate Feeder GP Ltd. and Invesco Financial Services Ltd. Formerly: Global Head of Finance, Invesco Ltd; Executive Vice President and Chief Financial Officer, Nuveen	N/A	N/A
Melanie Ringold - 1975 Senior Vice President, Chief Legal Officer and Secretary	2023	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary, Invesco Investment Advisers LLC and Invesco Capital Markets, Inc.; Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Senior Vice President, Oppenheimer Funds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, Oppenheimer Acquisition Corp.; Secretary, SteelPath Funds Remediation LLC; and Secretary and Senior Vice President, Trinity Investment Management Corporation; Manager, Invesco Specialized Products, LLC and Invesco Capital Management LLC; Manager, Tremont Group Holdings, LLC and Director, Tremont (Bermuda) Limited Formerly: Secretary and Senior Vice President, OFI SteelPath, Inc., Assistant Secretary, Invesco Distributors, Inc.; Invesco Advisers, Inc.; Invesco Investment Services, Inc., Invesco Capital Markets, Inc., Invesco Capital Management LLC and Invesco Investment Advisers LLC; and Assistant Secretary and Investment Vice President, Invesco Funds	N/A	N/A
Adrien Deberghes - 1967 Principal Financial Officer, Treasurer and Senior Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Director, Invesco Trust Company; Principal Financial Officer, Treasurer and Senior Vice President, The Invesco Funds; and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Vice President, The Invesco Funds; Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A
Todd F. Kuehl - 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser) Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
James Bordewick, Jr. - 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; and Associate, Gaston Snow & Ely Bartlett.	N/A	N/A


T-4		Invesco Municipal Income Opportunities Trust

Trustees and Officers-

(continued)


Office of the Fund	Investment Adviser	Auditors	Custodian
1331 Spring Street NW, Suite 2500 Atlanta, GA 30309	Invesco Advisers, Inc. 1331 Spring Street NW, Suite 2500 Atlanta, GA 30309	PricewaterhouseCoopers LLP 1000 Louisiana Street, Suite 5800 Houston, TX 77002-5021	State Street Bank and Trust Company 225 Franklin Street Boston, MA 02110-2801

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent
Stradley Ronon Stevens & Young, LLP 2005 Market Street, Suite 2600 Philadelphia, PA 19103-7018	Sidley Austin LLP 787 Seventh Avenue New York, NY 10019	Computershare Trust Company, N.A 250 Royall Street Canton, MA 02021


T-5		Invesco Municipal Income Opportunities Trust

(This page intentionally left blank)

Correspondence information

Send general correspondence to Computershare Trust Company, N.A., P.O. Box 43078, Providence, RI 02940-3078

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-AR-1

(b) Not applicable.

Item 2. Code of Ethics.

The Registrant has adopted a Code of Ethics (the "Code") that applies to the Registrant's Principal Executive Officer ("PEO") and Principal Financial Officer ("PFO"). This Code is filed as an exhibit to this report on Form N-CSRunder Item 19(a)(1). No substantive amendments to this Code were made during the reporting period. The Code was revised to include PEOs and PFOs of certain Invesco exchange traded funds, previously covered by a separate code of ethics. There were no waivers for the fiscal year ended February 28, 2025.

Item 3. Audit Committee Financial Expert.

The Board of Trustees has determined that the Registrant has at least one audit committee financial expert serving on its Audit Committee. The Audit Committee financial expert is Anthony J. LaCava, Jr. Anthony J. LaCava, Jr. is "independent" within the meaning of that term as used in Form N-CSR.

Item 4. Principal Accountant Fees and Services.

(a) to (d)

Fees Billed by PwC Related to the Registrant

PricewaterhouseCoopers LLP ("PwC"), the Registrant's independent registered public accounting firm, billed the Registrant aggregate fees for services rendered to the Registrant for the last two fiscal years as shown in the following table. The Audit Committee pre-approvedall audit and non-auditservices provided to the Registrant.


	Fees Billed by PwC for Services Rendered to the Registrant for Fiscal Year Ended 2025		Fees Billed by PwC for Services Rendered to the Registrant for Fiscal Year Ended 2024
Audit Fees	$	53,529	$	51,470
Audit-Related Fees⁽¹⁾	$	6,996	$	0
Tax Fees⁽²⁾	$	13,433	$	14,598
All Other Fees	$	0	$	0

Total Fees	$	73,958	$	66,068

(1)	Audit-Related Fees for the fiscal year ended 2025 includes fees billed for reviewing regulatory filings.

(2)	Tax Fees for the fiscal years ended 2025 and 2024 includes fees billed for preparation of U.S. Tax Returns and Taxable Income calculations, including excise tax and year-to-dateestimates for various book-to-taxdifferences.

Fees Billed by PwC Related to Invesco and Affiliates

PwC billed Invesco Advisers, Inc. ("Invesco"), the Registrant's investment adviser, and any entity controlling, controlled by or under common control with Invesco that provides ongoing services to the Registrant ("Affiliates") aggregate fees for pre-approvednon-auditservices rendered to Invesco and Affiliates for the last two fiscal years as shown in the following table. The Audit Committee pre-approvedall non-auditservices provided to Invesco and Affiliates that were required to be pre-approved.


	Fees Billed for Non- Audit Services Rendered to Invesco and Affiliates for Fiscal Year Ended 2025 That Were Required to be Pre-Approved by the Registrant's Audit Committee		Fees Billed for Non- Audit Services Rendered to Invesco and Affiliates for Fiscal Year Ended 2024 That Were Required to be Pre-Approved by the Registrant's Audit Committee
Audit-Related Fees⁽¹⁾	$	1,141,000	$	1,094,000
Tax Fees	$	0	$	0
All Other Fees	$	0	$	0

Total Fees	$	1,141,000	$	1,094,000

(1)	Audit-Related Fees for the fiscal years ended 2025 and 2024 include fees billed related to reviewing controls at a service organization.

(e)(1)

PRE-APPROVALOF AUDIT AND NON-AUDITSERVICES

POLICIES AND PROCEDURES

As adopted by the Audit Committees

of the Invesco Funds (the "Funds")

Last Amended March 29, 2017

Statement of Principles

The Audit Committees (the "Audit Committee") of the Boards of Trustees of the Funds (the "Board") have adopted these policies and procedures (the "Procedures") with respect to the pre-approvalof audit and non-auditservices to be provided by the Funds' independent auditor (the "Auditor") to the Funds, and to the Funds' investment adviser(s) and any entity controlling, controlled by, or under common control with the investment adviser(s) that provides ongoing services to the Funds (collectively, "Service Affiliates").

Under Section 202 of the Sarbanes-Oxley Act of 2002, all audit and non-auditservices provided to the Funds by the Auditor must be preapproved by the Audit Committee. Rule 2-01of Regulation S-Xrequires

that the Audit Committee also pre-approvea Service Affiliate's engagement of the Auditor for non-auditservices if the engagement relates directly to the operations and financial reporting of the Funds (a "Service Affiliate's Covered Engagement").

These Procedures set forth the procedures and the conditions pursuant to which the Audit Committee may pre-approveaudit and non-auditservices for the Funds and a Service Affiliate's Covered Engagement pursuant to rules and regulations of the Securities and Exchange Commission ("SEC") and other organizations and regulatory bodies applicable to the Funds ("Applicable Rules").¹ They address both general pre-approvalswithout consideration of specific case-by-caseservices ("general pre-approvals") and pre-approvals on a case-by-casebasis ("specific pre-approvals"). Any services requiring pre-approvalthat are not within the scope of general pre-approvalshereunder are subject to specific pre-approval.These Procedures also address the delegation by the Audit Committee of pre-approvalauthority to the Audit Committee Chair or Vice Chair.

II.

Pre-Approvalof Fund Audit Services

The annual Fund audit services engagement, including terms and fees, is subject to specific pre-approvalby the Audit Committee. Audit services include the annual financial statement audit and other procedures required to be performed by an independent auditor to be able to form an opinion on the Funds' financial statements. The Audit Committee will receive, review and consider sufficient information concerning a proposed Fund audit engagement to make a reasonable evaluation of the Auditor's qualifications and independence. The Audit Committee will oversee the Fund audit services engagement as necessary, including approving any changes in terms, audit scope, conditions and fees.

In addition to approving the Fund audit services engagement at least annually and specifically approving any changes, the Audit Committee may generally or specifically pre-approveengagements for other audit services, which are those services that only an independent auditor reasonably can provide. Other audit services may include services associated with SEC registration statements, periodic reports and other documents filed with the SEC.

III.

General and Specific Pre-Approvalof Non-AuditFund Services

The Audit Committee will consider, at least annually, the list of General Pre-ApprovedNon-AuditServices which list may be terminated or modified at any time by the Audit Committee. To inform the Audit Committee's review and approval of General Pre-ApprovedNon-AuditServices, the Funds' Treasurer (or his or her designee) and Auditor shall provide such information regarding independence or other matters as the Audit Committee may request.

Any services or fee ranges that are not within the scope of General Pre-ApprovedNon-AuditServices have not received general pre-approvaland require specific pre-approval.Each request for specific pre-approvalby the Audit Committee for services to be provided by the Auditor to the Funds must be submitted to the Audit Committee by the Funds' Treasurer (or his or her designee) and must include detailed information about the services to be provided, the fees or fee ranges to be charged, and other relevant information sufficient to allow the Audit Committee to consider whether to pre-approvesuch engagement, including evaluating whether the provision of such services will impair the independence of the Auditor and is otherwise consistent with Applicable Rules.

