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

Share Name	Share Symbol	Market	Type
Invesco Municipal Income Opportunities Trust	NYSE:OIA	NYSE	Common Stock

	Price Change	% Change	Share Price	High Price	Low Price	Open Price	Shares Traded	Last Trade
	0.10	1.52%	6.69	6.71	6.5704	6.60	134,612	00:00:00

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:		August 31, 2024

Item 1. Reports to Stockholders

(a) The Registrant’s semi-annual report transmitted to shareholders pursuant to Rule

30e-1

under the Investment Company Act of 1940 is as follows:




Semi-Annual Report to Shareholders		August 31, 2024

Invesco Municipal Income Opportunities Trust
NYSE: OIA



2		Trust Performance
2		Share Repurchase Program Notice
3		Dividend Reinvestment Plan
4		Schedule of Investments
12		Financial Statements
16		Financial Highlights
17		Notes to Financial Statements
22		Approval of Investment Advisory and Sub-Advisory Contracts
24		Proxy Results

Unless otherwise noted, all data is provided by Invesco.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Trust Performance


Performance summary
Cumulative total returns, 2/29/24 to 8/31/24

Trust at NAV	4.24	%
Trust at Market Value	5.59
S&P Municipal Bond High Yield Index ▼ (Broad Market Index)	4.59
Custom Invesco Municipal Income Opportunities Trust Index ∎ (Style-Specific Index)	4.01
Market Price Discount to NAV as of 8/31/24	-1.08

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

The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Investment return, net asset value (NAV) and common share market price will fluctuate so that you may have a gain or loss when you sell shares. Please visit invesco.com/us for the most recent month-end performance. Performance figures reflect Trust expenses, the reinvestment of distributions (if any) and changes in NAV for performance based on NAV and changes in market price for performance based on market price. Since the Trust is a closed-end management investment company, shares of the Trust may trade at a discount or premium from the NAV. This characteristic is separate and distinct from the risk that NAV could decrease as a result of investment activities and may be a greater risk to investors expecting to sell their shares after a short time. The Trust cannot predict whether shares will trade at, above or below NAV. The Trust should not be viewed as a vehicle for trading purposes. It is designed primarily for risk-tolerant long-term investors. The S&P Municipal Bond High Yield Index is an unmanaged index considered representative of municipal bonds that are not rated or are rated below investment-grade. The Custom Invesco Municipal Income Opportunities Trust Index is designed to measure the performance of a hypothetical allocation, which consists of 80% weight in the S&P Municipal Bond High Yield Index and 20% S&P Municipal Bond Investment Grade Index. The Trust is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Trust may deviate significantly from the performance of the index(es). A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

Important Notice Regarding Share Repurchase Program

In September 2024, the Board of Trustees of the Trust approved a share repurchase program that allows the Trust to repurchase up to 25% of the

20-day

average trading volume

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

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


2		Invesco Municipal Income Opportunities Trust

Dividend Reinvestment Plan

The dividend reinvestment plan (the Plan) offers you a prompt and simple way to reinvest your dividends and capital gains distributions (Distributions) into additional shares of your Invesco

closed-end

Trust (the Trust). Under the Plan, the money you earn from Distributions will be reinvested automatically in more shares of the Trust, allowing you to potentially increase your investment over time. All shareholders in the Trust are automatically enrolled in the Plan when shares are purchased.

Plan benefits

∎

Add to your account:

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

∎

Low transaction costs:

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

∎

Convenience:

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

invesco.com/closed-end.

∎

Safekeeping:

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

Who can participate in the Plan

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

How to enroll

If you haven’t participated in the Plan in the past or chose to opt out, you are still eligible to participate. Enroll by visiting

invesco.com/closed-end,

by calling toll-free 800 341 2929 or by notifying us in writing at Invesco

Closed-End

Funds, Computershare Trust Company, N.A., P.O. Box 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 infor-mation 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 learn more about any restrictions or fees that may apply.

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

To obtain a complete copy of the current Dividend Reinvestment Plan, please call our Client Services department at 800 341 2929 or visit

invesco.com/closed-end.


3		Invesco Municipal Income Opportunities Trust

Schedule of Investments

August 31, 2024

(Unaudited)


					Principal
	Interest		Maturity		Amount
	Rate		Date		(000)		Value


Municipal Obligations–138.91% (a)
Alabama–0.80%
Birmingham (City of), AL Special Care Facilities Financing Authority (Methodist Home for the Aging); Series 2016, RB		5.75%		06/01/2045	$	1,000	$	952,239


Huntsville (City of), AL Special Care Facilities Financing Authority (Redstone Village); Series 2007, RB (Acquired 10/18/2010; Cost $739,982) (b)(c)		5.50%		01/01/2043		925		518,000


Tuscaloosa (County of), AL Industrial Development Authority (Hunt Refining); Series 2019 A, Ref. IDR (d)		5.25%		05/01/2044		1,000		1,016,024


								2,486,263



American Samoa–0.25%
American Samoa (Territory of) Economic Development Authority; Series 2015 A, Ref. RB		6.63%		09/01/2035		750		768,225



Arizona–2.14%
Arizona (State of) Industrial Development Authority (Academies of Math & Science); Series 2022, RB (d)		5.25%		07/01/2052		1,700		1,722,732


Arizona (State of) Industrial Development Authority (Kaizen Education Foundation); Series 2016, RB (d)		5.75%		07/01/2036		1,400		1,433,490


Glendale (City of), AZ Industrial Development Authority (The Beatitudes Campus); Series 2017, Ref. RB		5.00%		11/15/2040		1,500		1,353,010


Pima (County of), AZ Industrial Development Authority (Career Success Schools); Series 2020, Ref. RB (d)		5.50%		05/01/2040		1,500		1,506,499


Tempe (City of), AZ Industrial Development Authority (Mirabella at ASU); Series 2017 A, RB (d)		6.13%		10/01/2052		1,000		617,252


								6,632,983



Arkansas–0.51%
Arkansas (State of) Development Finance Authority (Green Bonds); Series 2022, RB (e)		5.45%		09/01/2052		1,500		1,578,162



California–20.49%
California (State of); Series 2023, GO Bonds (f)		5.25%		09/01/2053		4,000		4,495,551


California (State of) Educational Facilities Authority (Stanford University); Series 2014 U-6, RB (f)		5.00%		05/01/2045		3,000		3,728,277


California (State of) Municipal Finance Authority (Caritas Affordable Housing, Inc.); Series 2014 B, RB		5.88%		08/15/2049		1,250		1,250,389


California (State of) Municipal Finance Authority (Palomar Health); Series 2022 A, Ref. COP (INS - AGM) (g)		5.25%		11/01/2052		1,250		1,337,691


California (State of) Pollution Control Financing Authority (Plant Bonds); Series 2012, RB (d)(e)		5.00%		07/01/2037		1,000		1,002,862


California (State of) Statewide Communities Development Authority (Creative Child Care & Team Charter); Series 2015, RB (d)		6.75%		06/01/2045		720		725,104


California (State of) Statewide Communities Development Authority (Loma Linda University Medical Center); Series 2014, RB		5.50%		12/01/2054		2,000		2,002,943


California (State of) Statewide Financing Authority (Pooled Tobacco Securitization Program);
Series 2002, RB		6.00%		05/01/2043		750		765,518


Series 2006 A, RB (h)		0.00%		06/01/2046		10,000		2,623,231


Series 2006 C, RB (d)(h)		0.00%		06/01/2055		25,000		1,424,272


Daly (City of), CA Housing Development Finance Agency (Franciscan Mobile Home Park Acquisition); Series 2007 C, Ref. RB		6.50%		12/15/2047		850		850,108


Golden State Tobacco Securitization Corp.; Series 2021 B-2, Ref. RB (h)		0.00%		06/01/2066		11,800		1,377,971


