Edgar Filing: Invesco Municipal Income Opportunities Trust

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT
INVESTMENT COMPANY

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: 5/31/12

Item 1. Schedule of Investments.



		Invesco Municipal Income Opportunities Trust
		Quarterly Schedule of Portfolio Holdings
		May 31, 2012



invesco.com/us	MS-CE-MIOPP-QTR-1 05/12	Invesco Advisers, Inc.

Schedule of Investments
May 31, 2012
(Unaudited)


						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value

Municipal Obligations–105.43%

Alabama–0.24%

Huntsville (City of) Special Care Facilities Financing Authority (Redstone Village); Series 2007, Retirement Facility RB		5.50	%		01/01/43	$	370	$	338,428


Arizona–3.08%

Casa Grande (City of) Industrial Development Authority (Casa Grande Regional Medical Center); Series 2001 A, Ref. Hospital RB		7.63	%		12/01/29		400		412,608

Phoenix (City of) Industrial Development Authority (Great Hearts Academies); Series 2012, Education RB		6.40	%		07/01/47		240		252,602

Pima (County of) Industrial Development Authority (Constellation Schools); Series 2008, Lease RB		7.00	%		01/01/38		1,225		1,236,123

Pima (County of) Industrial Development Authority (Global Water Resources, LLC); Series 2007, Water & Wastewater RB ^(a)		6.55	%		12/01/37		800		831,528

Pima (County of) Industrial Development Authority (Noah Webster Basic Schools); Series 2004 A, Education RB		6.00	%		12/15/24		500		507,250

Pinal (County of) Electric District No. 4; Series 2008, Electrical System RB		6.00	%		12/01/38		660		708,728

Quechan Indian Tribe of Fort Yuma (California & Arizona Governmental); Series 2008, RB		7.00	%		12/01/27		530		465,096

									4,413,935


California–9.32%

Alhambra (City of) (Atherton Baptist Homes); Series 2010 A, RB		7.63	%		01/01/40		400		441,284

Bakersfield (City of); Series 2007 A, Wastewater RB (INS-AGM) ^(b)(c)		5.00	%		09/15/32		390		421,227

California (State of) Municipal Finance Authority (High Tech High-Media Arts); Series 2008 A, Educational Facility RB ^(d)		5.88	%		07/01/28		335		338,474

California (State of) Municipal Finance Authority (Santa Rosa Academy); Series 2012 A, Charter School Lease RB		6.00	%		07/01/42		400		395,580

California (State of) Statewide Communities Development Authority (California Baptist University);
Series 2007 A, RB		5.50	%		11/01/38		1,000		1,024,400

Series 2011, RB		7.25	%		11/01/31		400		468,556

California (State of) Statewide Communities Development Authority (Thomas Jefferson School of Law); Series 2008 A, RB ^(d)		7.25	%		10/01/38		200		218,206

California (State of); Series 2004 B-1, VRD Unlimited Tax GO Bonds (LOC-Citibank, N.A.) ^(e)(f)		0.16	%		05/01/34		1,500		1,500,000

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		993,573

Desert Community College District (Election of 2004); Series 2007 C, Unlimited Tax CAB GO Bonds (INS-AGM) ^(c)(g)		0.00	%		08/01/46		4,000		621,400

Golden State Tobacco Securitization Corp.;
Series 2007 A-1, Sr. Tobacco Settlement Asset-Backed RB		4.50	%		06/01/27		400		329,364

Series 2007 A-1, Sr. Tobacco Settlement Asset-Backed RB		5.13	%		06/01/47		2,850		2,061,661

National City (City of) Community Development Commission (National City Redevelopment); Series 2011, Tax Allocation RB		7.00	%		08/01/32		400		479,228

Poway Unified School District (School Facilities Improvement); Series 2011, Unlimited Tax CAB GO Bonds ^(g)		0.00	%		08/01/39		4,350		1,089,110

Riverside (County of) Redevelopment Agency (Mid-County Redevelopment Project Area); Series 2010 C, Tax Allocation RB		6.25	%		10/01/40		400		408,328

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		400		403,892

San Buenaventura (City of) (Community Memorial Health System); Series 2011, RB		7.50	%		12/01/41		400		475,228

San Francisco (City & County of) Redevelopment Financing Authority (Mission Bay South Redevelopment); Series 2011 D, Tax Allocation RB		7.00	%		08/01/41		560		633,730

Southern California Logistics Airport Authority; Series 2008 A, Tax Allocation CAB RB ^(g)		0.00	%		12/01/44		7,235		351,259

Union City (City of) Community Redevelopment Agency (Community Redevelopment); Series 2011, Sub. Lien Tax Allocation RB		6.88	%		12/01/33		600		692,358

									13,346,858

See accompanying notes which are an integral part of this schedule.