IV.

Non-AuditService Types

¹	Applicable Rules include, for example, New York Stock Exchange ("NYSE") rules applicable to closed-endfunds managed by Invesco and listed on NYSE.

The Audit Committee may provide either general or specific pre-approvalof audit-related, tax or other services, each as described in more detail below.

Audit-Related Services

"Audit-related services" are assurance and related services that are reasonably related to the performance of the audit or review of the Fund's financial statements or that are traditionally performed by an independent auditor. Audit-related services include, among others, accounting consultations related to accounting, financial reporting or disclosure matters not classified as "Audit services"; assistance with understanding and implementing new accounting and financial reporting guidance from rulemaking authorities; services related to mergers, acquisitions or dispositions; compliance with ratings agency requirements and interfund lending activities; and assistance with internal control reporting requirements.

Tax Services

"Tax services" include, but are not limited to, the review and signing of the Funds' federal tax returns, the review of required distributions by the Funds and consultations regarding tax matters such as the tax treatment of new investments or the impact of new regulations. The Audit Committee will not approve proposed services of the Auditor which the Audit Committee believes are to be provided in connection with a service or transaction initially recommended by the Auditor, the sole business purpose of which may be tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Audit Committee will consult with the Funds' Treasurer (or his or her designee) and may consult with outside counsel or advisers as necessary to ensure the consistency of tax services rendered by the Auditor with the foregoing policy. The Auditor shall not represent any Fund or any Service Affiliate before a tax court, district court or federal court of claims.

Each request to provide tax services under either the general or specific pre-approvalof the Audit Committee will include a description from the Auditor in writing of (i) the scope of the service, the fee structure for the engagement, and any side letter or other amendment to the engagement letter, or any other agreement (whether oral, written, or otherwise) between the Auditor and the Funds, relating to the service; and (ii) any compensation arrangement or other agreement, such as a referral agreement, a referral fee or fee-sharingarrangement, between the Auditor (or an affiliate of the Auditor) and any person (other than the Funds or Service Affiliates receiving the services) with respect to the promoting, marketing, or recommending of a transaction covered by the service. The Auditor will also discuss with the Audit Committee the potential effects of the services on the independence of the Auditor, and document the substance of its discussion with the Audit Committee.

Other Services

The Audit Committee may pre-approveother non-audit services so long as the Audit Committee believes that the service will not impair the independence of the Auditor. Appendix Iincludes a list of services that the Auditor is prohibited from performing by the SEC rules. Appendix Ialso includes a list of services that would impair the Auditor's independence unless the Audit Committee reasonably concludes that the results of the services will not be subject to audit procedures during an audit of the Funds' financial statements.

Pre-Approvalof Service Affiliate's Covered Engagements

Rule 2-01of Regulation S-Xrequires that the Audit Committee pre-approvea Service Affiliate's engagement of the Auditor for non-auditservices if the engagement relates directly to the operations and financial reporting of the Funds, defined above as a "Service Affiliate's Covered Engagement".

The Audit Committee may provide either general or specific pre-approvalof any Service Affiliate's Covered Engagement, including for audit-related, tax or other services, as described above, if the Audit Committee believes that the provision of the services to a Service Affiliate will not impair the independence of the Auditor with respect to the Funds. Any Service Affiliate's Covered Engagements that are not within the scope of General Pre-ApprovedNon-AuditServices have not received general pre-approvaland require specific pre-approval.

Each request for specific pre-approvalby the Audit Committee of a Service Affiliate's Covered Engagement must be submitted to the Audit Committee by the Funds' Treasurer (or his or her designee) and must include detailed information about the services to be provided, the fees or fee ranges to be charged, a description of the current status of the pre-approvalprocess involving other audit committees in the Invesco investment company complex (as defined in Rule 2-201of Regulation S-X)with respect to the proposed engagement, and other relevant information sufficient to allow the Audit Committee to consider whether the provision of such services will impair the independence of the Auditor from the Funds. Additionally, the Funds' Treasurer (or his or her designee) and the Auditor will provide the Audit Committee with a statement that the proposed engagement requires pre-approvalby the Audit Committee, the proposed engagement, in their view, will not impair the independence of the Auditor and is consistent with Applicable Rules, and the description of the proposed engagement provided to the Audit Committee is consistent with that presented to or approved by the Invesco audit committee.

Information about all Service Affiliate engagements of the Auditor for non-auditservices, whether or not subject to pre-approvalby the Audit Committee, shall be provided to the Audit Committee at least quarterly, to allow the Audit Committee to consider whether the provision of such services is compatible with maintaining the Auditor's independence from the Funds. The Funds' Treasurer and Auditor shall provide the Audit Committee with sufficiently detailed information about the scope of services provided and the fees for such services, to ensure that the Audit Committee can adequately consider whether the provision of such services is compatible with maintaining the Auditor's independence from the Fund.

VI.

Pre-ApprovedFee Levels or Established Amounts

Pre-approvedfee levels or ranges for audit and non-auditservices to be provided by the Auditor to the Funds, and for a Service Affiliate's Covered Engagement, under general pre-approvalor specific pre-approvalwill be set periodically by the Audit Committee. Any proposed fees exceeding 110% of the maximum pre-approvedfee levels or ranges for such services or engagements will be promptly presented to the Audit Committee and will require specific pre-approvalby the Audit Committee before payment of any additional fees is made.

VII.

Delegation

The Audit Committee hereby delegates, subject to the dollar limitations set forth below, specific authority to its Chair, or in his or her absence, Vice Chair, to pre-approveaudit and non-auditservices proposed to be provided by the Auditor to the Funds and/or a Service Affiliate's Covered Engagement, between Audit Committee meetings. Such delegation does not preclude the Chair or Vice Chair from declining, on a case-by-casebasis, to exercise his or her delegated authority and instead convening the Audit Committee to consider and pre-approveany proposed services or engagements.

Notwithstanding the foregoing, the Audit Committee must pre-approve:(a) any non-auditservices to be provided to the Funds for which the fees are estimated to exceed $500,000; (b) any Service Affiliate's Covered Engagement for which the fees are estimated to exceed $500,000; or (c) any cost increase to any

previously approved service or engagement that exceeds the greater of $250,000 or 50% of the previously approved fees up to a maximum increase of $500,000.

VIII.

Compliance with Procedures

Notwithstanding anything herein to the contrary, failure to pre-approveany services or engagements that are not required to be pre-approvedpursuant to the de minimis exception provided for in Rule 2-01(c)(7)(i)(C)of Regulation S-Xshall not constitute a violation of these Procedures. The Audit Committee has designated the Funds' Treasurer to ensure services and engagements are pre-approvedin compliance with these Procedures. The Funds' Treasurer will immediately report to the Chair of the Audit Committee, or the Vice Chair in his or her absence, any breach of these Procedures that comes to the attention of the Funds' Treasurer or any services or engagements that are not required to be pre-approvedpursuant to the de minimis exception provided for in Rule 2-01(c)(7)(i)(C)of Regulation S-X.

On at least an annual basis, the Auditor will provide the Audit Committee with a summary of all non-auditservices provided to any entity in the investment company complex (as defined in section 2-01(f)(14)of Regulation S-X,including the Funds and Service Affiliates) that were not pre-approved,including the nature of services provided and the associated fees.

IX.

Amendments to Procedures

All material amendments to these Procedures must be approved in advance by the Audit Committee. Non-materialamendments to these Procedures may be made by the Legal and Compliance Departments and will be reported to the Audit Committee at the next regularly scheduled meeting of the Audit Committee.

Appendix I

Non-AuditServices That May Impair the Auditor's Independence

The Auditor is not independent if, at any point during the audit and professional engagement, the Auditor provides the following non-auditservices:

•

Management functions;

•

Human resources;

•

Broker-dealer, investment adviser, or investment banking services;

•

Legal services;

•

Expert services unrelated to the audit;

•

Any service or product provided for a contingent fee or a commission;

•

Services related to marketing, planning, or opining in favor of the tax treatment of confidential transactions or aggressive tax position transactions, a significant purpose of which is tax avoidance;

•

Tax services for persons in financial reporting oversight roles at the Fund; and

•

Any other service that the Public Company Oversight Board determines by regulation is impermissible.

An Auditor is not independent if, at any point during the audit and professional engagement, the Auditor provides the following non-auditservices unless it is reasonable to conclude that the results of the services will not be subject to audit procedures during an audit of the Funds' financial statements:

•

Bookkeeping or other services related to the accounting records or financial statements of the audit client;

•

Financial information systems design and implementation;

•

Appraisal or valuation services, fairness opinions, or contribution-in-kindreports;

•

Actuarial services; and

•

Internal audit outsourcing services.

(e)(2) There were no amounts that were pre-approvedby the Audit Committee pursuant to the de minimis exception under Rule 2-01of Regulation S-X.

(f) Not applicable.

(g) In addition to the amounts shown in the tables above, PwC billed Invesco and Invesco Affiliates aggregate fees of $6,489,000 for the fiscal year ended February 28, 2025 and $6,510,000 for the fiscal year ended February 29, 2024. In total, PwC billed the Registrant, Invesco and Invesco Affiliates aggregate non-auditfees of $7,643,433 for the fiscal year ended February 28, 2025 and $7,618,598 for the fiscal year ended February 29, 2024.

PwC provided audit services to the Investment Company complex of approximately $35 million.

(h) The Audit Committee also has considered whether the provision of non-auditservices that were rendered to Invesco and Invesco Affiliates that were not required to be pre-approvedpursuant to SEC regulations, if any, is compatible with maintaining PwC's independence.