Inland Empire Tobacco Securitization Corp.; Series 2007 C-1, RB (h)		0.00%		06/01/2036		10,000		4,651,607


Long Beach (City of), CA Finance Authority; Series 2023, RB (f)		4.00%		08/01/2053		10,000		9,825,180


Poway Unified School District (School Facilities Improvement); Series 2011, GO Bonds (h)		0.00%		08/01/2039		8,000		4,627,384


Regents of the University of California Medical Center; Series 2022, RB (f)(i)		4.00%		05/15/2053		10,740		10,696,383


Silicon Valley Tobacco Securitization Authority (Santa Clara);
Series 2007 A, RB (h)		0.00%		06/01/2036		2,000		1,053,102


Series 2007 A, RB (h)		0.00%		06/01/2041		5,000		1,957,400


Southern California Logistics Airport Authority; Series 2008 A, RB (h)		0.00%		12/01/2044		18,085		4,373,279


Southern California Tobacco Securitization Authority (San Diego County Asset Securitization Corp.); Series 2019, Ref. RB (h)		0.00%		06/01/2054		3,500		693,963


Ventura Unified School District (Election of 2022); Series 2022 A, GO Bonds (f)		4.00%		08/01/2048		4,000		3,967,228


								63,429,443

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


4		Invesco Municipal Income Opportunities Trust


					Principal
	Interest		Maturity		Amount
	Rate		Date		(000)		Value


Colorado–10.07%
Canyons Metropolitan District No. 5;
Series 2016, GO Bonds		7.00%		12/15/2057	$	1,500	$	1,077,588


Series 2017 A, Ref. GO Bonds		6.13%		12/01/2047		1,000		1,003,414


Chaparral Pointe Metropolitan District; Series 2021, GO Bonds (d)		5.00%		12/01/2051		1,350		1,217,325


Colorado (State of) Health Facilities Authority (Intermountain Healthcare); Series 2020 A, RB (f)		4.00%		05/15/2052		9,900		9,455,491


Colorado (State of) Health Facilities Authority (Sunny Vista Living Center); Series 2015 A, Ref. RB (d)		6.25%		12/01/2050		1,000		672,723


Denver (City & County of), CO;
Series 2022, RB (e)(f)(i)		5.00%		11/15/2042		1,000		1,064,813


Series 2022, RB (e)(f)(i)		5.75%		11/15/2045		2,000		2,248,370


Dominion Water & Sanitation District; Series 2022, Ref. RB		5.88%		12/01/2052		2,270		2,321,588


East Bend Metropolitan District; Series 2022, GO Bonds		6.50%		12/01/2052		2,600		2,627,285


Gardens on Havana Metropolitan District No. 3 (The); Series 2017 B, RB		7.75%		12/15/2047		697		699,151


Hess Ranch Metropolitan District No. 6; Series 2020 A-2, GO Bonds (j)		5.75%		12/01/2049		1,000		813,450


Palisade Metropolitan District No. 2; Series 2019, GO Bonds		7.25%		12/15/2049		1,000		960,765


Remuda Ranch Metropolitan District; Series 2020 A, GO Bonds		5.00%		12/01/2050		2,300		2,114,644


Ridgeline Vista Metropolitan District; Series 2021 A, GO Bonds		5.25%		12/01/2060		1,000		866,880


Rudolph Farms Metropolitan District No. 6; Series 2022 A, GO Bonds		6.50%		06/01/2052		1,500		1,515,197


Verve Metropolitan District No. 1; Series 2021, Ref. GO Bonds		5.00%		12/01/2036		525		477,773


West Meadow Metropolitan District (Senior Bonds); Series 2023 A, Ref. GO Bonds (d)		6.50%		12/01/2050		500		525,277


Windler Public Improvement Authority; Series 2021 A-2, RB (j)		4.63%		12/01/2051		2,375		1,524,813


								31,186,547



Connecticut–0.56%
Georgetown (City of), CT Special Taxing District; Series 2006 A, GO Bonds (b)(k)		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		1,092,289


								1,729,489



Delaware–0.32%
Millsboro (Town of), DE (Plantation Lakes Special Development District); Series 2018, Ref. RB (d)		5.25%		07/01/2048		998		998,302



District of Columbia–2.07%
Metropolitan Washington Airports Authority; Series 2023 A, Ref. RB (e)(f)(i)		5.25%		10/01/2048		6,000		6,421,217



Florida–23.53%
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)(c)		6.38%		11/15/2049		900		598,208


Alachua (County of), FL Health Facilities Authority (Terraces at Bonita Springs);
Series 2022 A, Ref. RB (Acquired 01/25/2022; Cost $1,075,000) (b)(c)(d)		5.00%		11/15/2061		1,075		758,092


Series 2022 B, RB (Acquired 01/25/2022; Cost $100,000) (b)(c)(d)		6.50%		11/15/2033		100		85,750


Broward (County of), FL; Series 2022, RB (f)		5.50%		01/01/2055		12,365		13,736,999
Capital Projects Finance Authority;
Series 2024, RB (d)		6.50%		06/15/2054		275		283,800


Series 2024, RB (d)		6.63%		06/15/2059		445		459,157


Capital Trust Agency, Inc. (Advantage Academy of Hillsborough); Series 2019 A, RB		5.00%		12/15/2049		3,230		3,142,671


Capital Trust Agency, Inc. (H-Bay Ministries, Inc.- Superior Residences); Series 2018 A-1, RB (Acquired 03/09/2020; Cost $258,452) (b)(c)		5.00%		07/01/2048		250		50,000


Capital Trust Agency, Inc. (Tallahassee Tapestry);
Series 2015, RB (Acquired 08/14/2019; Cost $102,052) (b)(c)(d)		6.75%		12/01/2035		100		32,000


Series 2015, RB (Acquired 12/02/2015; Cost $988,260) (b)(c)(d)		7.00%		12/01/2045		1,000		320,000


Capital Trust Authority (Central Florida Preparatory School Project); Series 2024, RB (d)		6.63%		06/15/2054		1,000		982,016


Capital Trust Authority (KIPP Miami N Campus);
Series 2024 A, RB (d)		6.00%		06/15/2054		650		683,302


Series 2024 A, RB (d)		6.13%		06/15/2060		800		842,091


Collier (County of), FL Industrial Development Authority (The Arlington of Naples); Series 2014 A, RB (Acquired 12/16/2013-12/19/2013; Cost $882,393) (b)(c)(d)		8.25%		05/15/2049		895		24,160


Florida Development Finance Corp. (Brightline Florida Passenger Rail Expansion);
Series 2024, Ref. RB (d)(e)(l)		12.00%		07/15/2028		2,000		2,135,010


Series 2024, Ref. RB (e)		5.00%		07/01/2041		2,000		2,049,113


Series 2024, Ref. RB (INS - AGM) (e)(g)		5.25%		07/01/2053		2,000		2,109,576


Florida Development Finance Corp. (Parrish Charter Academy, Inc.); Series 2023, RB (d)(l)		6.25%		06/15/2028		2,140		2,155,462

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


5		Invesco Municipal Income Opportunities Trust


					Principal
	Interest		Maturity		Amount
	Rate		Date		(000)		Value


Florida–(continued)
Florida Development Finance Corp. (Renaissance Charter School, Inc.); Series 2015, RB (d)		6.13%		06/15/2046	$	1,000	$	1,007,030


Florida Development Finance Corp. (River City Science Academy); Series 2021, RB		4.00%		07/01/2045		1,200		1,102,525


Hillsborough (County of), FL Industrial Development Authority (Baycare Health System); Series 2024 C, Ref. RB		5.25%		11/15/2049		13,000		14,495,507


Lake Helen (City of), FL (Ivy Hawn Charter School of the Arts); Series 2018 A, RB (d)		5.38%		07/15/2038		1,300		1,258,573


