Edgar Filing: Invesco Municipal Income Opportunities Trust

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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., Atlanta, Georgia 30309

(Address of principal executive offices) (Zip code)

Philip A. Taylor 1555 Peachtree Street, N.E., Atlanta, Georgia 30309

(Name and address of agent for service)

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

Date of fiscal year end: 2/28

Date of reporting period: 8/31/12

Item 1. Reports to Stockholders.

Invesco Municipal Income Opportunities Trust

Semiannual Report to Shareholders § August 31, 2012

NYSE: OIA




2		Letters to Shareholders
3		Trust Performance
3		Trust Updates
4		Dividend Reinvestment Plan
5		Schedule of Investments
16		Financial Statements
19		Notes to Financial Statements
24		Financial Highlights
25		Approval of Investment Advisory and Sub-Advisory Agreements
27		Results of Proxy

Unless otherwise noted, all data provided by Invesco.



NOT FDIC INSURED	MAY LOSE VALUE	NO BANK GUARANTEE

Letters to Shareholders

Bruce Crockett

Dear Fellow Shareholders:

One of our most important responsibilities as independent Trustees of the Invesco Funds is our annual review of the funds’ advisory and sub-advisory contracts with Invesco. This annual review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco has provided as adviser to the Invesco Funds and the reasonableness of the fees that it charges for those services.

In our roles as Trustees, we spend months reviewing thousands of pages of detailed information that we request from Invesco in connection with our annual review. We focus on the quality and costs of the services to be provided by Invesco and its affiliates. Some of the most important things we look at are fund performance, expenses and fees.

We also use information from many independent sources during the review process, including materials provided by the independent Senior Officer of the Invesco Funds, who reports directly to the independent Trustees. We also meet in private sessions with independent legal counsel and review performance and fee data on the Invesco Funds prepared by Lipper Inc., an independent, third-party firm widely recognized as a leader in its field.

I’m pleased to report that the Invesco Funds Board determined in June that renewing the investment advisory agreement and the sub-advisory contracts with Invesco would serve the best interests of each fund and its shareholders. For more detailed information about our assessment and conclusions with respect to each of the Invesco Funds, visit invesco.com/us, click on the “About Us” section and go to “Legal Information.” Information on the recent investment advisory renewal process can be found by clicking the last item under “Corporate Governance.”

As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett
Independent Chair, Invesco Funds Board of Trustees

Philip Taylor

Dear Shareholders:

This report contains helpful information about your Trust, including its performance and a complete list of your Trust’s investments as of the close of the reporting period. Additional information, including timely insight and information from many of Invesco’s investment professionals, is available at our website, invesco.com/us.

Intentional Investing^SM is the science and art of investing with purpose, prudence and diligence – and it’s how Invesco’s investment professionals manage your money every day. This highly disciplined process begins when specialized teams of investment professionals clearly define an investment objective and then establish specific investment strategies to try to achieve that objective. While our investment teams closely monitor economic and market conditions – and issues specific to individual holdings that could affect their value – they maintain a long-term investment perspective. Intentional Investing is also embedding risk controls and processes into every aspect of our business; offering a diverse combination of investment strategies and vehicles designed to meet your needs; and communicating clearly, delivering expert insights from our portfolio managers and other investment professionals, and providing a website full of tools and articles to help you stay informed. However, neither Intentional Investing nor diversification can guarantee a profit or protect against loss.

If you have questions about your account, please contact an Invesco client services representative at 800 341 2929. If you have an Invesco-related question or comment, feel free to email me directly at phil@invesco.com. All of us at Invesco look forward to serving your investment management needs for many years to come. Thank you for investing with us.

Sincerely,

Philip Taylor
Senior Managing Director, Invesco Ltd.

2Invesco Municipal Income Opportunities Trust

Trust Performance

Performance summary

Cumulative total returns, 2/29/12 to 8/31/12


Trust at NAV	7.26	%

Trust at Market Value	5.14

Barclays High Yield Municipal Bond Index^▼	8.07



Market Price Discount to NAV as of 8/31/12	–3.63

Source(s): ^▼Invesco, Barclays

The performance data quoted represent past performance and cannot guarantee comparable future results; current performance may be lower or higher. Investment return, net asset value 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 net asset value (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 Barclays High Yield Municipal Bond Index is an unmanaged index considered representative of noninvestment-grade bonds.

The Trust is not managed to track the performance of any particular index, including the index(es) defined 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.

Trust Updates

Mergers and Redomestication

At a shareholder meeting held on August 14, 2012, shareholders of the Trust approved the merger of each of Invesco Municipal Income Opportunities Trust II and Invesco Municipal Income Opportunities Trust III (the “Target Funds”) into the Trust. Shareholders also approved the redomestication of the Trust to a Delaware statutory trust. The redomestication and mergers were completed on August 27, 2012, and common shares of the Target Funds were converted into newly issued common shares of the Trust.


NYSE Symbol		OIA

3 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 Trust. Under the Plan, the money you earn from dividends and capital gains distributions will be reinvested automatically in more shares of your Trust, allowing you to potentially increase your investment over time.

Plan benefits

n		Add to your account:

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

n		Low transaction costs:

		Transaction costs are low because the new shares are bought in blocks and the brokerage commission is shared among all participants.

n		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 via the Internet. To do this, please go to invesco.com/us.

n		Safekeeping:

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

How to participate in the Plan

If you own shares in your own name, you can participate directly 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

To enroll in the Plan, please read the Terms and Conditions in the Plan brochure. You can enroll in the Plan by visiting invesco.com/us, calling toll-free 800 341 2929 or notifying us in writing at Invesco Closed-End Funds, Computershare Trust Company, N.A., P.O. Box 43078, Providence, RI 02940-3078. Please include your 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 one week before such Distributions are paid. If your authorization arrives after such record date, your participation in the Plan will begin with the following Distributions.

How the Plan Works

If you choose to participate in the Plan, whenever your Trust declares such Distributions, it will be invested in additional shares of your Trust that are purchased on the open market.

Costs of the Plan

There is no direct charge to you for reinvesting Distributions because the Plan’s fees are paid by your Trust. However, you will pay your portion of any per share fees incurred when the new shares are purchased on the open market. These fees are typically less than the standard brokerage charges for individual transactions, because shares are purchased for all Participants in blocks, resulting in lower commissions for each individual Participant. Any per share or service fees are averaged into the purchase price. Per share fees include any applicable brokerage commissions the Agent is required to pay.

Tax implications

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

Invesco does not offer tax advice. The tax information contained herein is general and is not exhaustive by nature. It was not intended or written to be used, and it cannot be used, by any taxpayer for avoiding penalties that may be imposed on the taxpayer under U.S. 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, visiting invesco.com/us 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 have signed 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 shares, whole shares will be held by the Agent and fractional shares will be sold. The proceeds will be sent via check to your address of record after deducting per share fees. Per share fees include any applicable brokerage commissions the Agent is required to pay.

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

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

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

4 Invesco Municipal Income Opportunities Trust

Schedule of Investments

August 31, 2012

(Unaudited)


						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value

Municipal Obligations–105.91%
Alabama–0.26%
Huntsville (City of) Special Care Facilities Financing Authority (Redstone Village); Series 2007, Retirement Facility RB		5.50	%		01/01/43	$	925	$	926,684

Arizona–3.22%
Casa Grande (City of) Industrial Development Authority (Casa Grande Regional Medical Center); Series 2001 A, Ref. Hospital RB		7.63	%		12/01/29		1,000		1,032,870

Phoenix (City of) Industrial Development Authority (Great Hearts Academies); Series 2012, Education RB		6.40	%		07/01/47		600		642,006

Pima (County of) Industrial Development Authority (Constellation Schools); Series 2008, Lease RB		7.00	%		01/01/38		3,000		3,101,730

Pima (County of) Industrial Development Authority (Global Water Resources, LLC); Series 2007, Water & Wastewater RB^(a)		6.55	%		12/01/37		2,000		2,093,040

Pima (County of) Industrial Development Authority (Noah Webster Basic Schools);
Series 2004 A, Education RB		6.00	%		12/15/24		1,000		1,020,640

Series 2004 A, Education RB		6.13	%		12/15/34		500		506,905

Pinal (County of) Electric District No. 4; Series 2008, Electrical System RB		6.00	%		12/01/38		1,650		1,785,267

Quechan Indian Tribe of Fort Yuma (California & Arizona Governmental); Series 2008, RB		7.00	%		12/01/27		1,330		1,185,921

									11,368,379

California–8.50%
Alhambra (City of) (Atherton Baptist Homes); Series 2010 A, RB		7.63	%		01/01/40		1,000		1,111,110

Anaheim (City of) Public Financing Authority (Anaheim Public Improvements); Series 1997 C, Sub. Lease CAB RB (INS–AGM)^(b)(c)		0.00	%		09/01/34		1,000		325,670

Bakersfield (City of); Series 2007 A, Wastewater RB (INS–AGM)^(b)(d)		5.00	%		09/15/32		960		1,045,171

California (State of) Municipal Finance Authority (High Tech High-Media Arts); Series 2008 A, Educational Facility RB^(e)		5.88	%		07/01/28		855		873,733

California (State of) Municipal Finance Authority (Santa Rosa Academy); Series 2012 A, Charter School Lease RB		6.00	%		07/01/42		1,000		1,013,240

California (State of) Statewide Communities Development Authority (California Baptist University);
Series 2007 A, RB		5.50	%		11/01/38		1,500		1,559,250

Series 2011, RB		7.25	%		11/01/31		1,000		1,187,240

California (State of) Statewide Communities Development Authority (Lancer Educational Student Housing); Series 2007, RB		5.63	%		06/01/33		1,000		1,034,770

Daly City (City of) Housing Development Finance Agency (Franciscan Mobile Home Park Acquisition); Series 2007 C, Ref. Third Tier Mobile Home Park RB		6.50	%		12/15/47		980		982,479

Desert Community College District (Election of 2004); Series 2007 C, Unlimited Tax CAB GO Bonds (INS–AGM)^(b)(c)		0.00	%		08/01/46		10,000		1,569,600

Golden State Tobacco Securitization Corp.;
Series 2007 A-1, Sr. Tobacco Settlement Asset-Backed RB		4.50	%		06/01/27		1,000		865,320

Series 2007 A-1, Sr. Tobacco Settlement Asset-Backed RB		5.13	%		06/01/47		6,500		5,013,060

National City (City of) Community Development Commission (National City Redevelopment); Series 2011, Tax Allocation RB		7.00	%		08/01/32		1,000		1,249,090

Palm Springs (City of) (Palm Springs International Airport); Series 2006, Ref. Sub. Airport Passenger Facility Charge RB^(a)		5.55	%		07/01/28		470		457,893

Poway Unified School District (School Facilities Improvement); Series 2011, Unlimited Tax CAB GO Bonds^(c)		0.00	%		08/01/39		10,890		2,855,902

Riverside (County of) Redevelopment Agency (Mid-County Redevelopment Project Area); Series 2010 C, Tax Allocation RB		6.25	%		10/01/40		1,000		1,029,950

Sacramento (County of) Community Facilities District No. 2005-2 (North Vineyard Station No. 1); Series 2007 A, Special Tax RB		6.00	%		09/01/37		1,000		1,018,980