(i) Not Applicable.

(j) Not Applicable.

Item 5. Audit Committee of Listed Registrants.

(a) The Registrant has a separately designated Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended, which consists solely of independent trustees. The Audit Committee members are Anthony LaCava, Jr., Cynthia Hostetler, Eli Jones, James Liddy, Teresa Ressel and Daniel Vandivort.

(b) Not applicable.

Item 6. Investments.

(a) Investments in securities of unaffiliated issuers is included as part of the reports to stockholders is filed under Item 1 of this Form N-CSR.

(b) Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-EndManagement Investment Companies.

Not applicable.

Item 8. Changes in and Disagreements with Accountants for Open-EndManagement Investment Companies.

Not applicable.

Item 9. Proxy Disclosures for Open-EndManagement Investment Companies.

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others for Open-EndManagement Investment Companies.

Not applicable.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Not applicable.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-EndManagement Investment Companies.

Invesco's Policy Statement on Global
Corporate Governance
and Proxy Voting

Effective January 2025

Table of Contents


I.	Introduction	3
	A. Our Approach to Proxy Voting	3
	B. Applicability of Policy	3

II.	Global Proxy Voting Operational Procedures	4
	A. Oversight and Governance	4
	B. The Proxy Voting Process	4
	C. Retention and Oversight of Proxy Service Providers	5
	D. Disclosures and Recordkeeping	5
	E. Market and Operational Limitations	6
	F. Securities Lending	7
	G. Conflicts of Interest	7
	H. Voting Funds of Funds	8
	I. Review of Policy	9

III.	Our Good Governance Principles	9
	A. Transparency	9
	B. Accountability	10
	C. Board Composition and Effectiveness	12
	D. Capitalization	15
	E. Environmental, Social and Governance Risk Oversight	16
	F. Executive Compensation and Performance Alignment	17

Introduction

Invesco Ltd. and its wholly owned investment adviser subsidiaries (collectively, "Invesco," the "Company,""our" or "we") have adopted and implemented this Policy Statement on Global Corporate Governance andProxy Voting (this "Global Proxy Voting Policy" or "Policy"), which we believe describes policies andprocedures reasonably designed to assure proxy voting matters are conducted in the best interests of ourclients.

Our Approach to Proxy Voting

Invesco understands proxy voting is an integral aspect of the investment management services itprovides to clients. As an investment adviser, Invesco has a fiduciary duty to act in the best interests ofour clients. Where Invesco has been delegated the authority to vote proxies with respect to securitiesheld in client portfolios, we exercise such authority in the manner we believe best serves the interests ofsuch clients and their investment objectives. We recognize that proxy voting is an important tool thatenables us to drive shareholder value.

A summary of our global operational procedures and governance structure is included in Part II of thisPolicy. Invesco's good governance principles, which are included in Part III of this Policy, and ourinternal proxy voting guidelines are both principles and rules, and cover topics that typically appear onvoting ballots. Invesco's investment teams retain ultimate authority to vote proxies. Given the complexityof proxy issues across our clients' holdings globally, our investment teams consider many factors whendetermining how to cast votes. We seek to evaluate and make voting decisions that favor proxyproposals and governance practices that, in our view, promote long-term shareholder value.

Applicability of Policy

Invesco's investment teams vote proxies on behalf of Invesco-sponsored funds and both fund and non-fundadvisory clients that have explicitly granted Invesco authority in writing to vote proxies on theirbehalf. In the case of institutional or sub-advised clients, Invesco will vote the proxies in accordancewith this Policy unless the client agreement specifies that the client retains the right to vote or hasdesignated a named fiduciary to direct voting. This Policy is implemented by all entities listed in ExhibitA, except as noted below. Due to regional or asset class-specific considerations, certain entities mayhave local proxy voting guidelines or policies and procedures that differ from this Policy. In the eventlocal policies and this Policy differ, the local policy will apply. These entities subject to local policies arelisted in Exhibit A and include Invesco Asset Management (Japan) Limited, Invesco Asset Management(India) Pvt. Ltd., Invesco Taiwan Limited, Invesco Real Estate Management S.à r.l. and Invesco CapitalMarkets, Inc. for Invesco Unit Investment Trusts.

Where our passively managed strategies and certain other client accounts managed in accordance withfixed income, money market and index strategies (including exchange-traded funds) (referred to as"passively managed accounts") hold the same investments as our actively managed equity funds, votingdecisions with respect to those accounts generally follow the voting decisions made by the largest activeholder of the equity shares. Invesco refers to this approach as "Majority Voting." This process of MajorityVoting seeks to ensure that our passively managed accounts benefit from the engagement and deepdialogue of our active investment teams, which can benefit shareholders in passively managedaccounts. Invesco will generally apply the majority holder's vote instruction to these passively managedaccounts. Where securities are held only in passively managed accounts and not owned in our activelymanaged accounts, the proxy will be generally voted in line with this Policy and internal proxy votingguidelines. Notwithstanding the above, investment teams of our passively managed accounts retain fulldiscretion over proxy voting decisions to individually evaluate a specific proxy proposal or overrideMajority Voting and vote the shares as they determine to be in the best interest of those accounts,absent certain types of conflicts of interest which are discussed elsewhere in this Policy. To the extentour investment teams believe a specific proxy proposal requires enhanced analysis or if it is not coveredby this Policy or internal guidelines, our investment teams will evaluate such proposal and execute thevoting decision.

II.

Global Proxy Voting Operational Procedures

Invesco's global proxy voting operational procedures (the "Procedures") are in place to implement theprovisions of this Policy. Invesco aims to vote all proxies for which it has voting authority in accordance withthis Policy, as implemented by the Procedures outlined in this Section II. It is the responsibility of Invesco'sProxy Voting and Governance team to maintain and facilitate the review of the Procedures annually.

Oversight and Governance

Oversight of the proxy voting process is provided by the Proxy Voting and Governance team and theGlobal Invesco Proxy Advisory Committee ("Global IPAC"). For some clients, third parties (e.g., U.S.fund boards) and internal sub-committees also provide oversight of the proxy voting process.

Guided by its philosophy that investment teams should manage proxy voting, Invesco has created theGlobal IPAC. The Global IPAC is an investments-driven committee comprising representatives fromvarious investment management teams. Representatives from Invesco's Legal, Compliance, Risk, ESGand Government Affairs departments may also participate in Global IPAC meetings. The Director ofProxy Voting and Governance chairs the committee. The Global IPAC provides a forum for investmentteams, in accordance with this Policy, to:

●

monitor, understand and discuss key proxy issues and voting trends within the Invesco complex;

●

assist Invesco in meeting regulatory obligations;

●

review votes not aligned with our good governance principles; and

●

consider conflicts of interest in the proxy voting process.

In fulfilling its responsibilities, the Global IPAC meets as necessary (but no less than semi-annually) andhas the following responsibilities and functions: (i) acts as a key liaison between the Proxy Voting andGovernance team and investment teams to assure compliance with this Policy; (ii) provides insight onmarket trends as it relates to stewardship practices; (iii) monitors proxy votes that present potentialconflicts of interest; and (iv) reviews and provides input, at least annually, on this Policy and relatedinternal procedures and recommends any changes to this Policy based on, but not limited to, Invesco'sexperience, evolving industry practices, or developments in applicable laws or regulations. In addition,when necessary, the Global IPAC Conflict of Interest Sub-committee makes voting decisions on proxiesthat require an override of this Policy due to an actual or perceived conflict of interest. The Global IPACreviews Global IPAC Conflict of Interest Sub-committee voting decisions.

The Proxy Voting Process

At Invesco, investment teams execute voting decisions through our proprietary voting platform and aresupported by the Proxy Voting and Governance team and a dedicated technology team. Invesco'sproprietary voting platform streamlines the proxy voting process by providing our global investmentteams with direct access to proxy meeting materials, including ballots, Invesco's internal proxy votingguidelines and recommendations, as well as proxy research and vote recommendations issued by ProxyService Providers (as such term is defined in Part C below). Votes executed on Invesco's proprietaryvoting platform are transmitted to our proxy voting agent electronically and are then delivered to therespective designee for tabulation.

Invesco's Proxy Voting and Governance team monitors whether we have received proxy ballots forshareholder meetings in which we are entitled to vote. This involves coordination among various partiesin the proxy voting ecosystem, including, but not limited to, our proxy voting agent, custodians and ballotdistributors. If necessary, we may choose to escalate a matter in accordance with our internalprocedures to facilitate our ability to exercise our right to vote.

Our proprietary systems facilitate internal control and oversight of the voting process. To facilitate thecasting of votes in an efficient manner, Invesco may choose to pre-populate and leverage the

capabilities of these proprietary systems to automatically submit votes based on internal proxy votingguidelines. If necessary, votes may be cast by Invesco or via the Proxy Service Providers Web platformat our direction.

Retention and Oversight of Proxy Service Providers

Invesco has retained two independent third-party proxy voting service providers to provide proxy supportglobally: Institutional Shareholder Services Inc. ("ISS") and Glass Lewis ("GL"). In addition to ISS andGL, Invesco may retain certain local proxy service providers to access regionally specific research (suchlocal proxy service providers, collectively with ISS and GL, "Proxy Service Providers"). The services mayinclude one or more of the following: providing a comprehensive analysis of each voting item andinterpretations of each voting item based on Invesco's internal proxy voting guidelines; and providingassistance with the administration of the proxy process and certain proxy voting-related functions,including, but not limited to, operational, reporting and recordkeeping services.