Lee (County of), FL Industrial Development Authority (Lee County Community Charter Schools, LLC); Series 2012, IDR (d)		5.75%		06/15/2042		1,200		1,200,310


Manatee (County of), FL; Series 2023, Ref. RB (f)		4.00%		10/01/2053		10,000		9,642,228


Miami-Dade (County of), FL;
Series 2009, RB (h)		0.00%		10/01/2042		7,900		3,666,342


Series 2017 B, Ref. RB (e)(f)(i)		5.00%		10/01/2040		2,000		2,046,580


Series 2022, RB (f)		5.00%		07/01/2052		5,000		5,385,561


Seminole (County of), FL; Series 2022, RB (f)		5.00%		10/01/2052		2,430		2,591,975


								72,844,038



Idaho–0.84%
Idaho (State of) Health Facilities Authority (Valley Vista Care Corp.); Series 2017 A, Ref. RB		5.25%		11/15/2047		1,600		1,274,717


Idaho (State of) Housing & Finance Association (Future Public School); Series 2022 A, RB (d)		4.00%		05/01/2057		1,705		1,338,254


								2,612,971



Illinois–5.90%
Chicago (City of), IL;
Series 2007 F, Ref. GO Bonds		5.50%		01/01/2042		1,250		1,252,122


Series 2017 A, Ref. GO Bonds		6.00%		01/01/2038		1,500		1,557,840


Chicago (City of), IL Board of Education;
Series 2022 B, Ref. GO Bonds		4.00%		12/01/2040		1,665		1,569,698


Series 2023 A, GO Bonds		6.00%		12/01/2049		1,000		1,109,114


Illinois (State of);
Series 2020, GO Bonds		5.75%		05/01/2045		1,000		1,096,906


Series 2021 A, GO Bonds		5.00%		03/01/2046		500		528,230


Illinois (State of) Development Finance Authority (CITGO Petroleum Corp.); Series 2002, RB (e)		8.00%		06/01/2032		140		140,177


Illinois (State of) Finance Authority (Intrinsic Schools - Belmont School); Series 2015, RB (d)		6.00%		12/01/2045		1,000		1,010,025


Illinois (State of) Finance Authority (Lutheran Communities Obligated Group);
Series 2019 A, Ref. RB (Acquired 10/28/2022; Cost $1,265,750) (c)		5.00%		11/01/2040		1,525		989,449


Series 2019 A, Ref. RB (Acquired 06/02/2022; Cost $956,840) (c)		5.00%		11/01/2049		1,000		648,417


Illinois (State of) Finance Authority (Northshore Edward Elmhurst Health Credit Group); Series 2022, RB (f)(i)		5.00%		08/15/2051		5,375		5,680,680


Illinois (State of) Finance Authority (Rogers Park Montessori School); Series 2014, Ref. RB		6.13%		02/01/2045		1,140		1,140,386


Illinois (State of) Finance Authority (Villa St. Benedict); Series 2015, Ref. RB		6.38%		11/15/2043		775		782,512


Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion); Series 2017 B, Ref. RB (j)		4.70%		12/15/2037		1,000		767,993


								18,273,549



Indiana–2.15%
Indiana (State of) Finance Authority (Irvington Community School);
Series 2018 A, Ref. RB (d)		5.90%		07/01/2038		1,000		1,003,345


Series 2018 A, Ref. RB (d)		6.00%		07/01/2048		1,000		1,002,378


Indiana (State of) Finance Authority (University of Evansville); Series 2022 A, Ref. RB		5.25%		09/01/2044		3,500		3,541,833


Indianapolis Local Public Improvement Bond Bank (Convention Center Hotel); Series 2023 E, RB		6.00%		03/01/2053		1,000		1,106,140


								6,653,696



Iowa–1.78%
Iowa (State of) Finance Authority (Iowa Fertilizer Co.); Series 2022, Ref. RB (l)(m)		5.00%		12/01/2032		2,000		2,326,054


Iowa (State of) Finance Authority (Northcrest, Inc.); Series 2018 A, RB		5.00%		03/01/2038		1,150		1,151,063


Iowa (State of) Tobacco Settlement Authority; Series 2021 B-2, Ref. RB (h)		0.00%		06/01/2065		13,000		2,029,828


								5,506,945



Kansas–0.31%
Wichita (City of), KS (Presbyterian Manors, Inc.); Series 2013 IV-A, RB		6.50%		05/15/2048		1,000		970,513

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


6		Invesco Municipal Income Opportunities Trust


					Principal
	Interest		Maturity		Amount
	Rate		Date		(000)		Value


Kentucky–0.76%
Kentucky (Commonwealth of) Public Transportation Infrastructure Authority (Downtown Crossing); Series 2013 C, RB		6.88%		07/01/2046	$	2,000	$	2,349,114



Louisiana–0.24%
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority; Series 2015 A, Ref. RB		6.25%		11/15/2045		750		751,284



Maine–3.61%
Maine Health & Higher Educational Facilities Authority; Series 2023, RB (INS - AGM) (f)(g)(i)		4.75%		07/01/2053		10,660		11,159,955



Massachusetts–4.07%
Massachusetts (Commonwealth of);
Series 2004 A, Ref. GO Bonds (INS - AMBAC) (f)(g)		5.50%		08/01/2030		960		1,097,583


Series 2023, GO Bonds (f)		5.00%		10/01/2053		10,000		10,886,811


Massachusetts (Commonwealth of) Development Finance Agency (Massachusetts Institute of Technology); Series 2002 K, RB (f)		5.50%		07/01/2032		505		607,414


								12,591,808



Michigan–0.73%
Charyl Stockwell Academy; Series 2015, Ref. RB		5.75%		10/01/2045		635		605,183


Michigan (State of) Strategic Fund (Canterbury Health Care, Inc.); Series 2016, RB (Acquired 09/12/2019; Cost $2,770,058) (b)(c)(d)		5.00%		07/01/2046		2,705		1,639,666


								2,244,849



Minnesota–1.08%
Ramsey (City of), MN; Series 2022 A, Ref. RB		5.00%		06/01/2032		1,500		1,525,209


Rochester (City of), MN (Homestead at Rochester, Inc.); Series 2013 A, RB		6.88%		12/01/2048		1,000		1,000,161


St. Paul (City of), MN Housing & Redevelopment Authority (Emerald Gardens); Series 2010, Ref. RB		6.25%		03/01/2025		235		235,153


St. Paul (City of), MN Housing & Redevelopment Authority (Higher Ground Academy); Series 2023, Ref. RB		5.50%		12/01/2038		545		576,953


								3,337,476



Missouri–2.96%
Branson Hills Infrastructure Facilities Community Improvement District; Series 2007 A, RB (k)		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		2,172,966


Series 2017 A, Ref. RB		5.25%		05/15/2050		1,250		1,086,706


Lee’s Summit (City of), MO Industrial Development Authority (John Knox Village);
Series 2016 A, RB		5.00%		08/15/2046		2,000		1,875,803


Series 2018 A, Ref. RB		5.00%		08/15/2042		755		738,357


Missouri (State of) Development Finance Board (St. Louis Zoo); Series 2022, RB (f)		5.13%		05/01/2052		1,500		1,579,584


St. Louis (County of), MO Industrial Development Authority (Friendship Village West County); Series 2018 A, RB		5.13%		09/01/2049		1,500		1,490,584


								9,160,586



Nevada–0.73%
North Las Vegas (City of), NV Special Improvement District No. 66 (Villages at Tule Springs Village 1); Series 2022, RB (d)		5.75%		06/01/2047		1,580		1,603,623


Reno (City of), NV (ReTRAC - Reno Transportation Rail Access Corridor); Series 2018 C, Ref. RB (d)(h)		0.00%		07/01/2058		4,500		644,389