San Buenaventura (City of) (Community Memorial Health System); Series 2011, RB		7.50	%		12/01/41		1,000		1,214,700

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

California–(continued)

San Francisco (City & County of) Redevelopment Financing Authority (Mission Bay South Redevelopment); Series 2011 D, Tax Allocation RB		7.00	%		08/01/41	$	1,400	$	1,599,668

Southern California Logistics Airport Authority; Series 2008 A, Tax Allocation CAB RB^(c)		0.00	%		12/01/44		18,085		879,474

Southern California Public Power Authority (Southern Transmission); Series 2000 A, Ref. VRD Sub. RB (INS–AGM)^(b)(f)		0.22	%		07/01/23		1,320		1,320,000

Union City (City of) Community Redevelopment Agency (Community Redevelopment); Series 2011, Sub. Lien Tax Allocation RB		6.88	%		12/01/33		1,500		1,762,650

									29,968,950

Colorado–3.43%
Colorado (State of) Health Facilities Authority (Christian Living Communities);
Series 2006 A, RB		5.75	%		01/01/37		1,500		1,546,170

Series 2009 A, RB		8.25	%		01/01/24		400		424,812

Series 2009 A, RB		9.00	%		01/01/34		750		797,370

Colorado (State of) Health Facilities Authority (Total Longterm Care National Obligated Group); Series 2010 A, RB		6.25	%		11/15/40		1,000		1,120,700

Colorado (State of) Regional Transportation District (Denver Transit Partners Eagle P3); Series 2010, Private Activity RB		6.00	%		01/15/41		1,000		1,157,630

Copperleaf Metropolitan District No. 2;
Series 2006, Limited Tax GO Bonds		5.85	%		12/01/26		1,420		1,117,000

Series 2006, Limited Tax GO Bonds		5.95	%		12/01/36		2,000		1,436,800

Denver (City of) Convention Center Hotel Authority; Series 2006, Ref. Sr. RB (INS–SGI)^(b)		5.00	%		12/01/35		925		948,699

Fossil Ridge Metropolitan District No. 1; Series 2010, Ref. Tax Supported Limited Tax GO Bonds		7.25	%		12/01/40		500		530,790

Montrose (County of) Memorial Hospital Board of Trustees; Series 2003, Enterprise RB		6.00	%		12/01/33		1,000		1,058,680

Northwest Metropolitan District No. 3; Series 2005, Limited Tax GO Bonds		6.25	%		12/01/35		2,000		1,966,080

									12,104,731

Connecticut–0.39%
Georgetown (City of) Special Taxing District; Series 2006 A, Unlimited Tax GO Bonds^(e)(g)		5.13	%		10/01/36		2,955		1,376,557

Delaware–0.27%
Sussex (County of) (Cadbury at Lewes); Series 2006 A, First Mortgage RB		6.00	%		01/01/35		1,000		947,030

District of Columbia–0.78%
District of Columbia (Cesar Chavez Charter School); Series 2011, RB		7.88	%		11/15/40		1,000		1,140,350

District of Columbia; Series 2009 B, Ref. Sec. Income Tax RB^(d)		5.00	%		12/01/25		1,335		1,606,499

									2,746,849

Florida–11.90%
Alachua (County of) (North Florida Retirement Village, Inc.);
Series 2007, IDR		5.25	%		11/15/17		1,000		1,023,440

Series 2007, IDR		5.88	%		11/15/36		2,000		1,966,840

Series 2007, IDR		5.88	%		11/15/42		1,000		977,780

Alachua (County of) Health Facilities Authority (Terraces at Bonita Springs); Series 2011 A, RB		8.13	%		11/15/46		1,000		1,154,630

Beacon Lakes Community Development District; Series 2003 A, Special Assessment RB		6.90	%		05/01/35		715		732,310

Broward (County of) (Civic Arena); Series 2006 A, Ref. Professional Sports Facilities Tax RB (INS–AGM)^(b)(d)		5.00	%		09/01/23		7,245		8,040,284

Capital Trust Agency (Million Air One LLC); Series 2011, RB^(a)		7.75	%		01/01/41		1,000		1,116,800

Collier (County of) Industrial Development Authority (Arlington Naples); Series 2011, Continuing Care Community BAN		14.00	%		05/15/15		500		504,755

Florida (State of) Mid-Bay Bridge Authority; Series 2011 A, Springing Lien RB		7.25	%		10/01/40		1,000		1,264,200

Florida Development Finance Corp. (Renaissance Charter School, Inc.); Series 2010 A, Educational Facilities RB		6.00	%		09/15/40		1,000		1,071,660

Lee (County of) Industrial Development Authority (Cypress Cove Health Park); Series 1997 A, Health Care Facilities RB		6.38	%		10/01/25		1,000		897,190

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

Florida–(continued)

Lee (County of) Industrial Development Authority (Lee County Community Charter Schools, LLC);
Series 2007 A, IDR		5.25	%		06/15/27	$	1,000	$	1,002,010

Series 2007 A, IDR		5.38	%		06/15/37		1,000		981,780

Miami-Dade (County of);
Series 2009, Sub. Special Obligation CAB RB^(c)		0.00	%		10/01/39		5,000		1,176,300

Series 2009, Sub. Special Obligation CAB RB^(c)		0.00	%		10/01/42		7,900		1,560,250

Midtown Miami Community Development District; Series 2004 A, Special Assessment RB		6.25	%		05/01/37		2,475		2,530,836

Orange (County of) Health Facilities Authority (Orlando Lutheran Towers, Inc.);
Series 2005, Ref. RB		5.38	%		07/01/20		850		870,230

Series 2005, Ref. RB		5.70	%		07/01/26		1,000		1,023,660

Series 2007, First Mortgage RB		5.50	%		07/01/32		1,000		1,015,160

Series 2007, First Mortgage RB		5.50	%		07/01/38		500		505,660

Pinellas (County of) Health Facilities Authority (The Oaks of Clearwater); Series 2004, RB		6.25	%		06/01/34		1,500		1,540,365

Renaissance Commons Community Development District; Series 2005 A, Special Assessment RB		5.60	%		05/01/36		1,815		1,686,952

South Miami (City of) Health Facilities Authority (Baptist Health South Florida Obligated Group); Series 2007, Hospital RB^(d)		5.00	%		08/15/32		7,000		7,594,790

St. Johns (County of) Industrial Development Authority (Presbyterian Retirement Communities); Series 2010 A, RB		6.00	%		08/01/45		1,000		1,113,360

University Square Community Development District; Series 2007 A-1, Capital Improvement Special Assessment RB		5.88	%		05/01/38		625		639,112

									41,990,354

Georgia–1.25%
Atlanta (City of) (Beltline); Series 2009 B, Tax Allocation RB		7.38	%		01/01/31		1,000		1,114,280

Atlanta (City of) (Eastside);
Series 2005 B, Tax Allocation RB		5.40	%		01/01/20		800		869,112

Series 2005 B, Tax Allocation RB		5.60	%		01/01/30		1,500		1,617,105

Clayton (County of) Development Authority (Delta Air Lines, Inc.); Series 2009 B, Special Facilities RB^(a)		9.00	%		06/01/35		750		824,677

									4,425,174

Hawaii–1.46%
Hawaii (State of) Department of Budget & Finance (15 Craigside); Series 2009 A, Special Purpose Senior Living RB		8.75	%		11/15/29		1,000		1,205,870

Hawaii (State of) Department of Budget & Finance (Hawaiian Electric Co., Inc. & Subsidiary); Series 2009, Special Purpose RB		6.50	%		07/01/39		1,000		1,172,250

Hawaii (State of) Department of Budget & Finance (Kahala Nui); Series 2003 A, Special Purpose RB^(h)(i)		8.00	%		11/15/13		2,500		2,781,450

									5,159,570

Idaho–0.26%
Idaho (State of) Health Facilities Authority (Valley Vista Care Corp.); Series 2007, Ref. RB		6.13	%		11/15/27		885		903,638

Illinois–12.80%
Bolingbrook (Village of) Special Services Area No. 1 (Forest City); Series 2005, Special Tax RB		5.90	%		03/01/27		1,750		1,609,248

Bolingbrook (Village of); Series 2005, Sales Tax RB		6.25	%		01/01/24		2,000		1,412,840

Chicago (City of) (Lakeshore East); Series 2002, Special Assessment Improvement RB		6.75	%		12/01/32		3,067		3,168,364

Chicago (City of); Series 2011, COP		7.13	%		05/01/25		1,030		1,118,642

Cook (County of) (Navistar International Corp.); Series 2010, Recovery Zone Facility RB		6.50	%		10/15/40		1,000		1,040,740

Illinois (State of) Finance Authority (Collegiate Housing Foundation–DeKalb II, LLC–Northern Illinois University); Series 2011, Student Housing RB		6.88	%		10/01/43		1,000		1,183,630

Illinois (State of) Finance Authority (Friendship Village of Schaumburg); Series 2010, RB		7.00	%		02/15/38		1,445		1,496,442

Illinois (State of) Finance Authority (Greenfields of Geneva); Series 2010 A, RB		8.00	%		02/15/30		1,130		1,226,773

Illinois (State of) Finance Authority (Kewanee Hospital); Series 2006, RB		5.00	%		08/15/26		925		936,886

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

Illinois–(continued)

Illinois (State of) Finance Authority (Luther Oaks);
Series 2006 A, RB		5.70	%		08/15/28	$	500	$	500,115

Series 2006 A, RB		6.00	%		08/15/39		1,500		1,512,000

Illinois (State of) Finance Authority (Montgomery Place); Series 2006 A, RB		5.75	%		05/15/38		2,000		2,022,780

Illinois (State of) Finance Authority (Park Place of Elmhurst); Series 2010 A, RB		8.25	%		05/15/45		1,000		1,094,470

Illinois (State of) Finance Authority (The Admiral at the Lake); Series 2010 A, RB		7.25	%		05/15/20		1,000		1,072,520

Illinois (State of) Finance Authority (The Landing at Plymouth Place); Series 2005 A, RB		6.00	%		05/15/37		2,500		2,125,175

Illinois (State of) Finance Authority (United Neighborhood Organization Charter School Network, Inc.);
Series 2011, Ref. Charter School RB		6.88	%		10/01/31		500		558,340

Series 2011, Ref. Charter School RB		7.13	%		10/01/41		500		563,280

Illinois (State of) Finance Authority (Villa St. Benedict); Series 2003 A-1, RB^(g)		6.90	%		11/15/33		1,750		717,360

Illinois (State of) Finance Authority; Series 2003 A, RB		7.00	%		11/15/32		2,000		2,025,220

Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion);
Series 2010 A, RB^(d)		5.50	%		06/15/50		960		1,079,750

Series 2010 B, Ref. CAB RB (INS–AGM)^(b)(c)		0.00	%		06/15/43		10,000		2,111,800

Illinois (State of) Regional Transportation Authority; Series 2003 A, RB (INS–NATL)^(b)(d)		6.00	%		07/01/33		3,000		4,035,450

Illinois (State of) Toll Highway Authority; Series 2008 B, RB^(d)		5.50	%		01/01/33		3,000		3,331,830

Long Grove (Village of) (Sunset Grove); Series 2010, Limited Obligation Tax Increment Allocation RB		7.50	%		01/01/30		1,000		1,066,870