While Invesco may take into consideration the information and recommendations provided by the ProxyService Providers, including recommendations based upon Invesco's internal proxy voting guidelinesand recommendations provided to such Proxy Service Providers, Invesco's investment teams retain fulland independent discretion with respect to proxy voting decisions.

Updates to previously issued proxy research reports and recommendations may be provided toincorporate newly available information or additional disclosure provided by an issuer regarding a matterto be voted on, or to correct factual errors that may result in the issuance of revised proxy voterecommendations. Invesco's Proxy Voting and Governance team periodically monitors for theseresearch alerts issued by Proxy Service Providers that are shared with our investment teams.

Invesco performs extensive initial and ongoing due diligence on the Proxy Service Providers it engagesglobally. Invesco conducts annual due diligence meetings as part of its ongoing due diligence. Thetopics included in these annual due diligence meetings include material changes in service levels,leadership and control, conflicts of interest, methodologies for formulating vote recommendations,operations, and research personnel, among other topics. In addition, Invesco monitors andcommunicates with the Proxy Service Providers throughout the year and monitors their compliance withInvesco's performance and policy standards.

As part of our annual policy development process, Invesco may engage with other external proxy andgovernance experts to understand market trends and developments. These meetings provide Invescowith an opportunity to assess the Proxy Service Providers' capabilities, conflicts of interest and servicelevels, as well as provide investment professionals with direct insight into the Proxy Service Providers'stances on key corporate governance and proxy topics and their policy framework/methodologies.

Invesco completes a review of the System and Organizational Controls ("SOC") Reports for ProxyService Providers to confirm the related controls were in place and to provide reasonable assurancethat the related controls operated effectively.

Disclosures and Recordkeeping

Unless otherwise required by local or regional requirements, Invesco maintains voting records for atleast seven (7) years. Invesco makes its proxy voting records publicly available in compliance withregulatory requirements and industry best practices in the regions below:

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In accordance with the U.S. Securities and Exchange Commission ("SEC") regulations, Invescowill file a record of all proxy voting activity for the prior 12 months ending June 30th for eachU.S. registered fund. In addition, Invesco, as an institutional manager that is required to file Form13F, will file a record of its votes on certain executive compensation ("say on pay") matters. Theproxy voting filings will generally be made on or before August 31st of each year and areavailable on the SEC's website atwww.sec.gov. In addition, each year, the Form N-PX proxyvoting records for Invesco mutual funds' and closed-end funds', and Invesco ETF's are madeavailable on Invesco's websitehere.

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To the extent applicable, the U.S. Employee Retirement Income Security Act of 1974, asamended ("ERISA"), including Department of Labor regulations and guidance thereunder,provide that the named fiduciary generally should be able to review not only the investmentadviser's voting procedure with respect to plan-owned stock, but also the actions taken inindividual proxy voting situations. In the case of institutional and sub-advised clients, clients maycontact their client service representative to request information about how Invesco voted proxieson their behalf. Absent specific contractual guidelines, such requests may be made on a semi-annual basis.

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In the UK and Europe, Invesco publicly discloses our proxy votes monthly in compliance with theUK Stewardship Codehere. Additionally, in accordance with the European Shareholder RightsDirective and the European Fund and Asset Management Association Stewardship Code,Invesco publishes an annual report on implementation of our engagement policies, including ageneral description of voting behavior, an explanation of the most significant votes and the useof proxy voting advisors.

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In Canada, Invesco publicly discloses a record of all proxy voting activity for the prior 12 monthsending June 30th for each Invesco Canada registered mutual fund and ETF. In compliance withthe National Instrument 81-106 Investment Fund Continuous Disclosure, the proxy voting recordswill generally be made available on or before August 31st of each yearhere.

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In Japan, Invesco publicly discloses our proxy votes annually in compliance with the JapanStewardship Codehere.

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In India, Invesco publicly discloses our proxy votes quarterlyherein compliance with TheSecurities and Exchange Board of India ("SEBI") Circular on stewardship code for all MutualFunds and all categories of Alternative Investment Funds in relation to their investment in listedequities. SEBI has implemented principles on voting for Mutual Funds through circulars datedMarch 15, 2010, March 24, 2014, and March 5, 2021, which prescribed detailed mandatoryrequirements for Mutual Funds in India to disclose their voting policies and actual voting byMutual Funds on different resolutions of investee companies.

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In Hong Kong, Invesco Hong Kong Limited will provide proxy voting records upon request incompliance with the Securities and Futures Commission Principles of Responsible Ownership.

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In Taiwan, Invesco publicly discloses our proxy voting policy and proxy votes annually incompliance with Taiwan's Stewardship Principles for Institutional Investorshere.

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In Australia, Invesco publicly discloses a summary of its proxy voting record annuallyhere.

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In Singapore, Invesco Asset Management Singapore Ltd. will provide proxy voting records uponrequest in compliance with the Singapore Stewardship Principles for Responsible Investors.

Invesco may engage Proxy Service Providers to make available or maintain certain required proxyvoting records in accordance with the above stated applicable regulations. Separately managed accountclients that have authorized Invesco to vote proxies on their behalf will receive proxy voting informationwith respect to those accounts upon request. Certain other clients may obtain information about how wevoted proxies on their behalf by contacting their client service representative or advisor. Invesco doesnot publicly disclose voting intentions in advance of shareholder meetings.

Market and Operational Limitations

In the great majority of instances, Invesco will vote proxies. However, in certain circumstances, Invescomay refrain from voting where the economic or other opportunity costs of voting exceed any benefit toclients. Moreover, ERISA fiduciaries must not subordinate the economic interests of plan participantsand beneficiaries to unrelated objectives when voting proxies or exercising other shareholder rights.These matters are left to the discretion of the relevant investment team. Such circumstances couldinclude, for example:

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Certain countries impose temporary trading restrictions, a practice known as "share blocking."This means that once the shares have been voted, the shareholder does not have the ability tosell the shares for a certain period of time, usually until the day after the conclusion of theshareholder meeting. Unless a client directs otherwise, Invesco generally refrains from votingproxies at companies or in markets where share blocking applies. In some instances, Invescomay determine that the benefit to the client(s) of voting a specific proxy outweighs the client'stemporary inability to sell the shares.

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Some companies require a representative to attend shareholder meetings in person to vote aproxy or issuer-specific additional documentation, certification or the disclosure of beneficialowner details to vote. Invesco may determine that the costs of sending a representative orsubmitting additional documentation, including power of attorney documentation, or disclosuresoutweigh the benefit of voting a particular proxy.

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Invesco may not receive proxy materials from the relevant fund or custodian used by our clientswith sufficient time and information to make an informed independent voting decision.

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Invesco held shares on the record date but has sold them prior to the meeting date.

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Although Invesco uses reasonable efforts to vote a proxy, proxies may not be accepted or maybe rejected for various reasons, including due to changes in the agenda for a shareholdermeeting for which Invesco does not have sufficient notice, when certain custodians used by ourclients do not offer a proxy voting in a jurisdiction, or due to operational issues experienced bythird parties involved in the process or by an issuer or sub-custodian.

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Additionally, despite the best efforts of Invesco and its proxy voting agent, there may beinstances where our votes may not be received or properly tabulated by an issuer or an issuer'sagent. Invesco will generally endeavor to vote and maintain any paper ballots received providedthey are delivered in a timely manner ahead of the vote deadline.

Securities Lending

Invesco's funds may participate in a securities lending program. In circumstances where funds' sharesare on loan, the voting rights of those shares are transferred to the borrower. If the security in questionis on loan as part of a securities lending program, Invesco may determine that the vote is material to theinvestment, and therefore, the benefit to the client of voting a particular proxy outweighs the economicbenefits of securities lending. In those instances, Invesco may determine to recall securities that are onloan prior to the meeting record date, so we will be entitled to vote those shares. For example, forcertain actively managed funds, the lending agent has standing instructions to systematically recall allsecurities on loan for Invesco to vote the proxies on those previously loaned shares. There may beinstances where Invesco may be unable to recall shares or may choose not to recall shares. Suchcircumstances may include instances when Invesco does not receive timely notice of the meeting, orwhen Invesco deems the opportunity for a fund to generate securities lending revenue outweighs thebenefits of voting at a specific meeting. The relevant investment team will make these determinations.

Conflicts of Interest

There may be occasions where voting proxies may present a perceived or actual conflict of interestbetween Invesco, as investment adviser, and one or more of Invesco's clients or vendors.

Firm-Level Conflicts of Interest

A conflict of interest may exist if Invesco has a material business relationship with either the companysoliciting a proxy or a third party that has a material interest in the outcome of a proxy vote or that isactively lobbying for a particular outcome of a proxy vote. Such relationships may include, amongothers, a client relationship, serving as a vendor whose products/services are material or significant toInvesco, serving as a distributor of Invesco's products, or serving as a significant research provider orbroker to Invesco.

Invesco identifies potential conflicts of interest based on a variety of factors, including, but not limited, tothe materiality of the relationship between the issuer or its affiliates to Invesco.

Material firm-level conflicts of interests are identified by individuals and groups within Invesco globallyusing criteria established by the Proxy Voting and Governance team. These criteria are monitored andupdated periodically by the Proxy Voting and Governance team so up-to-date information is availablewhen conducting conflicts checks. Operating procedures and associated governance are designed toseek to assure conflicts of interest are appropriately considered ahead of voting proxies. The GlobalIPAC Conflict of Interest Sub-committee maintains oversight of the process. Companies identified asconflicted will be voted in line with the principles below as implemented by Invesco's internal proxyvoting guidelines. To the extent an investment team disagrees with the Policy, our processes andprocedures seek to assure that justifications and rationales are fully documented and presented to theGlobal IPAC Conflict of Interest Sub-committee for approval by a majority vote.