								2,248,012



New Hampshire–0.34%
New Hampshire (State of) Business Finance Authority (Social Bonds); Series 2022-2A, RB		4.00%		10/20/2036		1,073		1,061,729



New Jersey–3.78%
New Jersey (State of) Economic Development Authority (Continental Airlines, Inc.);
Series 1999, RB (e)		5.25%		09/15/2029		855		855,813


Series 2012, RB (e)		5.75%		09/15/2027		805		806,050


New Jersey (State of) Economic Development Authority (Leap Academy University Charter School, Inc.); Series 2014 A, RB (d)		6.30%		10/01/2049		1,200		1,200,846


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		1,000,446

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


7		Invesco Municipal Income Opportunities Trust


					Principal
	Interest		Maturity		Amount
	Rate		Date		(000)		Value


New Jersey–(continued)
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	$	2,370,697


New Jersey (State of) Transportation Trust Fund Authority; Series 2023, RB (f)(i)		5.25%		06/15/2050		5,000		5,475,465


								11,709,317



New York–8.30%
Brooklyn Arena Local Development Corp. (Barclays Center);
Series 2009, RB (h)		0.00%		07/15/2035		1,475		975,635


Series 2009, RB (h)		0.00%		07/15/2046		10,000		3,722,980


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)(c)		5.00%		01/01/2058		1,479		442,814


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


New York (City of), NY Transitional Finance Authority; Series 2022, RB (f)		5.25%		11/01/2048		5,000		5,506,219


New York (State of) Dormitory Authority; Series 2018 E, RB (f)		5.00%		03/15/2046		2,250		2,360,327


New York Counties Tobacco Trust IV; Series 2010 A, RB (d)		6.25%		06/01/2041		1,000		1,000,144


New York Counties Tobacco Trust V; Series 2005 S-2, RB (h)		0.00%		06/01/2050		8,100		1,301,871


New York Counties Tobacco Trust VI; Series 2016 A-1, Ref. RB		5.75%		06/01/2043		2,000		2,046,046


New York Liberty Development Corp. (3 World Trade Center); Series 2014, Class 3, Ref. RB (d)		7.25%		11/15/2044		3,000		3,009,250


New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment); Series 2016 A, RB (e)(f)(i)		5.00%		07/01/2046		1,750		1,749,932


TSASC, Inc.; Series 2016 B, Ref. RB		5.00%		06/01/2045		2,000		1,810,450


Westchester (County of), NY Industrial Development Agency (Million Air Two LLC General Aviation Facilities); Series 2017 A, RB (d)(e)		7.00%		06/01/2046		1,000		1,028,179


								25,683,847



North Carolina–0.38%
North Carolina (State of) Medical Care Commission (Salemtowne Project); Series 2018 A, RB		5.00%		10/01/2043		1,260		1,162,294



Ohio–4.02%
Buckeye Tobacco Settlement Financing Authority;
Series 2020 B-2, Ref. RB		5.00%		06/01/2055		1,750		1,611,062


Series 2020 B-3, Ref. RB (h)		0.00%		06/01/2057		11,600		1,054,040


Cuyahoga (County of), OH (MetroHealth System); Series 2017, Ref. RB		5.00%		02/15/2052		3,250		3,286,175


Franklin (County of), OH (Wesley Communities); Series 2020, Ref. RB		5.25%		11/15/2055		1,500		1,468,325


Muskingum (County of), OH (Genesis Healthcare System); Series 2013, RB		5.00%		02/15/2044		3,075		3,034,922


Ohio (State of) Air Quality Development Authority (AMG Vanadium Project); Series 2019, RB (d)(e)		5.00%		07/01/2049		2,000		1,983,002


								12,437,526



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		1,364



Pennsylvania–2.24%
Pennsylvania (Commonwealth of) Economic Development Financing Authority (Penndot Major Bridges); Series 2022, RB (e)		6.00%		06/30/2061		1,250		1,387,184


Philadelphia (City of), PA Authority for Industrial Development (Discovery Charter School); Series 2022, Ref. RB (d)		5.00%		04/15/2052		2,400		2,279,382


Philadelphia (City of), PA Authority for Industrial Development (St. Joseph’s University); Series 2022, RB		5.50%		11/01/2060		3,000		3,253,335


								6,919,901



Puerto Rico–7.46%
Children’s Trust Fund;
Series 2002, RB		5.50%		05/15/2039		370		371,913


Series 2002, RB		5.63%		05/15/2043		1,000		1,011,612


Series 2005 A, RB (h)		0.00%		05/15/2050		27,000		5,216,778


Puerto Rico (Commonwealth of); Subseries 2022, RN (h)		0.00%		11/01/2043		6,214		3,938,231


Puerto Rico (Commonwealth of) Electric Power Authority;
Series 2007 TT, RB (Acquired 08/08/2018; Cost $310,613) (b)(c)		5.00%		07/01/2037		495		267,300


Series 2007 VV, Ref. RB (Acquired 07/19/2018; Cost $1,050,547) (INS - NATL) (c)(g)		5.25%		07/01/2035		1,000		983,323

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


8		Invesco Municipal Income Opportunities Trust


	Interest Rate		Maturity Date		Principal Amount (000)		Value


Puerto Rico–(continued)
Puerto Rico (Commonwealth of) Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority (AES Puerto Rico);
Series 2023 A, RB		6.63%		01/01/2027	$	82	$	80,821


Series 2023 A, RB		6.63%		01/01/2028		622		616,203


Puerto Rico Sales Tax Financing Corp.;
Series 2018 A-1, RB (h)		0.00%		07/01/2046		24,150		8,143,223


Series 2018 A-1, RB (h)		0.00%		07/01/2051		10,062		2,469,338


								23,098,742



South Carolina–1.13%
South Carolina (State of) Jobs-Economic Development Authority (High Point Academy Project); Series 2018 A, RB (d)		5.75%		06/15/2039		1,500		1,519,339


South Carolina (State of) Jobs-Economic Development Authority (South Carolina Episcopal Home at Still Hopes); Series 2018 A, Ref. RB		5.00%		04/01/2048		2,000		1,978,073


								3,497,412



Tennessee–3.30%
Bristol (City of), TN Industrial Development Board (Pinnacle); Series 2016, RB		5.63%		06/01/2035		1,000		953,403


Knox (County of) & Knoxville (City of), TN City Sports Authority; Series 2024, RB (f)		6.00%		12/01/2054		5,000		5,773,181


Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Lipscomb University); Series 2019, Ref. RB		5.25%		10/01/2058		1,500		1,521,736


Shelby (County of), TN Health, Educational & Housing Facilities Board (Trezevant Manor);
Series 2013 A, Ref. RB		5.50%		09/01/2047		1,600		1,288,086


Series 2016 A, Ref. RB (d)		5.00%		09/01/2031		750		677,684


								10,214,090



Texas–12.47%
Arlington Higher Education Finance Corp. (Cypress Christian School); Series 2024, RB (d)		5.75%		06/01/2043		1,500		1,556,653


Bexar County Health Facilities Development Corp. (Army Retirement Residence Foundation);
Series 2016, Ref. RB		4.00%		07/15/2031		1,500		1,427,059


Series 2016, Ref. RB		5.00%		07/15/2041		1,000		971,098


Brazoria County Industrial Development Corp. (Gladieux Metals Recycling LLC); Series 2019, RB (e)		7.00%		03/01/2039		1,160		1,140,349


Houston (City of), TX Airport System (Continental Airlines, Inc.); Series 2011 A, Ref. RB (e)		6.63%		07/15/2038		1,000		1,001,327


Lower Colorado River Authority (LCRA Transmission Services Corp.); Series 2023 A, Ref. RB (INS - AGM) (f)(g)		5.25%		05/15/2053		10,000		10,984,516


Mission Economic Development Corp. (Natgasoline); Series 2018, Ref. RB (d)(e)		4.63%		10/01/2031		1,500		1,502,155