Pingree Grove (Village of) (Cambridge Lakes Learning Center); Series 2011, RB		8.50	%		06/01/41		1,000		1,098,110

Pingree Grove (Village of) (Cambridge Lakes); Series 2006-1, Special Service Area No. 7 Special Tax RB		6.00	%		03/01/36		2,445		2,451,797

Southwestern Illinois Development Authority (U.S. Steel Corp.) Series 2012, RB^(a)		5.75	%		08/01/42		1,000		992,880

United City of Yorkville (City of) Special Service Area No. 2006-113 (Cannonball/Beecher Road); Series 2007, Special Tax RB		5.75	%		03/01/28		975		986,047

Upper Illinois River Valley Development Authority (Pleasant View Luther Home); Series 2010, RB		7.38	%		11/15/45		1,000		1,087,140

Will (County of) & Kankakee (City of) Regional Development Authority (Senior Estates Supportive Living); Series 2007, MFH RB^(a)		7.00	%		12/01/42		1,475		1,529,826

									45,156,325

Indiana–1.16%
Crown Point (City of) (Wittenberg Village); Series 2009 A, Economic Development RB		8.00	%		11/15/39		1,000		1,171,610

Indiana (State of) Finance Authority (King’s Daughters Hospital & Health Services); Series 2010, Hospital RB		5.50	%		08/15/45		745		778,130

St. Joseph (County of) (Holy Cross Village at Notre Dame);
Series 2006 A, Economic Development RB		6.00	%		05/15/26		560		580,597

Series 2006 A, Economic Development RB		6.00	%		05/15/38		525		536,991

Vigo (County of) Hospital Authority (Union Hospital, Inc.); Series 2007, RB^(e)		5.80	%		09/01/47		1,000		1,033,760

									4,101,088

Iowa–1.11%
Cass (County of) (Cass County Memorial Hospital); Series 2010 A, Hospital RB		7.25	%		06/01/35		1,000		1,131,550

Iowa (State of) Finance Authority (Bethany Life Communities); Series 2006 A, Ref. Senior Housing RB		5.55	%		11/01/41		1,000		1,001,730

Iowa (State of) Finance Authority (Madrid Home); Series 2007, Ref. Health Care Facility RB		5.90	%		11/15/37		750		748,553

Orange City (City of); Series 2008, Ref. Hospital Capital Loan RN		5.60	%		09/01/32		1,000		1,020,230

									3,902,063

Kansas–0.41%
Olathe (City of) (Catholic Care Campus, Inc.); Series 2006 A, Senior Living Facility RB		6.00	%		11/15/38		1,400		1,455,608

Kentucky–0.32%
Kentucky (State of) Economic Development Finance Authority (Masonic Home Independent Living II); Series 2011, RB		7.38	%		05/15/46		1,000		1,134,730

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

8 Invesco Municipal Income Opportunities Trust


						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value

Louisiana–1.44%
Lakeshore Villages Master Community Development District; Series 2007, Special Assessment RB^(g)		5.25	%		07/01/17	$	1,984	$	793,898

Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Westlake Chemical Corp.); Series 2009 A, RB		6.50	%		08/01/29		1,000		1,176,330

Louisiana (State of) Public Facilities Authority (Lake Charles Memorial Hospital); Series 2007, Ref. Hospital RB^(e)		6.38	%		12/01/34		1,000		1,080,870

Tobacco Settlement Financing Corp.; Series 2001 B, Tobacco Settlement Asset-Backed RB		5.88	%		05/15/39		2,000		2,020,200

									5,071,298

Maine–0.33%
Maine (State of) Health & Higher Educational Facilities Authority (Maine General Medical Center); Series 2011, RB		6.75	%		07/01/41		1,000		1,170,790

Maryland–1.76%
Baltimore (City of) (East Baltimore Research Park); Series 2008 A, Special Obligation Tax Allocation RB		7.00	%		09/01/38		1,000		1,079,490

Harford (County of); Series 2011, Special Obligation Tax Allocation RB		7.50	%		07/01/40		1,000		1,120,090

Maryland (State of) Health & Higher Educational Facilities Authority (King Farm Presbyterian Retirement Community); Series 2007 A, RB		5.30	%		01/01/37		1,750		1,638,245

Maryland (State of) Health & Higher Educational Facilities Authority (Washington Christian Academy); Series 2006, RB^(g)		5.50	%		07/01/38		800		319,984

Maryland (State of) Industrial Development Financing Authority (Our Lady of Good Counsel High School Facility); Series 2005 A, Economic Development RB		6.00	%		05/01/35		1,000		1,048,760

Westminster (City of) (Carroll Lutheran Village); Series 2004 A, Economic Development RB		6.25	%		05/01/34		1,000		1,007,030

									6,213,599

Massachusetts–2.78%
Massachusetts (State of) Development Finance Agency (Evergreen Center Inc.); Series 2005, RB		5.50	%		01/01/35		800		804,800

Massachusetts (State of) Development Finance Agency (Linden Ponds, Inc. Facility);
Series 2011 A-1, RB		6.25	%		11/15/46		709		529,802

Series 2011 A-2, RB		5.50	%		11/15/46		38		24,096

Series 2011 B, RB^(c)		0.00	%		11/15/56		187		977

Massachusetts (State of) Development Finance Agency (Loomis Community);
Series 1999 A, First Mortgage RB		5.63	%		07/01/15		680		681,571

Series 1999 A, First Mortgage RB		5.75	%		07/01/23		3,000		3,002,370

Massachusetts (State of) Development Finance Agency (Massachusetts Institute of Technology); Series 2002 K, RB^(d)		5.50	%		07/01/32		505		725,402

Massachusetts (State of) Development Finance Agency (The Groves in Lincoln); Series 2009 A, Senior Living Facility RB		7.75	%		06/01/39		1,000		522,950

Massachusetts (State of) Development Finance Agency (Tufts Medical Center); Series 2011 I, RB		6.88	%		01/01/41		1,000		1,206,300

Massachusetts (State of) Port Authority (Delta Airlines Inc.); Series 2001 A, RB (AMBAC)^(a)(b)		5.00	%		01/01/27		1,000		967,340

Massachusetts (State of); Series 2004 A, Ref. Limited Tax GO Bonds (INS–AMBAC)^(b)(d)		5.50	%		08/01/30		960		1,328,986

									9,794,594

Michigan–0.67%
Dearborn Economic Development Corp. (Henry Ford Village, Inc.); Series 2008, Ref. Limited Obligation RB		7.00	%		11/15/28		1,200		1,261,272

Michigan (State of) Strategic Fund (The Dow Chemical Co.); Series 2003 A-1, Ref. Limited Obligation RB^(a)(i)(j)		6.75	%		06/02/14		1,000		1,098,990

									2,360,262

Minnesota–3.76%
Anoka (City of) (The Homestead at Anoka, Inc.); Series 2011 A, Health Care Facilities RB		7.00	%		11/01/40		1,000		1,076,750

Baytown (Township of) (St. Croix Preparatory Academy); Series 2012, Lease RB		5.75	%		08/01/42		500		500,965

Bloomington (City of) Port Authority (Radisson Blu Mall of America, LLC); Series 2010, Recovery Zone Facility RB		9.00	%		12/01/35		1,000		1,191,380

Brooklyn Park (City of) (Prairie Seeds Academy); Series 2009 A, Lease RB		9.25	%		03/01/39		1,000		1,165,120

Minneapolis (City of) (Fairview Health Services); Series 2008 A, Health Care System RB		6.75	%		11/15/32		1,500		1,792,335

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

9 Invesco Municipal Income Opportunities Trust


						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value

Minnesota–(continued)

Minnesota (State of) Tobacco Securitization Authority; Series 2011 B, Tobacco Settlement RB		5.25	%		03/01/31	$	775	$	876,122

North Oaks (City of) (Presbyterian Homes of North Oaks, Inc.); Series 2007, Senior Housing RB		6.13	%		10/01/39		1,500		1,588,635

Rochester (City of) (Samaritan Bethany, Inc.); Series 2009 A, Ref. Health Care & Housing RB		7.38	%		12/01/41		1,000		1,129,100

St. Paul (City of) Housing & Redevelopment Authority (Emerald Gardens); Series 2010, Ref. Tax Increment Allocation RB		6.25	%		03/01/25		1,000		1,066,120

Wayzata (City of) (Folkestone Senior Living Community); Series 2012 A, Senior Housing RB		6.00	%		05/01/47		1,000		1,053,020

West St. Paul (City of) (Walker Thompson Hill, LLC); Series 2011 A, Health Care Facilities RB		7.00	%		09/01/46		700		758,219

Winsted (City of) (St. Mary’s Care Center); Series 2010 A, Health Care RB		6.88	%		09/01/42		1,000		1,064,780

									13,262,546

Mississippi–0.28%
Mississippi Business Finance Corp. (System Energy Resources, Inc.); Series 1998, PCR		5.88	%		04/01/22		1,000		1,002,880

Missouri–3.81%
Branson (City of) Regional Airport Transportation Development District; Series 2007 B, Airport RB^(g)		6.00	%		07/01/37		1,200		270,407

Branson Hills Infrastructure Facilities Community Improvement District; Series 2007 A, Special Assessment RB		5.50	%		04/01/27		750		540,015

Bridgeton (City of) Industrial Development Authority (Sarah Community); Series 2011 A, Ref. & Improvement Senior Housing RB		6.38	%		05/01/35		1,000		1,061,570

Cass (County of); Series 2007, Hospital RB		5.63	%		05/01/38		1,000		1,017,160

Des Peres (City of) (West County Center); Series 2002 A, Ref. Tax Increment Allocation RB		5.75	%		04/15/20		3,625		3,628,661

Kansas City (City of) Industrial Development Authority (Plaza Library); Series 2004, RB		5.90	%		03/01/24		1,000		1,017,770

Kansas City (City of) Industrial Development Authority (Ward Parkway Center Community Improvement District); Series 2011, Sales Tax RB		6.75	%		10/01/41		1,000		1,048,050

Kirkwood (City of) Industrial Development Authority (Aberdeen Heights); Series 2010 A, Retirement Community RB		8.25	%		05/15/39		1,000		1,197,120

St. Louis (County of) Industrial Development Authority (Grand Center Redevelopment); Series 2011, Tax Increment Allocation Improvement RB		6.38	%		12/01/25		1,000		1,071,370

St. Louis (County of) Industrial Development Authority (Ranken-Jordan); Series 2007, Ref. Health Facilities RB		5.00	%		11/15/22		1,000		1,030,100

St. Louis (County of) Industrial Development Authority (St. Andrew’s Resources for Seniors); Series 2007 A, Senior Living Facilities RB		6.38	%		12/01/41		1,500		1,566,765

									13,448,988

Nebraska–0.31%
Gage (County of) Hospital Authority No. 1 (Beatrice Community Hospital & Health Center); Series 2010 B, Health Care Facilities RB		6.75	%		06/01/35		1,000		1,107,470

Nevada–1.26%
Director of the State of Nevada Department of Business & Industry (Las Vegas Monorail); Series 2000, Second Tier RB^(g)		7.38	%		01/01/40		3,000		30

Henderson (City of) (Local Improvement District No. T-18); Series 2006, Special Assessment RB		5.30	%		09/01/35		1,625		902,054