As an additional safeguard, persons from Invesco's marketing, distribution and other customer-facingfunctions may not serve on the Global IPAC. For the avoidance of doubt, Invesco may not considerInvesco Ltd.'s pecuniary interest when voting proxies on behalf of clients. To avoid any appearance of aconflict of interest, Invesco will not vote proxies issued by Invesco Ltd. that are held in client accounts.

Personal Conflicts of Interest

A conflict also may exist where an Invesco employee has a known personal or business relationshipwith other proponents of proxy proposals, participants in proxy contests, corporate directors, orcandidates for directorships. Under Invesco's Global Code of Conduct, Invesco entities and individualsmust act in the best interests of clients and must avoid any situation that gives rise to an actual orperceived conflict of interest.

All Invesco personnel with proxy voting responsibilities are required to report any known personal orbusiness conflicts of interest regarding proxy issues with which they are involved. In such instances, theindividual(s) with the conflict will be excluded from the decision-making process relating to such issues.

Voting Funds of Funds

Funds of funds holdings can create various special situations for proxy voting, including operationalchallenges in certain markets. The scenarios below set out examples of how Invesco votes funds offunds:

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When required by law or regulation, shares of an Invesco fund held by other Invesco funds willbe voted in the same proportion as the votes of external shareholders of the underlying fund. Ifsuch proportional voting is not operationally possible, Invesco will not vote the shares.

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When required by law or regulation, shares of an unaffiliated registered fund held by one ormore Invesco funds will be voted in the same proportion as the votes of external shareholders ofthe underlying fund. If such proportional voting is not operationally possible, Invesco will not votethe shares.

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For U.S. funds of funds where proportional voting is not required by law or regulation, shares ofInvesco funds held by other Invesco funds generally will be voted in the same proportion as thevotes of external shareholders of the underlying fund. If such proportional voting is notoperationally possible, Invesco will vote in line with internal proxy voting guidelines. Investmentteams retain full discretion over proxy voting decisions for funds of funds where proportionalvoting is not required by law or regulation and may choose to vote differently.

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For U.S. funds of funds where proportional voting is not required by law or regulation, shares ofunaffiliated registered funds held by one or more Invesco funds generally will be voted in thesame proportion as the votes of external shareholders of the underlying fund. If suchproportional voting is not operationally possible, Invesco will vote in line with internal proxy voting

guidelines. Investment teams retain full discretion over proxy voting decisions for funds of fundswhere proportional voting is not required by law or regulation and may choose to vote differently.

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Non-U.S. funds of funds will not be voted proportionally due to operational limitations. Theapplicable Invesco entity will vote in line with its local policies, as indicated in Exhibit A. If nolocal policies exist, Invesco will vote non-U.S. funds of funds in line with the firm level conflicts ofinterest process described above.

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Where client or proprietary accounts are invested directly in shares issued by Invesco affiliatesand Invesco has proxy voting authority, shares will be voted in the same proportion as the votesof external shareholders of the underlying holding. If proportional voting is not possible, theshares will be voted in line with a Proxy Service Provider's recommendation.

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Unless it decides to solicit investor instructions, Invesco shall not vote the shares of an Invescofund held by a fund, client or proprietary account managed by Invesco Canada Ltd.

Review of Policy

It is the responsibility of the Global IPAC to review this Policy and the internal proxy voting guidelinesannually to consider whether any changes are warranted. This annual review seeks to assure this Policyand the internal proxy voting guidelines remain consistent with clients' best interests, regulatoryrequirements, local market standards and best practices. Further, this Policy and our internal proxyvoting guidelines are reviewed at least annually by various departments within Invesco to seek toensure that they remain consistent with Invesco's views on best practice in corporate governance andlong-term investment stewardship.

III.

Our Good Governance Principles

Invesco's good governance principles outline our views on best practice in corporate governance and long-terminvestment stewardship. These principles have been developed by our global investment teams incollaboration with the Proxy Voting and Governance team and various departments internally. The broadphilosophy and guiding principles in this section inform our approach to long-term investment stewardshipand proxy voting. The principles and positions reflected in this Policy are designed to guide Invesco'sinvestment professionals in voting proxies; they are not intended to be exhaustive or prescriptive.

Our investment teams retain full discretion on vote execution in the context of our good governanceprinciples and internal proxy voting guidelines, except where otherwise specified in this Policy. The finalvoting decisions may consider the unique circumstances affecting companies, regional best practices andany dialogue we have had with company management. As a result, different investment teams may votedifferently on particular proxy votes for the same company. To the extent investment teams choose to vote aproxy in a way that is not aligned with the principles below, rationales are fully documented.

When evaluating proxy issues and determining how to cast our votes, Invesco's investment teams mayengage with companies in advance of shareholder meetings, and throughout the year. These meetings canbe joint efforts between our global investment professionals.

The following guiding principles apply to proxy voting with respect to operating companies. We apply aseparate approach to open-end and closed-end investment companies and unit investment trusts. Whereappropriate, these guidelines may be supplemented by additional internal guidance that considers regionalvariations in best practices, company disclosure and region-specific voting items. Invesco may vote onproposals not specifically addressed by these principles or guidelines based on an evaluation of aproposal's likelihood to enhance long-term shareholder value.

Our good governance principles are organized around six broad pillars:

Transparency

We expect companies to provide accurate, timely and complete information that enables investors tomake informed investment decisions and effectively carry out their stewardship activities. Invesco

supports the highest standards in corporate transparency and believes that these disclosures should bemade available ahead of the voting deadlines for an annual general meeting or special meeting to allowfor timely review and decision-making.

Financial reporting:Company accounts and reporting must accurately reflect the underlying economicposition of a company. Arrangements that may constitute an actual or perceived conflict with thisobjective should be avoided.

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We will generally support proposals to accept the annual financial statements, statutory accountsand similar proposals. However, if these reports are not presented in a timely manner orsignificant issues are identified regarding their integrity(e.g., the external auditor's opinion isabsent or qualified), we will generally review the matter on a case-by-case basis.

External auditor ratification and audit fees:

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We will generally not support the ratification of the independent auditor and/or ratification of theirfees payable if non-audit fees exceed audit and audit related fees or if there are significantauditing controversies or questions regarding the independence of the external auditor. We willconsider an auditor's length of service as a company's independent auditor in applying thispolicy.

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We will generally vote against the incumbent audit committee chair, or nearest equivalent, wherethe non-audit fees paid to the independent auditor exceed audit fees for two consecutive yearsor other problematic accounting practices are identified such as fraud, misapplication of auditstandards or persistent material weaknesses/deficiencies in internal controls over financialreporting.

Other business:Generally, we vote against proposals to transact other business matters wheredisclosure is insufficient and we are not given the opportunity to review and understand what issuesmay be raised.

Related-party transactions:Invesco will vote all related party transactions on a case-by-case basis.The vote analysis will consider the following factors, among others:

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disclosure of the transaction details must be full and transparent (such as details of the relatedparties and of the transaction subject, timeframe, pricing, potential conflicts of interest, and otherterms and conditions);

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the transaction must be fair and appropriate, with a sound strategic rationale;

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the company should provide an independent opinion either from the supervisory board or anexternal financial adviser;

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minority shareholders' interests should be protected; and

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the transactions should be on an arm's length basis.

Routine business items and formalities:Invesco generally votes non-contentious routine businessitems and formalities as recommended by the issuer's management and board of directors. Routinebusiness items and formalities generally include proposals to:

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accept or approve a variety of routine reports; and

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approve provisionary financial budgets and strategy for the current year.

Accountability

Robust shareholder rights and strong board oversight help ensure that management adhere to thehighest standards of ethical conduct, are held to account for poor performance and responsibly delivervalue creation for stakeholders over the long term. We encourage companies to adopt governance

features that ensure board and management accountability. In particular, we consider the following askey mechanisms for enhancing accountability to investors:

One share one vote:Voting rights are an important tool for investors to hold boards and managementteams accountable. Unequal voting rights may limit the ability of investors to exercise their stewardshipobligations.

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We generally do not support proposals that establish or perpetuate dual classes of votingshares, double voting rights or other means of differentiated voting or disproportionate boardnomination rights.

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We generally support proposals to decommission differentiated voting rights.

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Where unequal voting rights are established, we expect these to be accompanied by reasonablesafeguards to protect minority shareholders' interests.

Anti-takeover devices:Mechanisms designed to prevent or delay takeover attempts may unduly limitthe accountability of boards and management teams to shareholders.

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We generally will not support proposals to adopt antitakeover devices such as poison pills.Exceptions may be warranted at entities without significant operations and to preserve the valueof net operating losses carried forward or where the applicability of the pill is limited in scopeand duration.

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In addition, we will generally not support capital authorizations or amendments to corporatearticles or bylaws at operating companies that may be utilized for antitakeover purposes, forexample, the authorization of classes of shares of preferred stock with unspecified voting,dividend, conversion or other rights ("blank check" authorizations).

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We generally support proposals for the removal of anti-takeover provisions.