New Hope Cultural Education Facilities Finance Corp. (Carillon Lifecare Community); Series 2016, Ref. RB		5.00%		07/01/2036		600		553,474


New Hope Cultural Education Facilities Finance Corp. (MRC Senior Living-The Langford);
Series 2016 A, RB		5.50%		11/15/2046		400		343,259


Series 2016 A, RB		5.50%		11/15/2052		1,500		1,246,842


New Hope Cultural Education Facilities Finance Corp. (Outlook at Windhaven (The)); Series 2022, RB		5.50%		10/01/2027		1,000		997,995


North Texas Tollway Authority; Series 2011 B, RB (h)(l)(m)		0.00%		09/01/2031		7,000		3,589,716


Port Beaumont Navigation District (Jefferson Gulf Coast Energy); Series 2024, RB (d)(e)		5.00%		01/01/2039		1,000		1,064,336


Rowlett (City of), TX (Bayside Public Improvement District North Improvement Area); Series 2016, RB		6.00%		09/15/2046		450		452,127


San Antonio (City of), TX; Series 2023 A, Ref. RB (f)		5.50%		02/01/2050		5,750		6,448,967
Tarrant County Cultural Education Facilities Finance Corp. (Buckner Senior Living - Ventana); Series 2017, RB		6.75%		11/15/2052		1,000		1,032,378


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)(c)		6.38%		02/15/2052		1,000		550,000


Tarrant County Cultural Education Facilities Finance Corp. (Stayton at Museum Way); Series 2020 A, RB (Acquired 01/04/2013-07/02/2014; Cost $865,226) (b)(c)		5.75%		12/01/2054		913		575,075


Texas (State of) Water Development Board;
Series 2022, RB (f)		4.80%		10/15/2052		2,000		2,110,744


Series 2022, RB (f)		5.00%		10/15/2057		1,000		1,069,896


								38,617,966



Utah–1.97%
Salt Lake City (City of), UT; Series 2017 A, RB (e)(f)		5.00%		07/01/2047		3,000		3,036,208


Utah (State of) Charter School Finance Authority (Wallace Stegner Academy); Series 2022 A, RB (d)		5.75%		06/15/2052		3,000		3,052,774


								6,088,982

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


Virginia–0.63%
Ballston Quarter Community Development Authority;
Series 2016 A-1, RB		5.50%		03/01/2046	$	376	$	336,775


Series 2016 A-2, RB (j)		7.13%		03/01/2059		902		612,020


Tobacco Settlement Financing Corp.; Series 2007 B-2, RB		5.20%		06/01/2046		1,000		1,000,200


								1,948,995



Washington–2.20%
King (County of), WA Public Hospital District No. 4; Series 2015 A, RB		6.25%		12/01/2045		1,000		1,002,596


Washington (State of) Convention Center Public Facilities District; Series 2018, RB (f)(i)		5.00%		07/01/2058		3,225		3,260,232


Washington (State of) Housing Finance Commission (Heron’s Key Senior Living); Series 2015 A, RB (d)(l)(m)		7.00%		07/01/2025		740		761,399


Washington (State of) Housing Finance Commission (Presbyterian Retirement Communities Northwest); Series 2016 A, Ref. RB (d)		5.00%		01/01/2051		2,000		1,782,738


								6,806,965



West Virginia–0.90%
Harrison (County of), WV County Commission (Charles Pointe Economic Opportunity Development District); Series 2019 A, RB (b)(d)		5.75%		06/01/2042		1,495		1,048,773


Monongalia (County of), WV Commission Special District (University Town Centre Economic Opportunity Development District); Series 2017 A, Ref. RB (d)		5.75%		06/01/2043		1,000		1,022,955


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


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


								2,788,728



Wisconsin–3.89%
Wisconsin (State of) Center District; Series 2020 D, RB (INS - AGM) (g)(h)		0.00%		12/15/2060		5,000		915,883


Wisconsin (State of) Public Finance Authority; Series 2023 A, Ref. RB (d)		6.25%		10/01/2053		1,000		1,054,205


Wisconsin (State of) Public Finance Authority (Alabama Proton Therapy Center); Series 2017 A, RB (Acquired 12/01/2017; Cost $1,965,627) (c)(d)		6.85%		10/01/2047		2,000		200,000


Wisconsin (State of) Public Finance Authority (Coral Academy of Science Reno); Series 2022, RB (d)		5.88%		06/01/2052		900		921,678


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


Wisconsin (State of) Public Finance Authority (Explore Academy); Series 2018 A, RB (d)		6.13%		02/01/2048		985		954,611


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


Wisconsin (State of) Public Finance Authority (Million Air Two LLC General Aviation Facilities); Series 2017 A, RB (e)		7.25%		06/01/2035		2,500		2,602,641


Wisconsin (State of) Public Finance Authority (Quality Education Academy); Series 2023, RB (d)		6.25%		07/15/2053		475		513,187


Wisconsin (State of) Public Finance Authority (Roseman University of Health Sciences); Series 2015, Ref. RB		5.88%		04/01/2045		660		665,692


Wisconsin (State of) Public Finance Authority (Signorelli); Series 2024, RB (d)		5.38%		12/15/2032		1,250		1,253,744


Wisconsin (State of) Public Finance Authority (Uwharrie Charter Academy); Series 2022 A, RB (d)		5.00%		06/15/2057		2,000		1,974,432


								12,056,073


Total Municipal Obligations (Cost $426,280,120)								430,029,358



U.S. Dollar Denominated Bonds & Notes–0.05%
Puerto Rico–0.05%
AES Puerto Rico, Inc. (Cost $141,244) (k)		12.50%		03/04/2026		145		140,176

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


10		Invesco Municipal Income Opportunities Trust


	Shares		Value


Preferred Stocks–0.00%
AES Puerto Rico, Inc., Pfd. (Cost $0) (k)		13,681	$	0


TOTAL INVESTMENTS IN SECURITIES (n) –138.96% (Cost $426,421,364)				430,169,534


FLOATING RATE NOTE OBLIGATIONS–(37.02)%
Notes with interest and fee rates ranging from 3.44% to 3.59% at 08/31/2024 and contractual maturities of collateral ranging from 08/01/2030 to 07/01/2058 (See Note 1J) (o)				(114,600,000	)


OTHER ASSETS LESS LIABILITIES–(1.94)%				(6,005,086	)


NET ASSETS–100.00%			$	309,564,448


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

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 August 31, 2024 was $9,545,402, which represented 3.08% of the Trust’s Net Assets.

(c)	Restricted security. The aggregate value of these securities at August 31, 2024 was $9,962,254, which represented 3.22% of the Trust’s Net Assets.

(d)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2024 was $67,138,761, which represented 21.69% of the Trust’s Net Assets.

(e)	Security subject to the alternative minimum tax.

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

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

(h)	Zero coupon bond issued at a discount.

(i)

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 $35,400,000. However, such shortfall payment would be reduced by the proceeds from the sale of the security underlying the TOB Trusts.

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

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

(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.		6.16%

(o)

Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at August 31, 2024. At August 31, 2024, the Trust’s investments with a value of $164,093,567 are held by TOB Trusts and serve as collateral for the $114,600,000 in the floating rate note obligations outstanding at that date.