Las Vegas (City of) Redevelopment Agency; Series 2009 A, Tax Increment Allocation RB		8.00	%		06/15/30		1,200		1,337,712

Mesquite (City of) (Special Improvement District No. 07-01-Anthem at Mesquite); Series 2007, Special Assessment Local Improvement RB		6.00	%		08/01/23		945		927,905

Sparks (City of) (Local Improvement District No. 3–Legends at Sparks Marina); Series 2008, Special Assessment Limited Obligation Improvement RB		6.50	%		09/01/20		1,190		1,263,839

									4,431,540

New Hampshire–0.63%
New Hampshire (State of) Business Finance Authority (Huggins Hospital); Series 2009, First Mortgage RB		6.88	%		10/01/39		1,000		1,099,070

New Hampshire (State of) Health & Education Facilities Authority (Rivermead); Series 2011 A, RB		6.88	%		07/01/41		1,000		1,127,910

									2,226,980

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

10 Invesco Municipal Income Opportunities Trust


						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value

New Jersey–4.37%
Essex (County of) Improvement Authority (Newark); Series 2010 A, RB		6.25	%		11/01/30	$	1,000	$	1,166,370

New Jersey (State of) Economic Development Authority (Continental Airlines, Inc.); Series 2012, RB^(a)		5.75	%		09/15/27		1,000		1,003,000

New Jersey (State of) Economic Development Authority (Lions Gate);
Series 2005 A, First Mortgage RB		5.75	%		01/01/25		710		719,429

Series 2005 A, First Mortgage RB		5.88	%		01/01/37		1,230		1,236,790

New Jersey (State of) Economic Development Authority (Presbyterian Home at Montgomery);
Series 2001 A, First Mortgage RB		6.25	%		11/01/20		500		500,465

Series 2001 A, First Mortgage RB		6.38	%		11/01/31		1,500		1,499,790

New Jersey (State of) Economic Development Authority (Seashore Gardens Living Center); Series 2006, First Mortgage RB		5.38	%		11/01/36		700		659,106

New Jersey (State of) Economic Development Authority (United Methodist Homes); Series 1998, Ref. RB		5.13	%		07/01/25		3,000		3,000,390

New Jersey (State of) Health Care Facilities Financing Authority (St. Joseph’s Health Care System); Series 2008, RB		6.63	%		07/01/38		1,000		1,157,540

New Jersey (State of) Higher Education Student Assistance Authority; Series 2012-1B, Ref. Student Loan RB^(a)		5.75	%		12/01/39		2,000		2,060,880

Tobacco Settlement Financing Corp.;
Series 2007 1A, Asset-Backed RB		4.50	%		06/01/23		765		734,415

Series 2007 1A, Asset-Backed RB		5.00	%		06/01/29		1,000		919,940

Series 2007 1A, Asset-Backed RB		5.00	%		06/01/41		900		750,591

									15,408,706

New Mexico–0.31%
New Mexico (State of) Hospital Equipment Loan Council (La Vida Llena); Series 2010 A, First Mortgage RB		6.13	%		07/01/40		1,000		1,100,320

New York–5.15%
Brooklyn Arena Local Development Corp. (Barclays Center);
Series 2009, PILOT CAB RB^(c)		0.00	%		07/15/35		1,475		457,928

Series 2009, PILOT CAB RB^(c)		0.00	%		07/15/46		10,000		1,711,400

Mount Vernon (City of) Industrial Development Agency (Wartburg Senior Housing, Inc./Meadowview);
Series 1999, Civic Facility RB		6.15	%		06/01/19		720		720,598

Series 1999, Civic Facility RB		6.20	%		06/01/29		500		500,225

Nassau (County of) Industrial Development Agency (Amsterdam at Harborside); Series 2007 A, Continuing Care Retirement Community RB		6.50	%		01/01/27		1,500		1,015,710

New York & New Jersey (States of) Port Authority;
One Hundred Sixty-Ninth Series 2011, Consolidated RB^(a)(d)		5.00	%		10/15/27		1,700		1,965,846

One Hundred Sixty-Ninth Series 2011, Consolidated RB^(a)(d)		5.00	%		10/15/28		1,300		1,501,058

New York (City of) Industrial Development Agency (Polytechnic University); Series 2007, Ref. Civic Facility RB (INS–ACA)^(b)		5.25	%		11/01/37		1,200		1,289,544

New York (City of) Municipal Water Finance Authority; Series 2007, VRD Second General Water & Sewer System RB^(f)		0.15	%		06/15/33		1,000		1,000,000

New York (City of) Trust for Cultural Resources (Lincoln Center); Series 2008 A-1, Ref. VRD RB (LOC–JPMorgan Chase Bank, N.A.)^(f)(k)		0.20	%		12/01/35		1,700		1,700,000

New York (City of);
Subseries 1993 A-7, VRD Unlimited Tax GO Bonds (LOC–JPMorgan Chase Bank, N.A.)^(f)(k)		0.16	%		08/01/20		100		100,000

Subseries 1993 A-8, VRD Unlimited Tax GO Bonds (LOC–JPMorgan Chase Bank, N.A.)^(f)(k)		0.18	%		08/01/17		1,500		1,500,000

New York (State of) Dormitory Authority (Orange Regional Medical Center); Series 2008, RB		6.25	%		12/01/37		1,000		1,088,660

New York Liberty Development Corp. (Bank of America Tower at One Bryant Park); Series 2010, Ref. Second Priority Liberty RB		6.38	%		07/15/49		1,000		1,149,250

New York Liberty Development Corp. (National Sports Museum); Series 2006 A, RB^(e)(g)		6.13	%		02/15/19		2,000		20

Seneca (County of) Industrial Development Agency (Seneca Meadows, Inc.); Series 2005, RB^(a)(e)(i)(j)		6.63	%		10/01/13		1,000		1,013,510

Suffolk (County of) Industrial Development Agency (Medford Hamlet Assisted Living); Series 2005, Assisted Living Facility RB^(a)		6.38	%		01/01/39		1,425		1,439,877

									18,153,626

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

11 Invesco Municipal Income Opportunities Trust


						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value

North Carolina–0.32%
North Carolina (State of) Medical Care Commission (WhiteStone); Series 2011 A, First Mortgage Retirement Facilities RB		7.75	%		03/01/41	$	1,000	$	1,138,040

North Dakota–0.28%
Grand Forks (City of) (4000 Valley Square); Series 2006, Ref. Senior Housing RB		5.30	%		12/01/34		1,000		997,060

Ohio–3.39%
Buckeye Tobacco Settlement Financing Authority; Series 2007 B, First Sub. Asset-Backed CAB RB^(c)		0.00	%		06/01/47		40,000		2,654,800

Centerville (City of) (Bethany Lutheran Village Continuing Care Facility Expansion); Series 2007 A, Health Care RB		6.00	%		11/01/38		1,500		1,556,385

Cuyahoga (County of) (Eliza Jennings Senior Care Network); Series 2007 A, Health Care & Independent Living Facilities RB		5.75	%		05/15/27		2,000		2,060,760

Gallia (County of) (Holzer Health System Obligated Group); Series 2012, Ref. & Improvement Hospital Facilities RB		8.00	%		07/01/42		1,000		1,121,520

Lorain (County of) Port Authority (U.S. Steel Corp.); Series 2010, Recovery Zone Facility RB		6.75	%		12/01/40		1,000		1,095,780

Montgomery (County of) (St. Leonard); Series 2010, Ref. & Improvement Health Care & MFH RB		6.63	%		04/01/40		1,000		1,068,290

Ohio (State of) Air Quality Development Authority (FirstEnergy Generation Corp.); Series 2009 C, Ref. PCR		5.63	%		06/01/18		1,000		1,162,230

Toledo-Lucas (County of) Port Authority (Crocker Park Public Improvement); Series 2003, Special Assessment RB		5.38	%		12/01/35		1,200		1,229,148

									11,948,913

Oklahoma–0.91%
Citizen Potawatomi Nation; Series 2004 A, Sr. Obligation Tax RB		6.50	%		09/01/16		1,000		992,980

Oklahoma (State of) Development Finance Authority (Inverness Village Community); Series 2012, Ref. Continuing Care Retirement Community RB		6.00	%		01/01/32		1,000		1,080,750

Tulsa (County of) Industrial Authority (Montereau, Inc.); Series 2010 A, Senior Living Community RB		7.25	%		11/01/45		1,000		1,133,230

									3,206,960

Pennsylvania–4.59%
Allegheny (County of) Industrial Development Authority (Propel Charter School-Montour); Series 2010 A, Charter School RB		6.75	%		08/15/35		950		1,051,621

Allegheny (County of) Redevelopment Authority (Pittsburgh Mills); Series 2004, Tax Allocation RB		5.60	%		07/01/23		1,000		1,031,870

Bucks (County of) Industrial Development Authority (Ann’s Choice, Inc. Facility);
Series 2005 A, Retirement Community RB		6.13	%		01/01/25		1,500		1,520,910

Series 2005 A, Retirement Community RB		6.25	%		01/01/35		1,750		1,770,860

Chester (County of) Industrial Development Authority (RHA/Pennsylvania Nursing Homes, Inc.); Series 2002, First Mortgage RB		8.50	%		05/01/32		2,690		2,743,746

Cumberland (County of) Municipal Authority (Asbury Pennsylvania Obligated Group); Series 2010, RB		6.13	%		01/01/45		965		1,029,481

Harrisburg (City of) Authority (Harrisburg University of Science); Series 2007 B, University RB		6.00	%		09/01/36		1,800		1,349,712

Montgomery (County of) Industrial Development Authority (Philadelphia Presbytery Homes, Inc.); Series 2010, RB		6.63	%		12/01/30		1,000		1,123,020

Pennsylvania (State of) Intergovernmental Cooperation Authority (City of Philadelphia Funding Program); Series 2009, Ref. Special Tax RB^(d)		5.00	%		06/15/21		3,000		3,585,420

Washington (County of) Redevelopment Authority (Victory Centre Tanger Outlet Development); Series 2006 A, Tax Allocation RB^(j)		5.45	%		07/01/35		950		974,235

									16,180,875

Puerto Rico–0.53%
Puerto Rico Sales Tax Financing Corp.;
First Subseries 2010 A, CAB RB^(c)		0.00	%		08/01/34		4,000		1,206,280

First Subseries 2010 C, CAB RB^(c)		0.00	%		08/01/39		3,000		649,740

									1,856,020

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

12 Invesco Municipal Income Opportunities Trust


						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value

Rhode Island–0.24%
Tobacco Settlement Financing Corp.; Series 2002 A, Asset-Backed RB		6.25	%		06/01/42	$	835	$	845,588

South Carolina–1.87%
Georgetown (County of) (International Paper Co.); Series 2000 A, Ref. Environmental Improvement RB		5.95	%		03/15/14		700		750,379

Myrtle Beach (City of) (Myrtle Beach Air Force Base);
Series 2006 A, Tax Increment Allocation RB		5.25	%		10/01/26		930		842,878

Series 2006 A, Tax Increment Allocation RB		5.30	%		10/01/35		2,000		1,723,520

South Carolina (State of) Jobs-Economic Development Authority (The Woodlands at Furman);
Series 2012, Ref. RB		6.00	%		11/15/42		1,087		785,101