Shareholder rights:We support the rights of shareholders to hold boards and management teamsaccountable for company performance. We generally support best-practice-aligned proposals toenhance shareholder rights:

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Proxy access:Within the US market, we generally vote for management and shareholderproposals for proxy access that employ guidelines reflecting the SEC framework for proxyaccess with the following provisions:

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Ownership threshold: at least three percent (3%) of the voting power;

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Ownership duration: at least three (3) years of continuous ownership for each member ofthe nominating group;

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Aggregation: minimal or no limits on the number of shareholders permitted to form anominating group; and

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Cap: cap on nominees of one (1) director or twenty-five percent (25%) of the board,whichever is higher.

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Shareholder ability to call special meetings:Generally, we vote for management andshareholder proposals that provide shareholders with the ability to call special meetings with aminimum threshold of 10% but not greater than 25%. We will not support proposals to prohibitshareholders' right to call special meetings.

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Shareholder ability to act by written consent:Generally, assess shareholder proposals thatprovide shareholders with the ability to act by written consent case-by-case taking into accountthe following factors, among other things:

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Shareholders' current right to call special meetings; and

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Investor ownership structure.

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Supermajority vote requirements:Generally, vote against proposals to require a supermajorityshareholder vote. We will vote for management and shareholder proposals to reducesupermajority vote requirements, in favor of a simple majority threshold. Lowering thisrequirement can democratize corporate governance and facilitate a more fair and dynamicdecision-making that empowers and represents a wider shareholder base; especially for keycorporate actions such as mergers, changes in control, or proposals to amend or repeal aportion of a company's articles of incorporation.

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Bundling of proposals:It is our view that the bundling of multiple proposals or articlesamendments in one single voting item restricts shareholders' ability to express their views, withan all-or-nothing vote. We generally oppose such proposals unless all bundled resolutions aredeemed acceptable and conducive of long-term shareholder value.

Virtual shareholder meetings: Companies should hold their annual or special shareholder meetings ina manner that best serves the needs of its shareholders and the company. Shareholders should havean opportunity to participate in such meetings. Shareholder meetings provide an important mechanismby which shareholders provide feedback or raise concerns without undue censorship and hear from theboard and management.

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We will generally support management proposals seeking to allow for the convening of hybridshareholder meetings (allowing shareholders the option to attend and participate either in personor through a virtual platform).

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Management or shareholder proposals that seek to authorize the company to hold virtual-onlymeetings (held entirely through virtual platform with no corresponding in-person physicalmeeting) will be assessed on a case-by-case basis. Companies have a responsibility to providestrong justification and establish safeguards to preserve comparable rights and opportunities forshareholders to participate virtually as they would have during an in-person meeting. Invesco willconsider, among other things, a company's practices, jurisdiction and disclosure, including theitems set forth below:

meeting procedures and requirements are disclosed in advance of a meeting detailing therationale for eliminating the in-person meeting;

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clear and comprehensive description of which shareholders are qualified to participate, howshareholders can join the virtual-only meeting, how and when shareholders submit and askquestions either in advance of or during the meeting;

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disclosure regarding procedures for questions received during the meeting, but not answereddue to time or other restrictions; and

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description of how shareholder rights will be protected in a virtual-only meeting format includingthe ability to vote shares during the time the polls are open.

Board Composition and Effectiveness

Voting on director nominees in uncontested elections

Definition of independence:Invesco considers local market definitions of director independence, butapplies a proprietary standard for assessing director independence considering a director's status as acurrent or former employee of the business, any commercial or consulting relationships with thecompany, the level of shares beneficially owned or represented and familial relationships, among others.

Board and committee independence:The board of directors, board committees and regionalequivalents should be sufficiently independent from management, substantial shareholders and conflictsof interest. We consider local market practices in this regard and in general we look for a balanceacross the board of directors. Above all, we like to see signs of robust challenge and discussion in theboardroom.

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We will generally vote against one or more non-independent directors when a board is less thanmajority independent, but we will take into account local market practice with regards to boardindependence in limited circumstances where this standard is not appropriate.

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We will generally vote against non-independent directors serving on the audit committee.

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We will generally vote against non-independent directors serving on the compensationcommittee.

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We will generally vote against non-independent directors serving on the nominating committee.

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In relation to the board, compensation committee and nominating committee we will consider theappropriateness of significant shareholder representation in applying this policy. This exceptionwill generally not apply to the audit committee.

Independent Board Chair:It is our view that independent board leadership generally enhancesmanagement accountability to investors. Companies deviating from this best practice should provide astrong justification and establish safeguards to ensure that there is independent oversight of a board'sactivities (e.g., by appointing a lead or senior independent director with clearly defined powers andresponsibilities).

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We will generally vote against the incumbent nominating committee chair, or nearest equivalent,where the board chair is not independent unless a lead independent or senior director isappointed.

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We will review shareholder proposals requesting that the board chair be an independent directoron a case-by-case basis, taking into account several factors, including, but not limited to, thepresence of a lead independent director and a sufficiently independent board, a soundgovernance structure with no record of recent material governance failures or controversies, andsound financial performance. Invesco will also positively consider less disruptive proposals thatwill enter into force at the subsequent leadership transition.

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We will generally not vote against a CEO or executive serving as board chair solely on the basisof this issue, however, we may do so in instances where we have significant concerns regardinga company's corporate governance, capital allocation decisions and/or compensation practices.

Attendance and over boarding:Director attendance at board and committee meetings is afundamental part of their responsibilities and provides efficient oversight for the company and itsinvestors. In addition, directors should not have excessive external board or managerial commitmentsthat may interfere with their ability to execute the duties of a director.

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We will generally vote against or withhold votes from directors who attend less than 75% ofboard and committee meetings for two consecutive years. We expect companies to disclose anyextenuating circumstances, such as health matters or family emergencies, that would justify adirector's low attendance, in line with good practices.

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We will generally vote against directors who have more than four total mandates at publicoperating companies, if their attendance is below 75% of all board and committee meetings inthe year under review, or if material governance failures have been identified. We apply a lowerthreshold for directors with significant commitments such as executive positions andchairmanships.

Diversity:In our view, an effective board should be comprised of directors with a mix of skills,experience, tenure, and industry expertise together with a diverse profile of individuals of differentgenders, ethnicities, race, culture, age, perspectives and backgrounds. The board should reflect thediversity of the workforce, customers, and the communities in which a business operates. In our view,greater diversity in the boardroom contributes to robust challenge and debate, avoids groupthink, fostersinnovation, and provides competitive advantage to companies. We consider diversity at the board level,within the executive management team and in the succession pipeline.

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In markets where there are regulatory expectations, listing standards or minimum quotas forboard diversity, Invesco will generally apply the same expectations. In all other markets, we willgenerally vote against the incumbent nominating committee chair of a board, or nearestequivalent, where a company failed to demonstrate improvements are being made to diversitypractices for three or more consecutive years, recognizing that building a qualified and diverseboard takes time.

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It is our view that an individual board's nominating committee is best positioned to determinewhether director term limits would be an appropriate measure to help achieve these goals and, ifso, the nature of such limits. Invesco generally opposes proposals to limit the tenure of outsidedirectors through mandatory retirement ages.

Director term limits and retirement age:It is important for a board of directors to examine itsmembership regularly with a view to ensuring that the board is effective, and the company continues tobenefit from a diversity of director viewpoints and experience. As stated above, an individual board'snominating committee is best positioned to determine whether director term limits or establishing amandatory retirement age would be an appropriate measure to help achieve these goals and, if so, thenature of such limits. Therefore, Invesco generally opposes shareholder proposals to limit the tenure ofboard directors or to impose a mandatory retirement age.

Responsiveness:Boards should respond to investor concerns in a timely fashion, including reasonablerequests to engage with company representatives regarding such concerns, and address matters thatreceive significant voting dissent at general meetings of shareholders.

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We will generally vote against the incumbent chair of the governance committee, or nearestequivalent, in cases where the board has not adequately responded to items receiving significantvoting opposition from shareholders at an annual or extraordinary general meeting.

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We will generally vote against the incumbent chair of the governance committee, or nearestequivalent, where the board has not adequately responded to a shareholder proposal which hasreceived significant support from shareholders.

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We will generally vote against the incumbent chair of the compensation committee, or nearestequivalent, if there are significant ongoing concerns with a company's compensation practicesthat have not been addressed by the committee or egregious concerns with the company'scompensation practices for two consecutive years.

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We will generally vote against the incumbent compensation committee chair, or nearestequivalent, where there are ongoing concerns with a company's compensation practices andthere is no opportunity to express dissatisfaction by voting against an advisory vote on executivecompensation, remuneration report (or policy) or nearest equivalent.

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Where a company has not adequately responded to engagement requests from Invesco orsatisfactorily addressed issues of concern, we may oppose director nominations, including, butnot limited to, nominations for the lead independent director and/or committee chairs.

Director Indemnification:Invesco recognizes that individuals may be reluctant to serve as corporatedirectors if they are personally liable for all related lawsuits and legal costs. As a result, reasonablelimitations on directors' liability can benefit a company and its shareholders by helping to attract andretain qualified directors while preserving recourse for shareholders in the event of misconduct bydirectors. Invesco will evaluate shareholder proposals to amend directors' indemnification andexculpation provisions on a case-by-case basis.

Discharge of directors:We will generally support proposals to ratify the actions of the board ofdirectors, supervisory board and/or executive decision-making bodies, provided there are no materialoversight failures and legal controversies, or other wrongdoings in the relevant fiscal year - committedor yet to be confirmed. When such oversight concerns are identified, we will consider a company's

response to any issues raised and may vote against ratification proposals instead of, or in addition to,director nominees.