Portfolio Composition

By credit sector, based on total investments

As of August 31, 2024


Revenue Bonds			87.75%


General Obligation Bonds			10.70


Pre-Refunded Bonds			1.55

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


11		Invesco Municipal Income Opportunities Trust

Statement of Assets and Liabilities

August 31, 2024

(Unaudited)


Assets:

Investments in unaffiliated securities, at value (Cost $426,421,364)	$	430,169,534



Cash		1,546,581


Receivable for:
Investments sold		240,000


Interest		5,064,992


Investments matured, at value (Cost $2,626,681)		1,884,162


Investment for trustee deferred compensation and retirement plans		51,261


Total assets		438,956,530



Liabilities:
Floating rate note obligations		114,600,000


Payable for:
Investments purchased		14,406,080


Dividends		35,862


Accrued fees to affiliates		26,715


Accrued trustees’ and officers’ fees and benefits		580


Accrued other operating expenses		156,512


Trustee deferred compensation and retirement plans		166,333


Total liabilities		129,392,082


Net assets applicable to common shares	$	309,564,448


Net assets applicable to common shares consist of:
Shares of beneficial interest - common shares	$	345,499,466


Distributable earnings (loss)		(35,935,018	)


	$	309,564,448



Common shares outstanding, no par value, with an unlimited number of common shares authorized:
Shares outstanding		47,660,795


Net asset value per common share	$	6.50


Market value per share	$	6.43

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


12		Invesco Municipal Income Opportunities Trust

Statement of Operations

For the six months ended August 31, 2024

(Unaudited)


Investment income:

Interest	$	11,196,460



Expenses:
Advisory fees		1,184,776


Administrative services fees		22,604


Custodian fees		4,175


Interest, facilities and maintenance fees		2,615,994


Transfer agent fees		16,621


Trustees’ and officers’ fees and benefits		16,830


Registration and filing fees		23,375


Reports to shareholders		129,073


Professional services fees		144,460


Other		55


Total expenses		4,157,963


Net investment income		7,038,497



Realized and unrealized gain (loss) from:
Net realized gain (loss) from unaffiliated investment securities (includes net gains (losses) from securities sold to affiliates of $(280,606))		(1,893,652	)


Change in net unrealized appreciation of unaffiliated investment securities		7,146,879


Net realized and unrealized gain		5,253,227


Net increase in net assets resulting from operations applicable to common shares	$	12,291,724

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


13		Invesco Municipal Income Opportunities Trust

Statement of Changes in Net Assets

For the six months ended August 31, 2024 and the year ended February 29, 2024

(Unaudited)


	August 31,			February 29,
	2024			2024


Operations:
Net investment income	$	7,038,497		$	13,063,560


Net realized gain (loss)		(1,893,652	)		(5,641,831	)


Change in net unrealized appreciation		7,146,879			14,481,777


Net increase in net assets resulting from operations applicable to common shares		12,291,724			21,903,506


Distributions to shareholders from distributable earnings		(8,320,136	)		(14,736,986	)


Return of capital applicable to common shares		–			(583,080	)


Total distributions		(8,320,136	)		(15,320,066	)


Net increase in common shares of beneficial interest		104,682			145,488


Net increase in net assets applicable to common shares		4,076,270			6,728,928



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


End of period	$	309,564,448		$	305,488,178

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


14		Invesco Municipal Income Opportunities Trust

Statement of Cash Flows

For the six months ended August 31, 2024

(Unaudited)


Cash provided by operating activities:
Net increase in net assets resulting from operations applicable to common shares	$	12,291,724



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

Purchases of investments		(9,949,017	)


Proceeds from sales of investments		40,188,844


Purchases of short-term investments, net		(33,773	)


Amortization (accretion) of premiums and discounts, net		(1,612,380	)


Net realized loss from investment securities		1,893,652


Net change in unrealized appreciation on investment securities		(7,146,879	)


Change in operating assets and liabilities:


Decrease in receivables and other assets		20,939


Increase in accrued expenses and other payables		35,260


Net cash provided by operating activities		35,688,370


Cash provided by (used in) financing activities:
Dividends paid to shareholders from distributable earnings		(8,214,620	)


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


Proceeds from TOB Trusts		3,750,000


Net cash provided by (used in) financing activities		(34,464,620	)


Net increase in cash and cash equivalents		1,223,750


Cash and cash equivalents at beginning of period		322,831


Cash and cash equivalents at end of period	$	1,546,581



Non-cash financing activities:
Value of shares of beneficial interest issued in reinvestment of dividends paid to common shareholders	$	104,682



Supplemental disclosure of cash flow information:


Cash paid during the period for interest, facilities and maintenance fees	$	2,720,640

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


15		Invesco Municipal Income Opportunities Trust

Financial Highlights

(Unaudited)

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


	Six Months Ended		Year Ended			Years Ended									Year Ended
	August 31,		February 29,			February 28,									February 29,
	2024		2024			2023			2022			2021			2020


Net asset value per common share, beginning of period		$ 6.41	$	6.27		$	7.44		$	7.70		$	8.02		$	7.33


Net investment income (a)		0.15		0.27			0.33			0.36			0.37			0.38


Net gains (losses) on securities (both realized and unrealized)		0.11		0.19			(1.15	)		(0.25	)		(0.31	)		0.69


Total from investment operations		0.26		0.46			(0.82	)		0.11			0.06			1.07


Less:
Dividends paid to common shareholders from net investment income		(0.17)		(0.31	)		(0.35	)		(0.37	)		(0.38	)		(0.38	)


Return of capital		–		(0.01	)		(0.00	)		–			–			–


Total distributions		(0.17)		(0.32	)		(0.35	)		(0.37	)		(0.38	)		(0.38	)


Net asset value per common share, end of period		$ 6.50	$	6.41		$	6.27		$	7.44		$	7.70		$	8.02


Market value per common share, end of period		$ 6.43	$	6.26		$	6.89		$	7.20		$	7.80		$	7.96


Total return at net asset value (b)		4.24%		7.72	%		(11.08	)%		1.34	%		1.11	%		14.99	%


Total return at market value (c)		5.59%		(4.27	)%		1.07	%		(3.18	)%		3.20	%		9.35	%


Net assets applicable to common shares, end of period (000’s omitted)		$ 309,564	$	305,488		$	298,759		$	354,364		$	366,246		$	381,288


Portfolio turnover rate (d)		6%		19	%		21	%		9	%		13	%		10	%



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


With fee waivers and/or expense reimbursements		2.70% (e)		2.76	%		1.62	%		1.05	%		1.23	%		1.55	%


With fee waivers and/or expense reimbursements excluding interest, facilities and maintenance fees		1.00% (e)		0.90	%		0.82	%		0.80	%		0.81	%		0.83	%


Without fee waivers and/or expense reimbursements		2.70% (e)		2.76	%		1.62	%		1.05	%		1.23	%		1.55	%


Ratio of net investment income to average net assets		4.59% (e)		4.42	%		4.97	%		4.59	%		5.03	%		4.91	%



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


Asset coverage per preferred share (f)		N/A	$	1,118,294		$	1,095,864		$	1,281,214		$	1,320,819		$	1,370,961


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

(a)	Calculated using average shares outstanding.

(b)

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

(c)

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

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

(e)	Annualized.

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

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


16		Invesco Municipal Income Opportunities Trust

Notes to Financial Statements

August 31, 2024

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco Municipal Income Opportunities Trust (the “Trust”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as a

closed-end

management investment company.

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

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

Financial Services – Investment Companies

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

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

Securities generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as

institution-size

trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a trust may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

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.


17		Invesco Municipal Income Opportunities Trust

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

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

Interest, Facilities and Maintenance Fees

- Interest, Facilities and Maintenance Fees include interest and related borrowing costs such as commitment

fees, rating and bank agent fees, administrative expenses and other expenses associated with establishing and maintaining the line of credit and Variable Rate Muni Term Preferred Shares (“VMTP Shares”). In addition, interest and administrative expenses related to establishing and maintaining floating rate note obligations, if any, are included.

Accounting Estimates -

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America

(“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Trust monitors for material events or transactions that may occur or become known after the

period-end

date and before the date the financial statements are released to print.

Indemnifications

- Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain

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

I.	Cash and Cash Equivalents - For the purposes of the Statement of Cash Flows, the Trust defines Cash and Cash Equivalents as cash (including foreign currency), 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 Floaters, 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 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


18		Invesco Municipal Income Opportunities Trust

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.