Series 2012, Ref. Sub. CAB RB^(c)		0.00	%		11/15/47		466		2,302

South Carolina (State of) Jobs-Economic Development Authority (Wesley Commons);
Series 2006, Ref. First Mortgage Health Facilities RB		5.13	%		10/01/26		1,000		1,003,240

Series 2006, Ref. First Mortgage Health Facilities RB		5.30	%		10/01/36		1,500		1,473,495

									6,580,915

South Dakota–0.28%
Sioux Falls (City of) (Dow Rummel Village); Series 2006, Ref. Health Facilities RB		5.00	%		11/15/33		1,000		973,160

Tennessee–2.36%
Johnson City (City of) Health & Educational Facilities Board (Mountain States Health Alliance); Series 2006 A, First Mortgage Hospital RB		5.50	%		07/01/31		2,000		2,122,680

Shelby (County of) Health, Educational & Housing Facilities Board (The Village at Germantown);
Series 2003 A, Residential Care Facility Mortgage RB		7.25	%		12/01/34		2,500		2,535,575

Series 2006, Residential Care Facility Mortgage RB		6.25	%		12/01/34		475		478,548

Shelby (County of) Health, Educational & Housing Facilities Board (Trezevant Manor); Series 2006 A, RB		5.75	%		09/01/37		2,000		2,037,820

Trenton (City of) Health & Educational Facilities Board (RHA/Trenton MR, Inc.); Series 2009, RB		9.25	%		04/01/39		1,000		1,146,450

									8,321,073

Texas–9.28%
Alliance Airport Authority, Inc. (Federal Express Corp.); Series 2006, Ref. Special Facilities RB^(a)		4.85	%		04/01/21		1,200		1,286,592

Austin Convention Enterprises, Inc.; Series 2006 B, Ref. Second Tier Convention Center RB^(e)		5.75	%		01/01/34		1,100		1,127,401

Capital Area Cultural Education Facilities Finance Corp. (The Roman Catholic Diocese of Austin); Series 2005 B, RB		6.13	%		04/01/45		1,000		1,098,670

Central Texas Regional Mobility Authority; Series 2011, Sub. Lien RB		6.75	%		01/01/41		1,000		1,152,590

Clifton Higher Education Finance Corp. (Uplift Education); Series 2010 A, Education RB		6.25	%		12/01/45		1,000		1,169,730

Decatur (City of) Hospital Authority (Wise Regional Health System); Series 2004 A, RB		7.13	%		09/01/34		1,750		1,865,570

HFDC of Central Texas, Inc. (Sears Tyler Methodist); Series 2009 A, RB		7.75	%		11/15/44		1,000		786,030

HFDC of Central Texas, Inc.; Series 2006 A, Retirement Facilities RB		5.75	%		11/01/36		1,000		1,005,050

Houston (City of) (Continental Airlines, Inc.);
Series 2001 E, Airport System Special Facilities RB^(a)		6.75	%		07/01/21		1,000		1,003,830

Series 2001 E, Airport System Special Facilities RB^(a)		6.75	%		07/01/29		500		502,035

Series 2011 A, Ref. Airport System Special Facilities RB^(a)		6.63	%		07/15/38		1,000		1,116,740

Houston Health Facilities Development Corp. (Buckingham Senior Living Community); Series 2004 A, Retirement Facilities RB^(h)(i)		7.13	%		02/15/14		1,000		1,107,800

Houston Higher Education Finance Corp. (Cosmos Foundation, Inc.); Series 2011 A, RB		6.88	%		05/15/41		1,000		1,221,050

La Vernia Higher Education Finance Corp. (Knowledge is Power Program, Inc.); Series 2009 A, RB		6.25	%		08/15/39		1,000		1,165,100

Lubbock Health Facilities Development Corp. (Carillon Senior LifeCare Community); Series 2005 A, Ref. First Mortgage RB		6.50	%		07/01/26		2,500		2,641,750

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

13 Invesco Municipal Income Opportunities Trust


						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value

Texas–(continued)

North Texas Tollway Authority;
Series 2008 A, Ref. First Tier System RB (INS–BHAC)^(b)(d)		5.75	%		01/01/48	$	3,000	$	3,486,330

Series 2011 B, Special Project System CAB RB^(c)		0.00	%		09/01/37		7,000		1,854,930

San Antonio Convention Hotel Finance Corp. (Empowerment Zone); Series 2005 A, Contract RB (INS–AMBAC)^(a)(b)		5.00	%		07/15/39		1,000		1,023,150

Tarrant County Cultural Education Facilities Finance Corp. (Mirador); Series 2010 A, Retirement Facility RB		8.13	%		11/15/39		1,000		1,115,900

Texas (State of) Turnpike Authority (Central Texas Turnpike System); Series 2002, CAB RB (INS–AMBAC)^(b)(c)		0.00	%		08/15/33		4,160		1,204,736

Texas Private Activity Bond Surface Transportation Corp. (LBJ Infrastructure); Series 2010, Sr. Lien RB		7.00	%		06/30/40		1,000		1,223,330

Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners LLC North Tarrant Express Management Lanes); Series 2009, Sr. Lien RB		6.88	%		12/31/39		1,000		1,202,940

Texas State Public Finance Authority Charter School Finance Corp. (Odyssey Academy, Inc.); Series 2010 A, Education RB		7.13	%		02/15/40		1,000		1,130,410

Travis County Health Facilities Development Corp. (Westminster Manor); Series 2010, RB		7.00	%		11/01/30		1,000		1,185,730

Tyler Health Facilities Development Corp. (Mother Frances Hospital Regional Health Care Center); Series 2007, Ref. Hospital RB		5.00	%		07/01/33		1,000		1,040,160

									32,717,554

Utah–0.31%
Utah (State of) Charter School Finance Authority (North Davis Preparatory Academy); Series 2010, Charter School RB		6.38	%		07/15/40		1,000		1,080,070

Vermont–0.36%
Vermont (State of) Economic Development Authority (Wake Robin Corp.); Series 2012, Mortgage RB		5.40	%		05/01/33		1,200		1,255,464

Virginia–1.93%
Chesterfield (County of) Economic Development Authority (Brandermill Woods); Series 1998, Ref. Mortgage RB^(e)		6.50	%		01/01/28		2,046		2,051,131

Lexington (City of) Industrial Development Authority (Kendal at Lexington); Series 2007 A, Residential Care Facilities Mortgage RB		5.50	%		01/01/37		1,050		1,064,847

Peninsula Town Center Community Development Authority; Series 2007, Special Obligation RB		6.45	%		09/01/37		226		238,808

Virginia (State of) Small Business Financing Authority (Elizabeth River Crossings Opco, LLC); Series 2012, Sr. Lien RB^(a)		5.50	%		01/01/42		1,000		1,106,330

Virginia (State of) Small Business Financing Authority (Express Lanes, LLC); Series 2012, Sr. Lien RB^(a)		5.00	%		01/01/40		1,000		1,047,020

Virginia (State of) Small Business Financing Authority (Hampton Roads Proton Beam Therapy Institute at Hampton University, LLC); Series 2009, RB^(e)		9.00	%		07/01/39		1,200		1,299,792

									6,807,928

Washington–2.78%
King (County of) Public Hospital District No. 4 (Snoqualmie Valley Hospital);
Series 2009, Ref. & Improvement Limited Tax GO Bonds		7.25	%		12/01/38		1,000		1,036,340

Series 2011, Ref. & Improvement Limited Tax GO Bonds		7.00	%		12/01/40		1,000		1,103,690

King (County of); Series 2011 B, Ref. Sewer RB^(d)		5.00	%		01/01/34		3,000		3,435,810

Port of Seattle Industrial Development Corp. (Northwest Airlines, Inc.); Series 2001, Special Facilities RB^(a)		7.25	%		04/01/30		1,600		1,600,144

Washington (State of) Health Care Facilities Authority (Central Washington Health Services Association); Series 2009, RB		7.00	%		07/01/39		1,000		1,161,210

Washington (State of) Health Care Facilities Authority (Seattle Cancer Care Alliance); Series 2009, RB		7.38	%		03/01/38		1,200		1,466,304

									9,803,498

West Virginia–0.29%
West Virginia (State of) Hospital Finance Authority (Thomas Health System); Series 2008, RB		6.50	%		10/01/38		1,000		1,039,540

Wisconsin–1.81%
Wisconsin (State of) Health & Educational Facilities Authority (Beaver Dam Community Hospitals, Inc.); Series 2004 A, RB		6.75	%		08/15/34		1,250		1,288,350

Wisconsin (State of) Health & Educational Facilities Authority (Prohealth Care, Inc. Obligated Group); Series 2009, RB		6.38	%		02/15/29		1,500		1,753,365

Wisconsin (State of) Health & Educational Facilities Authority (St. John’s Community, Inc.); Series 2009 A, RB		7.63	%		09/15/39		1,000		1,162,820

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

14 Invesco Municipal Income Opportunities Trust


						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value

Wisconsin–(continued)

Wisconsin (State of) Health & Educational Facilities Authority (Wisconsin Illinois Senior Housing, Inc.); Series 2012, RB		5.88	%		08/01/42	$	1,000	$	998,540

Wisconsin (State of) Public Finance Authority (Glenridge Palmer Ranch); Series 2011 A, Continuing Care Retirement Community RB		8.25	%		06/01/46		1,000		1,188,930

									6,392,005

TOTAL INVESTMENTS^(l)–105.91% (Cost $354,432,822)									373,565,992

FLOATING RATE NOTE OBLIGATIONS–(6.61%)
Notes with interest rates ranging from 0.18% to 0.34% at 08/31/12 and contractual maturities of collateral ranging from 06/15/21 to 06/15/50 (See Note 1H)^(m)									(23,325,000	)

OTHER ASSETS LESS LIABILITIES–0.70%									2,492,167

NET ASSETS–100.00%								$	352,733,159

Investment Abbreviations:


ACA		– ACA Financial Guaranty Corp.
AGM		– Assured Guaranty Municipal Corp.
AMBAC		– American Municipal Bond Assurance Corp.
BAN		– Bond Anticipation Notes
BHAC		– Berkshire Hathaway Assurance Corp.
CAB		– Capital Appreciation Bonds
COP		– Certificates of Participation
GO		– General Obligation
IDR		– Indonesian Rupiah
INS		– Insurer
LOC		– Letter of Credit
MFH		– Multi-Family Housing
NATL		– National Public Finance Guarantee Corp.
PCR		– Pollution Control Revenue Bonds
PILOT		– Payment-in-Lieu-of-Tax
RB		– Revenue Bonds
Ref.		– Refunding
RN		– Revenue Notes
Sec.		– Secured
SGI		– Syncora Guarantee, Inc.
Sr.		– Senior
Sub.		– Subordinated
VRD		– Variable Rate Demand

Notes to Schedule of Investments:


^(a)		Security subject to the alternative minimum tax.
^(b)		Principal and/or interest payments are secured by the bond insurance company listed.
^(c)		Zero coupon bond issued at a discount.
^(d)		Underlying security related to Dealer Trusts entered into by the Trust. See Note 1H.
^(e)		Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended. The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2012 was $9,856,774, which represented 2.79% of the Trust’s Net Assets.
^(f)		Demand security payable upon demand by the Trust at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2012.
^(g)		Defaulted security. Currently, the issuer is partially or fully in default with respect to interest payments. The aggregate value of these securities at August 31, 2012 was $3,478,256, which represented 0.99% of the Trust’s Net Assets.
^(h)		Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.
⁽ⁱ⁾		Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.
^(j)		Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2012.
^(k)		Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary.
^(l)		Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligation but may be called upon to satisfy issuers obligations. No concentration of any single entity was greater than 5%.
^(m)		Floating rate note obligations related to securities held. The interest rates shown reflect the rates in effect at August 31, 2012. At August 31, 2012, the Trust’s investments with a value of $42,762,626 are held by Dealer Trusts and serve as collateral for the $23,325,000 in the floating rate note obligations outstanding at that date.