Director election process:Board members should generally stand for election annually andindividually.

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We will generally support proposals requesting that directors stand for election annually.

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We will generally vote against the incumbent governance committee chair or nearest equivalent,if a company has a classified board structure that is not being phased out. We may makeexceptions to this guideline in regions where market practice is for directors to stand for electionon a staggered basis.

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We will generally support shareholder proposals to repeal a classified board and elect alldirectors annually.

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When a board is presented for election as a slate (e.g., shareholders are unable to vote againstindividual nominees and must vote for or against the entire nominated slate of directors) and thisapproach is not aligned with local market practice, we will generally vote against the slate incases where we otherwise would vote against an individual nominee.

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Where market practice is to elect directors as a slate, we will generally support the nominatedslate unless there are governance concerns with several of the individuals included on the slateor we have broad concerns with the composition of the board such as a lack of independence.

Majority vote standard:Invesco generally votes in favor of proposals to elect directors by a majorityvote, except in cases where a company has adopted formal governance principles that present ameaningful alternative to the majority voting standard.

Board size:We will generally defer to the board with respect to determining the optimal number ofboard members given the size of the company and complexity of the business, provided that theproposed board size is sufficiently large to represent shareholder interests and sufficiently limited toremain effective. We might oppose amendments to the board size, when such change is deemeddiminishing of Invesco's governance requirements such as an adequate level of independence anddiversity on the board.

Board assessment and succession planning:Invesco will consider and vote case-by-case onshareholder proposals to adopt a policy on succession planning. When evaluating board effectiveness,Invesco considers whether periodic performance reviews and skills assessments are conducted toensure the board represents the interests of shareholders. In addition, boards should have a robustsuccession plan in place for key management and board personnel.

Voting on director nominees in contested elections

Proxy contests:We will review case-by-case dissident shareholder proposals based on their individualmerits. We consider the following factors, among others, when evaluating the merits of each list ofnominees: the long-term performance of the company relative to its industry, management's trackrecord, any relevant background information related to the contest, the qualifications of the respectivelists of director nominees, the strategic merits of the approaches proposed by both sides, including thelikelihood that the proposed goals can be met, and positions of stock ownership in the company.

Capitalization

Capital allocation:Invesco expects companies to responsibly raise and deploy capital toward the long-term,sustainable success of the business. In addition, we expect capital allocation authorizations anddecisions to be made with due regard to shareholder dilution, rights of shareholders to ratify significantcorporate actions and pre-emptive rights, where applicable.

Share issuance:We generally support authorizations to issue shares without preemptive rights up to20% of a company's issued share capital for general corporate purposes. However, for issuancerequests with preemptive rights, we support authorizations up to a threshold of 50%. Shares should notbe issued at a substantial discount to the market price. The same requirements are expected forconvertible and non-convertible debt instruments.

Share repurchase programs:We generally support share repurchase plans in which all shareholdersmay participate on equal terms. However, it is our view that such plans should be executedtransparently and in alignment with long-term shareholder interests. Therefore, we will not support suchplans when there is clear evidence of abuse or no safeguards against selective buybacks, or the termsdo not align with market best practices.

Stock splits:We will evaluate proposals for forward and reverse stock splits on a case-by-case basis.Each proposal will be evaluated based on its potential impact on shareholder value, local market bestpractices, and alignment with the company's long-term strategic goals.

Increases in authorized share capital:We will generally support proposals to increase a company'snumber of authorized common and/or preferred shares, provided we have not identified concernsregarding a company's historical share issuance activity or the potential to use these authorizations forantitakeover purposes. We will consider the amount of the request in relation to the company's currentauthorized share capital, any proposed corporate transactions contingent on approval of these requestsand the cumulative impact on a company's authorized share capital, for example, if a reverse stock splitis concurrently submitted for shareholder consideration.

Mergers, acquisitions, disposals and other corporate transactions:Invesco's investment teams willreview proposed corporate transactions including mergers, acquisitions, reorganizations, proxy contests,private placements, dissolutions and divestitures based on a proposal's individual investment merits. Inaddition, we broadly approach voting on other corporate transactions as follows:

●

We will generally support proposals to approve different types of restructurings that provide thenecessary financing to save the company from involuntary bankruptcy.

●

We will generally support proposals to enact corporate name changes and other proposalsrelated to corporate transactions that we believe are in shareholders' best interests.

●

We will generally support reincorporation proposals, provided that management has provided acompelling rationale for the change in legal jurisdiction and provided further that the proposal willnot significantly adversely impact shareholders' rights.

Environmental, Social and Governance Risk Oversight

Director responsibility for risk oversight:A board of directors is ultimately responsible for overseeingmanagement and ensuring that proper governance, oversight and control mechanisms are in place atthe companies it oversees. Invesco may take voting action against director nominees in response tomaterial governance or risk oversight failures that adversely affect shareholder value.

Invesco considers the adequacy of a company's response to material oversight failures whendetermining whether any voting action is warranted. In addition, Invesco will consider the responsibilitiesdelegated to board sub-committees when determining if it is appropriate to hold the incumbent chair ofthe relevant committee, or nearest equivalent, accountable for these material failures.

Material governance or risk oversight failures at a company may include, without limitation:

significant bribery, corruption or ethics violations;

ii.

events causing significant climate-related risks;

iii.

significant health and safety incidents; and/or

iv.

failure to ensure the protection of human rights.

Reporting of financially material environmental, social and corporate governance ("ESG")information:Companies should report on their ESG opportunities and risks where material to theirbusiness operations.

●

Climate risk management:We encourage companies to report on material climate-related risksand opportunities and how these are considered within the company's strategy, financialplanning, governance structures and risk management frameworks aligned with applicableregional regulatory requirements. For companies in industries that materially contribute to climatechange, we encourage comprehensive disclosure of greenhouse gas emissions and ParisAgreement of 2015-aligned emissions reduction targets, where appropriate. Invesco may takevoting action at companies that fail to adequately address climate-related risks, includingopposing director nominations in cases where we view the lack of effective climate transition riskmanagement as potentially detrimental to long-term shareholder value.

Shareholder proposals addressing environmental and social ("E&S") issues:We recognize E&Sshareholder proposals are nuanced and therefore, Invesco will analyze such proposals on a case-by-casebasis. When considering such proposals, we will consider the following factors, among others: acompany's track record on E&S issues, the efficacy of the proposal's request, whether the requestedaction is unduly burdensome, and whether we consider the adoption of such proposal would promotelong-term shareholder value. We will also consider company responsiveness to the proposal and anyengagement on the issue when casting votes.

Invesco may support shareholder resolutions requesting that specific actions be taken to address E&Sissues or mitigate exposure to material E&S risks, including reputational risk, related to these issues.We generally do not support resolutions where insufficient information has been provided in advance ofthe vote or a lack of disclosure inhibits our ability to make fully informed voting decisions.

Executive Compensation and Performance Alignment

Invesco supports compensation polices and equity incentive plans that promote alignment betweenmanagement incentives and shareholders' long-term interests. We pay close attention to local marketpractice and may apply stricter or modified criteria where appropriate.

Advisory votes on executive compensation, remuneration policy and remuneration reports:Wewill generally not support compensation-related proposals where more than one of the following ispresent:

there is an unmitigated misalignment between executive pay and company performance for atleast two consecutive years;

ii.

there are problematic compensation practices which may include, among others, incentivizingexcessive risk taking or circumventing alignment between management and shareholders'interests via repricing of underwater options;

iii.

vesting periods for long-term incentive awards are less than three years;

iv.

the company "front loads" equity awards;

there are inadequate risk mitigating features in the program such as clawback provisions;

vi.

excessive, discretionary one-time equity grants are awarded to executives; and/or

vii.

less than half of variable pay is linked to performance targets, except where prohibited by law.

Invesco will consider company reporting on pay ratios as part of our evaluation of compensationproposals, where relevant.

Equity plans:Invesco generally supports equity compensation plans that promote the proper alignmentof incentives with shareholders' long-term interests, and generally votes against plans that are overlydilutive to existing shareholders, plans that contain objectionable structural features which may include

provisions to reprice options without shareholder approval, plans that include evergreen provisions orplans that provide for automatic accelerated vesting upon a change in control.

Employee stock purchase plans:We generally support employee stock purchase plans that arereasonably designed to provide proper incentives to a broad base of employees, provided that the priceat which employees may acquire stock represents a reasonable discount from the market price and thatthe total shareholder dilution resulting from the plan is not excessive (e.g., more than 10% ofoutstanding shares).

Severance Arrangements:Invesco considers proposed severance arrangements (sometimes known as"golden parachute" arrangements) on a case-by-case basis due to the wide variety among their terms.Invesco acknowledges that in some cases such arrangements, if reasonable, and aligned with localmarket best practices, may be in shareholders' best interests as a method of attracting and retaininghigh-quality executive talent. We generally evaluate case-by-case proposals requiring shareholderratification of senior executives' severance agreements depending on whether the proposed terms anddisclosure align with good market practice.

Frequency of Advisory Vote on Executive Compensation (Say-on-Pay, MSOP) ManagementProposals:It is our view that shareholders should be given the opportunity to vote on executivecompensation and adequately express their potential concerns. Invesco will generally vote in favor of aone-year frequency, in order to foster greater accountability, as well as to grant shareholders a timelyintervention on egregious pay practices.

Exhibit A

Harbourview Asset Management Corporation

Invesco Advisers, Inc.