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. Such changes and resulting increased volatility may adversely impact the Trust, including its operations, universe of potential investment options, and return potential. 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.

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.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Trust accrues daily and pays monthly an advisory fee to the Adviser based on

the

annual rate of 0.55% of the Trust’s average weekly managed assets. Managed assets for this purpose means the Trust’s net assets, plus assets attributable to outstanding preferred shares and the amount of any borrowings incurred for the purpose of leverage (whether or not such borrowed amounts are reflected in the Trust’s financial statements for purposes of GAAP).

Under the terms of a master

sub-advisory

agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the “Affiliated

Sub-Advisers”)

the Adviser, not the Trust, will pay 40% of the fees paid to the Adviser to any such Affiliated

Sub-Adviser(s)

that provide(s) discretionary investment management services to the Trust based on the percentage of assets allocated to such Affiliated

Sub-Adviser(s).

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Trust has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Trust. For the six months ended August 31, 2024, 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 significant events due to market movements occur, foreign securities may be fair valued utilizing an independent pricing service.
Level 3 -		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of August 31, 2024. 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		$–	$	429,175,572	$	853,786	$	430,029,358



U.S. Dollar Denominated Bonds & Notes		–		–		140,176		140,176


Preferred Stocks		–		–		0		0


Total Investments in Securities		–		429,175,572		993,962		430,169,534


Other Investments - Assets


Investments Matured		–		1,884,162		–		1,884,162


Total Investments		$–	$	431,059,734	$	993,962	$	432,053,696

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 six months ended August 31, 2024, the Trust engaged in securities sales of $14,237,502, which resulted in net realized gains (losses) of $(280,606).


19		Invesco Municipal Income Opportunities Trust

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 Benefit

s also include amounts accrued by the Trust to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Trusts in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Trust may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan.

Trustees’ and Officers’ Fees and Benefits

include amounts accrued by the Trust to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Trust.

NOTE 6–Cash Balances and Borrowings

The Trust is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at

period-end,

are shown in the Statement of Assets and Liabilities under the payable caption

Amount due custodian

. To compensate the custodian bank for such overdrafts, the overdrawn Trust may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

Inverse floating rate obligations resulting from the transfer of bonds to TOB Trusts are accounted for as secured borrowings. The average floating rate notes outstanding and average annual interest and fee rate related to inverse floating rate note obligations during the six months ended August 31, 2024 were $113,318,571 and 4.14%, respectively.

NOTE 7–Tax Information

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

year-end.

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

The Trust had a capital loss carryforward as of February 29, 2024, as follows:


Capital Loss Carryforward*


Expiration	Short-Term		Long-Term		Total


Not subject to expiration	$	12,070,090	$	23,092,921	$	35,163,011

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

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Trust during the six months ended August 31, 2024 was $24,408,790 and $40,173,844, respectively. As of August 31, 2024, the aggregate cost of 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	$	23,143,059


Aggregate unrealized (depreciation) of investments		(20,592,588	)


Net unrealized appreciation of investments	$	2,550,471

Cost of investments for tax purposes is $429,503,225.

NOTE 9–Common Shares of Beneficial Interest

Transactions in common shares of beneficial interest were as follows:


	Six Months Ended		Year Ended
	August 31,		February 29,
	2024		2024
Beginning shares		47,644,344		47,620,753
Shares issued through dividend reinvestment		16,451		23,591
Ending shares		47,660,795		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.

NOTE 10–Variable Rate Muni Term Preferred Shares

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

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 1.53%, respectively.

Dividends paid on VMTP Shares are recognized as a component of

Interest, facilities and maintenance fees

on the Statement of Operations.


20		Invesco Municipal Income Opportunities Trust

NOTE 11–Dividends

The Trust declared the following dividends to common shareholders from net investment income subsequent to August 31, 2024:


Declaration Date	Amount per Share	Record Date		Payable Date
September 3, 2024	$0.0291		September 17, 2024		September 30, 2024
October 1, 2024	$0.0291		October 16, 2024		October 31, 2024


21		Invesco Municipal Income Opportunities Trust

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 12, 2024, the Board of Trustees (the Board or the Trustees) of Invesco Municipal Income Opportunities Trust (the Fund) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Fund’s Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup

Sub-Advisory

Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated

Sub-Advisers

and the

sub-advisory

contracts) for another year, effective July 1, 2024. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the

sub-advisory

contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated

Sub-Advisers

is fair and reasonable.

The Board’s Evaluation Process

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

Sub-Committees,

that meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The

Sub-Committees

meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review information about investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the annual review process for the Invesco Funds’ investment advisory and

sub-advisory

contracts. The Board took into account evaluations and reports that it received from its committees and

sub-committees,

as well as the information provided to the Board and its committees and

sub-committees

throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement and

sub-advisory

contracts.

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

process to ensure they are negotiated in a manner that is at arms’ length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 7, 2024 and June 12, 2024, the independent Trustees also discussed the continuance of the investment advisory agreement and

sub-advisory

contracts in separate sessions with the Senior Officer and with independent legal counsel. Also, as part of the contract renewal process, the independent Trustees reviewed and considered information provided in response to

follow-up

requests for information submitted by the independent Trustees to management. The independent Trustees met and discussed those

follow-up

responses with legal counsel to the independent Trustees and the Senior Officer.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and

sub-advisory

contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and

sub-advisory

contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 12, 2024.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco’s methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco’s ability to attract and retain talent. The Board considered the additional services provided to the Fund due to the fact that the Fund is a

closed-end

fund, including, but not limited to, leverage management and monitoring, evaluating, and, where appropriate, making recommendations with respect to the Fund’s trading discount, share repurchase program, and distribution rates, as well as shareholder relations activities. The Board received a description of, and reports related

to, Invesco Advisers’ global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered

non-advisory

services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers’ systems preparedness and ongoing investment enabled Invesco Advisers to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

The Board reviewed the services that may be provided to the Fund by the Affiliated

Sub-Advisers

under the

sub-advisory

contracts and the credentials and experience of the officers and employees of the Affiliated

Sub-Advisers

who provide these services. The Board noted the Affiliated

Sub-Advisers’

expertise with respect to certain asset classes and that the Affiliated

Sub-Advisers

have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated

Sub-Advisers

can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. The Board concluded that the

sub-advisory

contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated

Sub-Advisers

in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated

Sub-Advisers

are appropriate and satisfactory.

B.	Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the

sub-advisory

contracts for the Fund, as no Affiliated

Sub-Adviser

currently manages assets of the Fund.

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2023 to the performance of funds in the Broadridge performance universe and against the Custom Invesco Municipal Income Opportunities Trust Index (Index). The Board noted that the Fund’s performance was in the second quintile of its performance universe for the one year period and the first quintile of its performance universe for the three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that the Fund’s performance was reasonably comparable to


22		Invesco Municipal Income Opportunities Trust

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

C.	Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management and actual management fee rates for shares of the Fund were each below the median contractual management and actual management fee rates of funds in its expense group. The Board noted that the term “contractual management fee” and “actual management fee” for funds in the expense group may include both advisory and certain

non-portfolio

management administrative services fees, but that Broadridge is not able to provide information on a

fund-by-fund

basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent audited annual reports for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.

The Board noted that Invesco Advisers does not manage other similarly managed mutual funds or client accounts. The Board also considered the services that may be provided by the Affiliated

Sub-Advisers

pursuant to the

sub-advisory

contracts, as well as the fees payable by Invesco Advisers to the Affiliated

Sub-Advisers

pursuant to the

sub-advisory

contracts.