Portfolio Composition

By credit sector, based on Total Investments

as of August 31, 2012


Revenue Bonds	93.6	%

General Obligation Bonds	3.8

Pre-refunded Bonds	1.1

Other	1.5

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

15 Invesco Municipal Income Opportunities Trust

Statement of Assets and Liabilities

August 31, 2012

(Unaudited)


Assets:
Investments, at value (Cost $354,432,822)	$	373,565,992

Receivable for:
Investments sold		790,000

Interest		5,675,533

Investment for trustee deferred compensation and retirement plans		21,729

Other assets		53,664

Total assets		380,106,918

Liabilities:
Floating rate note obligations		23,325,000

Payable for:
Amount due custodian		3,750,078

Accrued other operating expenses		76,553

Trustee deferred compensation and retirement plans		222,128

Total liabilities		27,373,759

Net assets applicable to shares outstanding	$	352,733,159

Net assets consist of:
Shares of beneficial interest	$	362,506,758

Undistributed net investment income		945,606

Undistributed net realized gain (loss)		(29,852,375	)

Unrealized appreciation		19,133,170

	$	352,733,159

Shares outstanding, no par value, with an unlimited number of shares authorized:
Outstanding		47,425,494

Net asset value per share	$	7.44

Market value per share	$	7.17

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

16 Invesco Municipal Income Opportunities Trust

Statement of Operations

For the six months ended August 31, 2012

(Unaudited)


Investment income:
Interest	$	4,683,069

Expenses:
Advisory fees		358,936

Administrative services fees		25,206

Custodian fees		1,380

Interest, facilities and maintenance fees		51,021

Transfer agent fees		4,200

Trustees’ and officers’ fees and benefits		19,107

Registration and filing fees		32,825

Other		55,586

Total expenses		548,261

Net investment income		4,134,808

Realized and unrealized gain (loss) from:
Net realized gain (loss) from investment securities		(914,458	)

Change in net unrealized appreciation of investment securities		6,894,051

Net realized and unrealized gain		5,979,593

Net increase in net assets resulting from operations	$	10,114,401

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

17 Invesco Municipal Income Opportunities Trust

Statement of Changes in Net Assets

For the six months ended August 31, 2012 and the year ended February 29, 2012

(Unaudited)


	August 31,			February 29,
	2012			2012

Operations:
Net investment income	$	4,134,808		$	8,095,848

Net realized gain (loss)		(914,458	)		(1,997,358	)

Change in net unrealized appreciation		6,894,051			16,445,098

Net increase in net assets resulting from operations		10,114,401			22,543,588

Distributions to shareholders from net investment income		(4,120,302	)		(8,240,599	)

Share transactions–net:
Net increase in net assets resulting from share transactions		206,659,387			—

Net increase in net assets		212,653,486			14,302,989

Net assets:
Beginning of period		140,079,673			125,776,684

End of period (includes undistributed net investment income of $945,606 and $931,100, respectively)	$	352,733,159		$	140,079,673

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

18 Invesco Municipal Income Opportunities Trust

Statement of Cash Flows

For the six months ended August 31, 2012

(Unaudited)


Cash provided by operating activities:
Net increase in net assets resulting from operations	$	10,114,401

Adjustments to reconcile the change in net assets applicable from operations to net cash provided by (used in) operating activities:
Purchases of investments		(11,476,346	)

Proceeds from sales of investments		8,124,488

Amortization of premium		224,010

Accretion of discount		324,218

Increase in receivables and other assets		(3,368,662	)

Increase in accrued expenses and other payables		145,608

Net realized loss from investment securities		914,458

Net change in unrealized appreciation on investment securities		(6,894,051	)

Net cash provided by (used in) operating activities		(1,891,876	)

Cash provided by financing activities:
Dividends paid to shareholders from net investment income		(4,120,302	)

Increase in payable for amount due custodian		3,750,078

Net proceeds from floating rate note obligations		2,000,000

Net cash provided by financing activities		1,629,776

Net increase (decrease) in cash		(262,100	)

Cash at beginning of period		262,100

Cash at end of period	$	—

Supplemental disclosure of cash flow information:
Cash paid during the period for interest, facilities and maintenance fees	$	51,021

Notes to Financial Statements

August 31, 2012

(Unaudited)

NOTE 1—Significant Accounting Policies

Invesco Municipal Income Opportunities Trust (the “Trust”), a Delaware business trust, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as a diversified, closed-end series management investment company. Prior to August 27, 2012, the Trust was organized as a Massachusetts business trust.

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

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 are fair valued using an evaluated quote provided by an independent pricing service approved by the Board of Trustees. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices and may reflect appropriate factors such as institution-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Debt securities are subject to interest rate and credit risks. In addition, all debt securities involve some risk of default with respect to interest and principal payments.
		Securities for which market quotations either are not readily available or are unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on transferability or disposition; trading in similar securities by the same issuer or comparable companies; relevant political, economic or issuer specific news; and other relevant factors under the circumstances.
		Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

19 Invesco Municipal Income Opportunities Trust


B.		Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Bond premiums and discounts are amortized and/or accreted for financial reporting purposes.
		The Trust may periodically participate in litigation related to Trust investments. As such, the Trust may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
		Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the 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 Statement of Changes in Net Assets, or the net investment income per share and ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Trust and the investment adviser.
C.		Country Determination — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.
D.		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 paid annually and are distributed on a pro rata basis to common and preferred shareholders. The Trust may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.
E.		Federal Income Taxes — The Trust intends to comply with the requirements of Subchapter M of 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.
		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.
F.		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.
G.		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.
H.		Floating Rate Note Obligations — The Trust invests in inverse floating rate securities, such as Residual Interest Bonds (“RIBs”) or Tender Option Bonds (“TOBs”) for investment purposes and to enhance the yield of the Trust. Inverse floating rate investments tend to underperform the market for fixed rate bonds in a rising interest rate environment, but tend to outperform the market for fixed rate bonds when interest rates decline or remain relatively stable. Such transactions may be purchased in the secondary market without first owning the underlying bond or by the sale of fixed rate bonds by the Trust to special purpose trusts established by a broker dealer (“Dealer Trusts”) in exchange for cash and residual interests in the Dealer Trusts’ assets and cash flows, which are in the form of inverse floating rate securities. The Dealer Trusts finance the purchases of the fixed rate bonds by issuing floating rate notes to third parties and allowing the Trust to retain residual interests in the bonds. The floating rate notes issued by the Dealer Trusts have interest rates that reset weekly and the floating rate note holders have the option to tender their notes to the Dealer Trusts for redemption at par at each reset date. The residual interests held by the Trust (inverse floating rate investments) include the right of the Trust (1) to cause the holders of the floating rate notes to tender their notes at par at the next interest rate reset date, and (2) to transfer the municipal bond from the Dealer Trusts to the Trust, thereby collapsing the Dealer Trusts.
		TOBs are presently classified as private placement securities. Private placement securities are subject to restrictions on resale because they have not been registered under the Securities Act of 1933, as amended or are otherwise not readily marketable. As a result of the absence of a public trading market for these securities, they may be less liquid than publicly traded securities. Although these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by the Trust or less than what may be considered the fair value of such securities.
		The Trust accounts for the transfer of bonds to the Dealer Trusts as secured borrowings, with the securities transferred remaining in the Trust’s investment assets, and the related floating rate notes reflected as Trust liabilities under the caption Floating rate note obligations on the Statement of

20 Invesco Municipal Income Opportunities Trust


		Assets and Liabilities. The Trust records the interest income from the fixed rate bonds under the caption Interest and records the expenses related to floating rate obligations and any administrative expenses of the Dealer Trusts as a component of Interest, facilities and maintenance fees on the Statement of Operations.
		The Trust generally invests in inverse floating rate securities that include embedded leverage, thus exposing the Trust to greater risks and increased costs. The primary risks associated with inverse floating rate securities are varying degrees of liquidity and the changes in the value of such securities in response to changes in market rates of interest to a greater extent than the value of an equal principal amount of a fixed rate security having similar credit quality, redemption provisions and maturity which may cause the Trust’s net asset value to be more volatile than if it had not invested in inverse floating rate securities. In certain instances, the short-term floating rate interests created by the special purpose trust may not be able to be sold to third parties or, in the case of holders tendering (or putting) such interests for repayment of principal, may not be able to be remarketed to third parties. In such cases, the special purpose trust holding the long-term fixed rate bonds may be collapsed. In the case of RIBs or TOBs created by the contribution of long-term fixed income bonds by the Trust, the Trust will then be required to repay the principal amount of the tendered securities. During times of market volatility, illiquidity or uncertainty, the Trust could be required to sell other portfolio holdings at a disadvantageous time to raise cash to meet that obligation.
I.		Interest, Facilities and Maintenance Fees — Interest, Facilities and Maintenance Fees include interest and related borrowing costs such as commitment fees and other expenses associated with lines of credit and interest and administrative expenses related to establishing and maintaining floating rate note obligations, if any.
J.		Cash and Cash Equivalents — For the purposes of the Statement of Cash Flows the Trust defines Cash and Cash Equivalents as cash (including foreign currency), money market funds and other investments held in lieu of cash and excludes investments made with cash collateral received.
K.		Other Risks — The value of, payment of interest on, repayment of principal for and the ability to sell a municipal security may be affected by constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives and the economics of the regions in which the issuers are located.
		Since many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal securities market and a Trust’s investments in municipal securities.
		There is some risk that a portion or all of the interest received from certain tax-free municipal securities could become taxable as a result of determinations by the Internal Revenue Service.

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Trust pays an advisory fee to the Adviser based on the annual rate 0.50% 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 Australia Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Trust, may 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 Sub-Adviser(s).

Effective August 27, 2012, the Adviser has contractually agreed, through at least August 31, 2014, to waive advisory fees and/or reimburse expenses to the extent necessary to limit the Trust’s expenses (excluding certain items discussed below) to 0.67%. Prior to August 27, 2012, the Adviser had contractually agreed to waive advisory fees and/or reimburse expenses to the extent necessary to limit the Trust’s expenses (excluding certain items discussed below) to 0.73%. This fee waiver agreement was terminated on June 30, 2012. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the Trust’s expenses to exceed the limit reflected above: (1) interest, facilities and maintenance fees; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Trust has incurred but did not actually pay because of an expense offset arrangement. Unless the Board of Trustees and Invesco mutually agree to amend or continue the fee waiver agreement, it will terminate on August 31, 2014. The Adviser did not waive fees and/or reimburse expenses during the period under this expense limitation.