Invesco Asset Management (India) Pvt. Ltd*1

Invesco Asset Management (Japan) Limited*1

Invesco Asset Management (Schweiz) AG

Invesco Asset Management Deutschland GmbH

Invesco Asset Management Limited1

Invesco Asset Management Singapore Ltd

Invesco Australia Ltd

Invesco Canada Ltd.1

Invesco Capital Management LLC

Invesco Capital Markets, Inc.*1

Invesco European RR L.P.

Invesco Fund Managers Limited

Invesco Hong Kong Limited

Invesco Investment Advisers LLC

Invesco Investment Management (Shanghai) Limited

Invesco Investment Management Limited

Invesco Loan Manager, LLC

Invesco Managed Accounts, LLC

Invesco Management S.A.

Invesco Overseas Investment Fund Management (Shanghai) Limited

Invesco Pensions Limited

Invesco Private Capital, Inc.

Invesco Real Estate Management S.à.r.l1

Invesco RR Fund L.P.

Invesco Senior Secured Management, Inc.

Invesco Taiwan Ltd*1

Invesco Trust Company

Oppenheimer Funds, Inc.

WL Ross & Co. LLC

*Invesco entities with specific proxy voting guidelines

1Invesco entities with specific conflicts of interest policies

Item 13. Portfolio Managers of Closed-EndManagement Investment Companies.

Item 13. Portfolio Managers of Closed-End Management Investment Companies

As of February 28, 2025, the following individuals are jointly and primarily responsible for the day-to-day managementof 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 "Jack" Connelly, Portfolio Manager, who has been responsible for the Trust since 2016 and has beenassociated 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 associatedwith Invesco and/or its affiliates since 2010.

●

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

●

Julius Williams, Portfolio Manager, who has been responsible for the Trust since 2015 and has been associatedwith 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 ofcertain Invesco Funds as well as other mutual funds for which Invesco or an affiliate acts as sub-adviser, other pooledinvestment 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 includesinvestments in the Fund's shares beneficially owned by a portfolio manager, as determined in accordance with Rule16a-1(a)(2) under the Securities Exchange Act of 1934, as amended (the Exchange Act), (beneficial ownership includesownership by a portfolio manager's immediate family members sharing the same household). The 'Assets Managed'chart reflects information regarding accounts other than the Fund for which each portfolio manager has day-to-daymanagement 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 feesthat 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 exchangerates as of the applicable date.

Investments

The following information is as of February 28, 2025 (unless otherwise noted):

Fund	Portfolio Managers	Dollar Range of Investments in the Fund
Invesco Municipal Income Opportunities Trust
	Mark Paris	None
	John "Jack" Connelly	None
	Mark DeMitry	None
	Tim O'Reilly	None
	John Schorle	None
	Julius Williams	None

Assets Managed

The following information is as of February 28, 2025 (unless otherwise noted):

Portfolio Manager(s)	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)
Municipal Income Opportunities Trust
Mark Paris	27	$47,662.7	1	$32.5	211	$14,141.11
John "Jack" Connelly	16	$23,123.2	None	None	11	$6.71
Tim O'Reilly	26	$47,650.8	None	None	11	$6.71
John Schorle	16	$23,123.2	None	None	11	$6.71
Julius Williams	26	$47,650.8	None	None	11	$6.71

1 These are accounts of individual investors for which Invesco provides investment advice. Invesco offers separately managed accounts thatare managed according to the investment models developed by its portfolio managers and used in connection with the management of certainInvesco Funds. These accounts may be invested in accordance with one or more of those investment models and investments held in thoseaccounts are traded in accordance with the applicable models.

Potential Conflicts of Interest

Actual or apparent conflicts of interest may arise when a portfolio manager has day-to-day managementresponsibilities with respect to more than one Fund or other account. More specifically, portfolio managers who managemultiple 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 unequaltime and attention to the management of each Fund and/or other account. The Adviser and each Sub-Adviserseek to manage such competing interests for the time and attention of portfolio managers by having portfoliomanagers focus on a particular investment discipline. Most other accounts managed by a portfolio manager aremanaged 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 Fundor other account, a Fund may not be able to take full advantage of that opportunity due to an allocation of filledpurchase 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 multipleaccounts.

●

The Adviser and each Sub-Adviser determine which broker to use to execute each order for securitiestransactions for the Funds, consistent with its duty to seek best execution of the transaction. However, forcertain other accounts (such as mutual funds for which Invesco or an affiliate acts as sub-adviser, other pooledinvestment vehicles that are not registered mutual funds, and other accounts managed for organizations andindividuals), the Adviser and each Sub-Adviser may be limited by the client with respect to the selection ofbrokers or may be instructed to direct trades through a particular broker. In these cases, trades for a Fund in aparticular security may be placed separately from, rather than aggregated with, such other accounts. Havingseparate transactions with respect to a security may temporarily affect the market price of the security or theexecution 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 asa performance-based management fee, which relates to the management of one Fund or account but not allFunds and accounts for which a portfolio manager has day-to-day management responsibilities. None of theInvesco Fund accounts managed have a performance-based fee.

●

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

The Adviser, each Sub-Adviser, and the Funds have adopted certain compliance procedures which are designed toaddress these types of conflicts. However, there is no guarantee that such procedures will detect each and everysituation 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 toattract and retain high-caliber investment professionals. Portfolio managers receive a base salary, an incentive cashbonus opportunity and a deferred compensation opportunity. Portfolio manager compensation is reviewed and may bemodified each year as appropriate to reflect changes in the market, as well as to adjust the factors used to determinebonuses to promote competitive Fund performance. The Adviser and each Sub-Adviser evaluate competitive marketcompensation by reviewing compensation survey results conducted by an independent third party of investment industrycompensation. 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'sintention 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 andapproves 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 iseligible to receive an annual cash bonus which is based on quantitative (i.e. investment performance) and non-quantitativefactors (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/accountsmanaged by the portfolio manager as described in Table 1 below.

Sub-Adviser	Performance time period2
Invesco3	One-, Three- and Five-year performance against Fund peer group
Invesco Canada3
Invesco Deutschland3
Invesco Hong Kong3
Invesco Asset Management3
Invesco India3
Invesco Listed Real Assets Division3

Invesco Senior Secured3, 4	Not applicable
Invesco Capital3, 5	Not applicable

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

2 Rolling time periods based on calendar year-end.
3 Portfolio Managers may be granted an annual deferral award that vests on a pro-rata basis over a four-year period.
4 Invesco Senior Secured's bonus is based on annual measures of equity retuand standard tests of collateralization performance.
5 Portfolio Managers for Invesco Capital base their bonus on Invesco results as well as overall performance of Invesco Capital.

High investment performance (against applicable peer group and/or benchmarks) would deliver compensationgenerally associated with top pay in the industry (determined by reference to the third-party provided compensationsurvey information) and poor investment performance (versus applicable peer group) would result in low bonuscompared to the applicable peer group or no bonus at all. These decisions are reviewed and approved collectively bysenior 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 othersenior executive of the Adviser to receive bonuses or any other compensation in connection with the performance of anyof the accounts managed by the Portfolio Managers.

Deferred / Long Term Compensation. Portfolio managers may be granted a deferred compensation award based ona firm-wide bonus pool approved by the Compensation Committee of Invesco Ltd. Deferred compensation awards maytake the form of annual fund deferral awards or long-term equity awards. Annual fund deferral awards are notionallyinvested in certain Invesco funds selected by the Portfolio Manager and are settled in cash. Long-term equity awards aresettled in Invesco Ltd. common shares. Both fund deferral awards and long-term equity awards have a four-year ratablevesting schedule. The vesting period aligns the interests of the Portfolio Managers with the long-term interests of clientsand shareholders and encourages retention.

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

Item 14. Purchases of Equity Securities by Closed-EndManagement Investment Company and Affiliated Purchasers.

Not applicable.

Item 15. Submission of Matters to a Vote of Security Holders.

None.

Item 16. Controls and Procedures.

(a)

As of a date within 90 days of the filing date of this report, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the 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 Act. Based on that evaluation, the Registrant's officers, including the PEO and PFO, concluded that the Registrant's disclosure controls and procedures were reasonably designed to ensure: (1) that information required to be disclosed by the Registrant on Form N-CSRis recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure.

(b)

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

Item 17. Disclosure of Securities Lending Activity for Closed-EndManagement Investment Companies.

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

Item 19. Exhibits.

19(a)(1) Code of Ethics is attached as Exhibit 99.CODEETH.

19(a)(2) Not applicable.

19(a)(3) Certifications of the Registrant's PEO and PFO pursuant to Rule30a-2(a)under the Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached as Exhibit 99.CERT.

19(a)(4) Not applicable.

19(a)(5) Not applicable.

19(b) Certifications of Registrant's PEO and PFO pursuant to Rule30a-2(b)under the Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached as Exhibit 99.906CERT.

19(c) Consent of Independent Registered Public Accounting Firm is attached as Exhibit 99.CONSENT

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
Name: Glenn Brightman
Title:		Principal Executive Officer

Date:		May 2, 2025

Pursuant to the requirements of the Securities 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
Name:		Glenn Brightman
Title:		Principal Executive Officer

Date:		May 2, 2025


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

Date:		May 2, 2025

Attachments

Disclaimer

Invesco Municipal Income Opportunities Trust published this content on May 02, 2025, and is solely responsible for the information contained herein. Distributed via EDGAR, the Electronic Data Gathering, Analysis, and Retrieval system operated by the U.S. Securities and Exchange Commission, on May 02, 2025 at 19:22 UTC.

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