D.	Economies of Scale and Breakpoints

The Board noted that most

closed-end

funds do not have fund level breakpoints because

closed-end

funds generally do not experience substantial asset growth after the initial public offering. The Board acknowledged the difficulty in calculating and measuring economies of scale at the individual fund level; noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board noted that the Fund does not benefit from economies of scale through contractual breakpoints, but does share in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E.	Profitability and Financial Resources

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

providing these services in the aggregate and on an individual

fund-by-fund

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

Sub-Advisers

are financially sound and have the resources necessary to perform their obligations under the

sub-advisory

contracts. The Board noted the cyclical and competitive nature of the global asset management industry.

F.	Collateral Benefits to Invesco Advisers and its Affiliates

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

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


23		Invesco Municipal Income Opportunities Trust

Proxy Results

A Joint Annual Meeting (“Meeting”) of Shareholders of Invesco Municipal Income Opportunities Trust (the “Fund”) was held on August 29, 2024. The Meeting was held for the following purpose:

(1). Election of Trustees by Common Shareholders and Preferred Shareholders voting together as a single class. The results of the voting on the above matters were as follows:


	Matter	Votes For		Votes Against/Withheld


(1)	Elizabeth Krentzman		37,261,279.70		4,042,396.48
	Robert C. Troccoli		37,284,838.34		4,018,837.84
	Carol Deckbar		37,233,244.04		4,070,432.15
	Douglas Sharp		37,335,096.34		3.968,579.84

A Joint Special Meeting (“Meeting”) of Shareholders of Invesco Municipal Income Opportunities Trust (the “Fund”) was held on August 29, 2024. The Meeting was held for the following purpose:

(1). To approve amendments to the current fundamental investment restrictions of the Fund as follows:

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


	Matter	Votes For		Votes Against/Withheld		Votes Abstain


(a)	To amend the fundamental investment restriction regarding diversification		19,340,849.40		2,266,112.97		2,439,076.82
(b)	To amend the fundamental investment restriction regarding borrowing		19,163,377.07		2,405,352.53		2,477,310.59
(c)	To amend the fundamental investment restriction regarding issuing senior securities		19,155,862.40		2,413,221.20		2,476,956.59
(d)	To amend the fundamental investment restriction regarding underwriting securities issued by other persons		19,061,266.40		2,489,597.20		2,495,176.59
(e)	To amend the fundamental investment restriction regarding lending		19,104,898.40		2,460,882.20		2,480,257.59
(f)	To amend the fundamental investment restriction regarding purchasing and selling real estate		19,025,194.40		2,525,984.20		2,494,858.59
(g)	To amend the fundamental investment restriction regarding purchasing and selling commodities		18,951,237.40		2,639,344.20		2,455,456.59
(h)	To amend the fundamental investment restriction regarding industry concentration		19,196,870.40		2,343,913.20		2,505,256.59

(2). To approve the removal of the following current fundamental investment restrictions for the affected Fund as follows:

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


	Matter	Votes For		Votes Against/Withheld		Votes Abstain


(a)	To remove the fundamental investment restriction regarding purchasing on margin		18,930,694.40		2,630,863.33		2,484,482.46
(b)	To remove the fundamental investment restriction(s) regarding making short sales, writing, purchasing or selling puts or calls or purchasing futures or options		18,917,341.40		2,604,357.33		2,524,341.46
(1)	To remove the fundamental investment restriction regarding short sales of securities		18,845,141.40		2,630,821.33		2,570,079.46
(2)	To remove the fundamental investment restriction regarding writing, purchasing or selling puts or calls		18,946,453.40		2,558,513.33		2,541,075.46
(c)	To remove the fundamental investment restriction regarding investing for control or management		18,843,055.40		2,664,035.33		2,538,950.46
(d)	To remove the fundamental investment restriction regarding investing in management-owned securities		19,134,096.40		2,437,044.20		2,474,901.59
(e)	To remove the fundamental investment restriction regarding investing in oil, gas or mineral exploration or development programs		19,317,128.40		2,336,838.33		2,392,072.46
(f)	To remove the fundamental investment restriction regarding purchasing taxable debt		19,108,715.40		2,504,776.33		2,432,548.46
(g)	To remove the fundamental investment restriction regarding investing in unseasoned companies		18,974,548.40		2,592,076.33		2,479,413.46
(h)	To remove the fundamental investment restriction regarding investing in common stock		19,315,969.40		2,341,104.50		2,388,965.28
(i)	To remove the fundamental investment restriction regarding pledging of assets		19,042,423.40		2,523,906.33		2,450,954.46
(j)	To remove the fundamental investment restriction regarding investing in restricted securities		19,266,612.40		2,340,039.33		2,439,389.46


24		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-SAR-1

(b) Not applicable.

Item 2. Code of Ethics

Not applicable for a semi-annual report.

Item 3. Audit Committee Financial Expert

Not applicable.

Item 4. Principal Accountant Fees and Services

Not applicable.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Investments

Investments in securities of unaffiliated issuers is filed under Item 1 of this Form.

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

Not applicable.

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

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies

Not applicable.

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

Not applicable.

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

Not applicable.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable.

Item 15. Submission of Matters to a Vote of Security Holders

None.

Item 16. Controls and Procedures

(a)

As of a date within 90 days of the filing date of this report, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”), to assess the effectiveness of the Registrant’s disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that the Registrant’s disclosure controls and procedures were reasonably designed to ensure: (1) that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure.

(b)

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

Item 17. Disclosure of Securities Lending Activity for Closed-End Management Investment Companies

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation

Not applicable.

Item 19. Exhibits

19(a)(1) Not applicable.

19(a)(2) Not applicable.

19(a)(3) Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002.

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

SIGNATURES

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


Registrant:		Invesco Municipal Income Opportunities Trust

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

Date:		November 1, 2024

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


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

Date:		November 1, 2024


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

Date:		November 1, 2024

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

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

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

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

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

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

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

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

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

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

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

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


Date: November 1, 2024		/s/ Glenn Brightman
		Glenn Brightman, Principal Executive Officer

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

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

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


Date: November 1, 2024		/s/ Adrien Deberghes
		Adrien Deberghes, Principal Financial Officer

CERTIFICATION OF SHAREHOLDER REPORT

In connection with the Certified Shareholder Report of Invesco Municipal Income Opportunities Trust (the “Company”) on Form N-CSR for the period ended August 31, 2024, as filed with the Securities and Exchange Commission (the “Report”), I, Glenn Brightman, Principal Executive Officer of the Company, certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that:

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

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


Date: November 1, 2024		/s/ Glenn Brightman
		Glenn Brightman, Principal Executive Officer

CERTIFICATION OF SHAREHOLDER REPORT

In connection with the Certified Shareholder Report of Invesco Municipal Income Opportunities Trust (the “Company”) on Form N-CSR for the period ended August 31, 2024, as filed with the Securities and Exchange Commission (the “Report”), I, Adrien Deberghes, Principal Financial Officer of the Company, certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that:

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

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


Date: November 1, 2024		/s/ Adrien Deberghes
		Adrien Deberghes, Principal Financial Officer

N-2

6 Months Ended

Aug. 31, 2024

Cover [Abstract]

Entity Central Index Key

0000835333

Amendment Flag

false

Document Type

N-CSRS

Entity Registrant Name

Invesco Municipal Income Opportunities Trust

General Description of Registrant [Abstract]

Investment Objectives and Practices [Text Block]

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

Risk Factors [Table Text Block]

Other Risks

- The risk of a municipal obligation generally depends on the financial and credit status of the issuer. Constitutional amendments, legislative

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.

Other Risks [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Other Risks

- The risk of a municipal obligation generally depends on the financial and credit status of the issuer. Constitutional amendments, legislative

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.

Market Data

News

Trading Tools

Markets

Discover

Hot Features

Follow Feed

Options Flow

Monitor

OIA Invesco Municipal Income Opportunities Trust