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, 2012, expenses incurred under these agreement are shown in the Statement of Operations as Administrative services fees.

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 or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:


	Level 1 —	Prices are determined using quoted prices in an active market for identical assets.
	Level 2 —	Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

21 Invesco Municipal Income Opportunities Trust


	Level 3 —	Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Trust’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of August 31, 2012. 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

Municipal Obligations	$	—	$	373,565,992	$	—	$	373,565,992

NOTE 4—Trustees’ and Officers’ Fees and Benefits

“Trustees’ and Officers’ Fees and Benefits” include amounts accrued by the Trust to pay remuneration to certain Trustees and Officers of the Trust. Trustees have the option to defer compensation payable by the Trust, and “Trustees’ and Officers’ Fees and Benefits” also include amounts accrued by the Trust to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Trusts in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees are eligible to participate in a retirement plan that provides 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 5—Cash Balances and Borrowings

The Trust is permitted to temporarily carry a negative or overdrawn balance in its account with State Street Bank, 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 Fund 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 Dealer Trusts are accounted for as secured borrowings. The average floating rate notes outstanding and average annual interest and fees related to inverse floating rate note obligations during the six months ended August 31, 2012 were $15,040,000 and 0.67%, respectively.

NOTE 6—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 generally accepted accounting principles. 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 Regulated Investment Company Modernization Act of 2010 (the “Act”) eliminated the eight-year carryover period for capital losses that arise in taxable years beginning after its enactment date of December 22, 2010. Consequently, these capital losses can be carried forward for an unlimited period. However, capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Additionally, post-enactment capital loss carryovers will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. 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, 2012 which expires as follows:


Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total

February 28, 2013	$	4,876,449	$	—	$	4,876,449

February 29, 2016		9,386,909		—		9,386,909

February 28, 2017		4,049,616		—		4,049,616

February 28, 2018		3,586,578		—		3,586,578

February 28, 2019		3,761,358		—		3,761,358

Not subject to expiration		43,813		3,051,561		3,095,374

	$	25,704,723	$	3,051,561	$	28,756,284


*	Capital loss carryforward as of the date listed above is reduced for limitations, if any, to the extent required by the Internal Revenue Code.

22 Invesco Municipal Income Opportunities Trust

NOTE 7—Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Trust during the six months ended August 31, 2012 was $9,276,969 and $8,898,985, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis

Aggregate unrealized appreciation of investment securities	$	35,053,013

Aggregate unrealized (depreciation) of investment securities		(15,875,934	)

Net unrealized appreciation of investment securities	$	19,177,079

Cost of investments for tax purposes is $354,388,913.

NOTE 8—Shares of Beneficial Interest

Transactions in shares of beneficial interest were as follows:


	Six months ended		Year ended
	August 31,		February 29,
	2012		2012

Beginning shares		19,620,474		19,620,474

Issued in connection with acquisitions^(a)		27,805,020		—

Ending shares		47,425,494		19,620,474


^(a)		As of the open of business on August 27, 2012, the Trust acquired all the net assets of Invesco Municipal Income Opportunities Trust II and Invesco Municipal Income Opportunities Trust III (the “Target Trusts”) pursuant to a plan of reorganization approved by the Trustees of the Trust on November 28, 2011 and by the shareholders of the Target Trusts on August 14, 2012. The acquisition was accomplished by a tax-free exchange of 27,805,020 shares of the Trust for 16,184,386 shares outstanding of Invesco Municipal Income Opportunities Trust II and 8,501,253 shares outstanding of Invesco Municipal Income Opportunities Trust III as of the close of business on August 24, 2012. Each class of the Target Trusts were exchanged for the like class of shares of the Trust, based on the relative net asset value of the Target Trusts to the net asset value of the Trust on the close of business, August 24, 2012. Invesco Municipal Income Opportunities Trust II’s net assets as of the close of business on April 24, 2012 of $131,390,457, including $7,853,012 of unrealized appreciation and Invesco Municipal Income Opportunities Trust III’s net assets as of the close of business on August 24, 2012 of $74,859,704, including $4,200,547 of unrealized appreciation, were combined with those of the Trust. The net assets of the Trust immediately before the acquisition were $145,494,861. The net assets immediately after the acquisition were $351,745,022.


		The pro forma results of operations for the six months ended August 31, 2012 assuming the reorganization had been completed on March 1, 2012, the beginning of the annual reporting period are as follows:



Net investment income	$	9,593,769

Net realized/unrealized gains		14,109,977

Change in net assets resulting from operations	$	23,703,746


		The combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Target Trusts that have been included in the Trust’s Statement of Operations since August 27, 2012.

The Trustees have approved share repurchases whereby 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 9—Dividends

The Trust declared the following dividends to shareholders from net investment income subsequent to August 31, 2012:

Declaration Date

Amount Per Share

Record Date

Payable Date

September 4, 2012

0.035

September 18, 2012

September 28, 2012

October 1, 2012

0.035

October 12, 2012

October 31, 2012

23 Invesco Municipal Income Opportunities Trust

NOTE 10—Financial Highlights

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


	Six months						Nine months
	ended			Year ended			ended
	August 31,			February 29,			February 28,			Years ended May 31,
	2012			2012			2011			2010			2009			2008			2007

Net asset value, beginning of period	$	7.14		$	6.41		$	6.79		$	5.90		$	7.38		$	8.28		$	8.02

Net investment income^(a)		0.20			0.41			0.32			0.44			0.45			0.46			0.48

Net gains (losses) on securities (both realized and unrealized)		0.31			0.74			(0.38	)		0.87			(1.46	)		(0.87	)		0.32

Total from investment operations		0.51			1.15			(0.06	)		1.31			(1.01	)		(0.41	)		0.80

Less distributions from net investment income		(0.21	)		(0.42	)		(0.32	)		(0.42	)		(0.47	)		(0.49	)		(0.54	)

Anti-dilutive effect of shares repurchased^(a)		—			—			—			—			0.00	^(b)		0.00	^(b)		—

Net asset value, end of period	$	7.44		$	7.14		$	6.41		$	6.79		$	5.90		$	7.38		$	8.28

Market value, end of period	$	7.17		$	7.02		$	6.02		$	6.51		$	5.67		$	7.87		$	9.68

Total return at net asset value^(c)		7.26	%		18.92	%		(0.90	)%		23.12	%

Total return at market value^(d)		5.14	%		24.50	%		(2.93	)%		22.83	%		(22.15	)%		(13.65	)%		16.99	%

Net assets, end of period (000’s omitted)	$	352,733		$	140,080		$	125,777		$	133,201		$	115,783		$	144,960		$	163,002

Portfolio turnover rate^(e)		6	%		22	%		12	%		13	%		15	%		35	%		26	%

Ratios/supplemental data based on average net assets
Ratio of expenses		0.73	%^(f)		0.73	%		0.72	%^(g)		0.78	%		0.89	%^(h)		0.95	%^(h)(i)		0.80	%⁽ⁱ⁾

Ratio of expenses excluding interest, facilities and maintenance fees^(j)		0.66	%^(f)		0.68	%		0.67	%^(g)		0.73	%		0.73	%^(h)		0.72	%^(h)(i)		0.72	%⁽ⁱ⁾

Ratio of net investment income		5.54	%^(f)		6.15	%		6.28	%^(g)		6.90	%		7.25	%		5.89	%		5.88	%

Rebate from Morgan Stanley affiliate														0.00	%^(k)		0.00	%^(k)


^(a)		Calculated using average shares outstanding.
^(b)		Includes anti-dilutive effect of acquiring treasury shares of less than $0.005.
^(c)		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.
^(d)		Total return assumes an investment at the 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 market price at the end of the period indicated. Not annualized for periods less than one year, if applicable.
^(e)		Portfolio turnover is not annualized for periods less than one year, if applicable. For the period ended August 31, 2012, the portfolio turnover calculation excludes the value of securities purchased of $188,960,770 and sold of $0 in the effort to realign the Trust’s portfolio holdings after the reorganization of Invesco Municipal Income Opportunities Trust II and Invesco Municipal Income Opportunities Trust III into the Trust.
^(f)		Ratios are annualized based on average daily net assets (000’s) of $148,235.
^(g)		Annualized.
^(h)		The ratios reflect the rebate of certain Trust expenses in connection with investments in a Morgan Stanley affiliate during the period. The effect of the rebate on the ratios is disclosed in the above table as “Rebate from Morgan Stanley affiliate”.
⁽ⁱ⁾		Does not reflect the effect of expense offset of 0.01%.
^(j)		For the years ended May 31, 2010 and prior, ratio does not exclude facilities and maintenance fees.
^(k)		Amount is less than 0.005%

Note 11—Subsequent Event

Effective September 25, 2012, the advisory fee for the Trust changed from 0.50% to 0.55%.

24 Invesco Municipal Income Opportunities Trust

Approval of Investment Advisory and Sub-Advisory Contracts

The Board of Trustees (the Board) of Invesco Municipal Income Opportunities Trust (the Fund) is required under the Investment Company Act of 1940, as amended, to approve annually the renewal of the Fund’s investment advisory agreement with Invesco Advisers, Inc. (Invesco Advisers) and the Master Intergroup Sub-Advisory Contract for Mutual Funds (the sub-advisory contracts) with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Australia Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers). During contract renewal meetings held on June 19-20, 2012, the Board as a whole, and the disinterested or “independent” Trustees, who comprise 80% of the Board, voting separately, approved the continuance of the Fund’s investment advisory agreement and the sub-advisory contracts for another year, effective July 1, 2012. In doing so, the Board considered the process that it follows in reviewing and approving the Fund’s investment advisory agreement and sub-advisory contracts and the information that it is provided. The Board determined that the Fund’s investment advisory agreement and the sub-advisory contracts are in the best interests of the Fund and its shareholders and the compensation to Invesco Advisers and the Affiliated Sub-Advisers under the agreements is fair and reasonable.

The Board’s Fund Evaluation Process

The Board’s Investments Committee has established three Sub-Committees, each of which is primarily responsible for overseeing the management of a number of the closed-end funds and all of the open-end funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet throughout the year to review the performance of their assigned funds, including reviewing materials prepared under the direction of the independent Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. Over the course of each year, the Sub-Committees meet with portfolio managers for their assigned Invesco Funds and other members of management to review the performance, investment objective(s), policies, strategies, limitations and investment risks of these funds. The Sub-Committees meet regularly and at designated contract renewal meetings each year to conduct a review of the performance, fees, expenses and other matters related to their assigned Invesco Funds. Each Sub-Committee recommends to the Investments Committee, which in turn recommends to the full Board, whether and on what terms to approve the continuance of each Invesco Fund’s investment advisory agreement and sub-advisory contracts for another year.

During the contract renewal process, the Trustees receive comparative performance and fee data regarding the Invesco Funds prepared by Invesco Advisers and an independent company, Lipper Inc. (Lipper). The Trustees also receive 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. The independent Trustees are assisted in their annual evaluation of the Fund’s investment advisory agreement by the Senior Officer and by independent legal counsel. In addition to meetings with Invesco Advisers and fund counsel, the independent Trustees also discuss the continuance of the investment advisory agreement and sub-advisory contracts in private sessions with the Senior Officer and independent legal counsel.

In evaluating the fairness and reasonableness of the Fund’s investment advisory agreement and sub-advisory contracts, the Board considered, among other things, the factors discussed below. The Trustees also considered information provided in connection with fund mergers approved by the Trustees. The Trustees recognized that the advisory fees for the Invesco Funds include advisory fees that are the result of years of review and negotiation between the Trustees and Invesco Advisers as well as advisory fees previously approved by a different board that, at the time, was responsible for overseeing Morgan Stanley funds, which have become Invesco Funds following the acquisition of the retail mutual fund business of Morgan Stanley. The Trustees’ deliberations and conclusions in a particular year may be based in part on their deliberations and conclusions regarding these same arrangements throughout the year and in prior years. One Trustee may have weighed a particular piece of information or factor differently than another Trustee.

The discussion below serves as the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement 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. Unless otherwise stated, this information is current as of June 20, 2012, and may not reflect consideration of factors that became known to the Board after that date, including, for example, changes to the Fund’s performance, advisory fees, expense limitations and/or fee waivers.

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 advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, the performance of Invesco Advisers in providing these services, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager or managers, with whom the Sub-Committees met during the year. The Board’s review of the qualifications of Invesco Advisers to provide advisory services included the Board’s consideration of Invesco Advisers’ performance and investment process oversight, independent credit analysis and investment risk management.

In determining whether to continue the Fund’s investment advisory agreement, the Board considered the prior relationship between Invesco Advisers and the Fund, as well as the Board’s knowledge of Invesco Advisers’ operations, and concluded that it is beneficial to maintain the current relationship, in part because of such prior relationship and knowledge. The Board also considered services that Invesco Advisers and its affiliates provide to the Invesco Funds such as various back office support functions, equity and fixed income trading operations, internal audit, and legal and compliance. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory and consistent with the terms of the Fund’s investment advisory agreement.

The Board reviewed the services provided 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 concluded that the sub-advisory contracts 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 provided by the Affiliated Sub-Advisers are appropriate and satisfactory and consistent with the terms of the Fund’s sub-advisory contracts.


B.	Fund Performance

The Board considered Fund performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund 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 performance during the past one, three and five calendar years to the performance of funds in the Lipper performance universe and against the Lipper Closed-End — High Yield Municipal Debt Funds Index. The Board noted that the Fund’s performance was in the fifth quintile of its performance universe for the one and three year periods and the third quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The

25 Invesco Municipal Income Opportunities Trust

Board noted that the Fund’s performance was below the performance of the Index for the one, three and five year periods. The Trustees also reviewed more recent Fund performance and this review did not change their conclusions.


C.	Advisory and Sub-Advisory Fees and Fee Waivers

The Board compared the Fund’s contractual advisory fee rate to the contractual advisory fee rates of funds in the Fund’s Lipper expense group at a common asset level. The Board noted that the Fund’s contractual advisory fee rate was below the median contractual advisory fee rate of funds in its expense group. The Board also reviewed the methodology used by Lipper in providing expense group information, which includes using audited financial data from the most recent annual report of each fund in the expense group that was publicly available as of the end of the past calendar year and including only one fund per investment adviser. The Board noted that comparative data is as of varying dates, which may affect the comparability of data during times of market volatility.

The Board also compared the Fund’s effective fee rate (the advisory fee after advisory fee waivers and before expense limitations/waivers) to the advisory fee rates of other closed-end funds advised by Invesco Advisers and its affiliates with investment strategies comparable to those of the Fund. The Board noted that the Fund’s rate was the same as two other closed-end funds with comparable investment strategies.

Other than the funds described above, the Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other funds or client accounts in a manner substantially similar to the management of the Fund.

The Board also considered the services provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the allocation of fees between Invesco Advisers and the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board noted that Invesco Advisers provides services to sub-advised Invesco Funds, including oversight of the Affiliated Sub-Advisers as well as the additional services described above other than day-to-day portfolio management. The Board also noted that the sub-advisory fees have no direct effect on the Fund or its shareholders, as they are paid by Invesco Advisers to the Affiliated Sub-Advisers.

Based upon the information and considerations described above, the Board concluded that the Fund’s advisory and sub-advisory fees are fair and reasonable.


D.	Economies of Scale

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 noted that although the Fund does not benefit from economies of scale through contractual breakpoints, the Fund shares directly in economies of scale through lower fees charged by third party service providers based on the combined size of the Invesco Funds and other clients advised by Invesco Advisers. Invesco Advisers noted that the Fund does not execute brokerage transactions through “soft dollar” arrangements to any significant degree.


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 profitability of Invesco Advisers and its affiliates in providing these services for the year ended December 31, 2011. The Board reviewed with Invesco Advisers the methodology used to prepare the profitability information. The Board considered the profitability of Invesco Advisers in connection with managing the Fund and the Invesco Funds. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its subsidiaries provide to the Invesco Funds and the Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing services to the Fund to be excessive given the nature, quality and extent of the services provided to the Invesco Funds. The Board received and accepted information from Invesco Advisers demonstrating that Invesco Advisers and each Affiliated Sub-Adviser are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement and sub-advisory contracts.


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, including the fees received for their provision of administrative, transfer agency and distribution services to the Fund. The Board considered the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board also considered that these services are provided to the Fund pursuant to written contracts that are reviewed and approved on an annual basis by the Board; that the services are required for the operation of the Fund; that Invesco Advisers and its affiliates can provide services, the nature and quality of which are at least equal to those provided by others offering the same or similar services; and that the fees for such services are fair and reasonable in light of the usual and customary charges by others for services of the same nature and quality.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. Invesco Advisers noted that the Fund does not execute brokerage transactions through “soft dollar” arrangements to any significant degree.

The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in money market funds advised by Invesco Advisers pursuant to procedures approved by the Board. The Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to such investments, although Invesco Advisers has contractually agreed to waive through varying periods the advisory fees payable by the Invesco Funds. The waiver is in 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, but not cash collateral. The Board concluded that the Fund’s investment of uninvested cash and cash collateral from any securities lending arrangements in the affiliated money market funds is in the best interests of the Fund and its shareholders.

26 Invesco Municipal Income Opportunities Trust

Proxy Results

An Annual Meeting (“Meeting”) of Shareholders of Invesco Municipal Income Opportunities Trust (the “Fund”) was held on July 17, 2012. The Meeting was held for the following purpose:


(1)	Elect six Trustees to its Board of Trustees, each of whom will serve for a three-year term or until their successors have been duly elected and qualified.

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


				Votes
	Matter	Votes For		Against

(1)	James T. Bunch		16,091,032		747,418
	Bruce L. Crockett		16,107,412		731,038
	Rodney F. Dammeyer		16,093,577		744,873
	Jack M. Fields		16,082,032		756,418
	Martin L. Flanagan		16,093,756		744,694
	Carl Frischling		16,088,634		749,816

The Meeting was adjourned until August 14, 2012, with respect to the following proposals:


(1)	Approval of an Agreement and Plan of Redomestication that provides for the reorganization of the Fund as a Delaware statutory trust.


(2bi)	Approval of an Agreement and Plan of Merger that provides for Invesco Municipal Income Opportunities Trust II to merge with and into the Fund.


(2bii)	Approval of an Agreement and Plan of Merger that provides for Invesco Municipal Income Opportunities Trust III to merge with and into the Fund.

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


				Votes		Votes		Broker
	Matters	Votes For		Against		Abstain		Non-Votes

(1)	Approval of an Agreement and Plan of Redomestication that provides for the reorganization of the Fund as a Delaware statutory trust		10,186,656		539,852		355,063		2,334,726
(2bi)	Approval of an Agreement and Plan of Merger that provides for Invesco Municipal Income Opportunities Trust II to merge with and into the Fund		10,186,400		573,322		321,849		2,334,726
(2bii)	Approval of an Agreement and Plan of Merger that provides for Invesco Municipal Income Opportunities Trust III to merge with and into the Fund		10,181,399		580,279		319,893		2,334,726

The advisory fee proposal was adjourned until September 25, 2012. Results from the adjourned meeting will be reflected in the next report to shareholders.

27 Invesco Municipal Income Opportunities Trust

Correspondence information

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

Invesco privacy policy

You share personal and financial information with us that is necessary for your transactions and your account records. We take very seriously the obligation to keep that information confidential and private.

Invesco collects nonpublic personal information about you from account applications or other forms you complete and from your transactions with us or our affiliates. We do not disclose information about you or our former customers to service providers or other third parties except to the extent necessary to service your account and in other limited circumstances as permitted by law. For example, we use this information to facilitate the delivery of transaction confirmations, financial reports, prospectuses and tax forms.

Even within Invesco, only people involved in the servicing of your accounts and compliance monitoring have access to your information. To ensure the highest level of confidentiality and security, Invesco maintains physical, electronic and procedural safeguards that meet or exceed federal standards. Special measures, such as data encryption and authentication, apply to your communications with us on our website. More detail is available to you at invesco.com/privacy.

Trust holdings and proxy voting information

The Trust provides a complete list of its holdings four times in each fiscal year, at the quarter-ends. For the second and fourth quarters, the lists appear in the Trust’s semiannual and annual reports to shareholders. For the first and third quarters, the Trust files the lists with the Securities and Exchange Commission (SEC) on Form N-Q. Shareholders can also look up the Trust’s Forms N-Q on the SEC website at sec.gov. Copies of the Trust’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@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/proxyguidelines. 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 12 months ended June 30, 2012, is available at invesco.com/proxysearch. In addition, this information is available on the SEC website at sec.gov.

Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.




SEC file number: 811-05597	MS-CE-MIOPP-SAR-1	Invesco Distributors, Inc.


ITEM 2.		CODE OF ETHICS.

There were no amendments to the Code of Ethics (the “Code”) that applies to the Registrant’s Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”) during the period covered by the report. The Registrant did not grant any waivers, including implicit waivers, from any provisions of the Code to the PEO or PFO during the period covered by this report.


ITEM 3.		AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.


ITEM 4.		PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.


ITEM 5.		AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.


ITEM 6.		SCHEDULE OF INVESTMENTS.

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


ITEM 7.		DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.


ITEM 8.		PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.


ITEM 9.		PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.


ITEM 10.		SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

None.


ITEM 11.		CONTROLS AND PROCEDURES.

(a)

As of August 13, 2012, 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, as of August 13, 2012, 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 second fiscal quarter of the period covered by the report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.


ITEM 12.		EXHIBITS.

12(a) (1)		Not applicable.

12(a) (2)		Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940.

12(a) (3)		Not applicable.

12(b)		Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(b) under the Investment Company Act of 1940.

SIGNATURES

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

Registrant: Invesco Municipal Income Opportunities Trust


By:	/s/ Philip A. Taylor
		Philip A. Taylor
		Principal Executive Officer

Date: November 8, 2012

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


By:	/s/ Philip A. Taylor
		Philip A. Taylor
		Principal Executive Officer

Date: November 8, 2012


By:	/s/ Sheri Morris
		Sheri Morris
		Principal Financial Officer

Date: November 8, 2012

EXHIBIT INDEX


12(a) (1)		Not applicable.

12(a) (2)		Certifications of principal executive officer and Principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940.

12(a) (3)		Not applicable.

12(b)		Certifications of principal executive officer and Principal financial officer as required by Rule 30a-2(b) under the Investment Company Act of 1940.