Invesco Municipal Income Opportunities Trust


						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value

Colorado–3.48%

Colorado (State of) Educational & Cultural Facilities Authority (National Jewish Federation Bond Program); Series 2005 A-7, VRD RB (LOC-Bank of America, N.A.) ^(e)(f)		0.24	%		07/01/29	$	500	$	500,000

Colorado (State of) Health Facilities Authority (Christian Living Communities);
Series 2006 A, RB		5.75	%		01/01/37		600		611,316

Series 2009 A, RB		9.00	%		01/01/34		500		533,880

Colorado (State of) Health Facilities Authority (Total Longterm Care National Obligated Group); Series 2010 A, RB		6.25	%		11/15/40		400		440,640

Colorado (State of) Housing & Finance Authority; Series 1998 D-2, Sr. Single Family Program RB ^(a)		6.35	%		11/01/29		175		189,107

Colorado (State of) Regional Transportation District (Denver Transit Partners Eagle P3); Series 2010, Private Activity RB		6.00	%		01/15/41		400		448,072

Copperleaf Metropolitan District No. 2; Series 2006, Limited Tax GO Bonds		5.95	%		12/01/36		1,000		701,060

Denver (City of) Convention Center Hotel Authority; Series 2006, Ref. Sr. RB (INS-SGI) ^(c)		5.00	%		12/01/35		370		377,174

Montrose (County of) Memorial Hospital Board of Trustees; Series 2003, Enterprise RB		6.00	%		12/01/33		400		416,716

Northwest Metropolitan District No. 3; Series 2005, Limited Tax GO Bonds		6.25	%		12/01/35		800		765,880

									4,983,845


Connecticut–0.63%

Georgetown (City of) Special Taxing District; Series 2006 A, Unlimited Tax GO Bonds ^(d)(h)		5.13	%		10/01/36		1,970		900,960


Delaware–0.25%

Sussex (County of) (Cadbury at Lewes); Series 2006 A, First Mortgage RB		6.00	%		01/01/35		400		362,028


District of Columbia–0.77%

District of Columbia (Cesar Chavez Charter School); Series 2011, RB		7.88	%		11/15/40		400		450,088

District of Columbia; Series 2009 B, Ref. Sec. Income Tax RB ^(b)		5.00	%		12/01/25		540		646,904

									1,096,992


Florida–12.94%

Alachua (County of) (North Florida Retirement Village, Inc.);
Series 2007, IDR		5.25	%		11/15/17		500		500,105

Series 2007, IDR		5.88	%		11/15/36		800		745,144

Series 2007, IDR		5.88	%		11/15/42		400		369,236

Alachua (County of) Health Facilities Authority (Terraces at Bonita Springs); Series 2011 A, RB		8.13	%		11/15/46		400		439,812

Beacon Lakes Community Development District; Series 2003 A, Special Assessment RB		6.90	%		05/01/35		715		734,662

Brevard (County of) Health Facilities Authority (Buena Vida Estates, Inc.); Series 2008, Residential Care Facility RB		6.75	%		01/01/37		625		549,331

Broward (County of) (Civic Arena); Series 2006 A, Ref. Professional Sports Facilities Tax RB (INS-AGM) ^(b)(c)		5.00	%		09/01/23		2,960		3,213,524

Capital Trust Agency (Million Air One LLC); Series 2011, RB ^(a)		7.75	%		01/01/41		400		431,920

Collier (County of) Industrial Development Authority (Arlington Naples); Series 2011, Continuing Care Community BAN		14.00	%		05/15/15		200		201,810

Florida (State of) Mid-Bay Bridge Authority; Series 2011 A, Springing Lien RB		7.25	%		10/01/40		400		470,356

Florida Development Finance Corp. (Renaissance Charter School, Inc.); Series 2010 A, Educational Facilities RB		6.00	%		09/15/40		400		417,188

Lee (County of) Industrial Development Authority (Cypress Cove Health Park); Series 1997 A, Health Care Facilities RB		6.38	%		10/01/25		400		359,320

Lee (County of) Industrial Development Authority (Lee County Community Charter Schools, LLC);
Series 2007 A, IDR		5.25	%		06/15/27		400		398,756

Series 2007 A, IDR		5.38	%		06/15/37		1,000		973,810

Miami-Dade (County of);
Series 2009, Sub. Special Obligation CAB RB ^(g)		0.00	%		10/01/39		2,000		433,260

Series 2009, Sub. Special Obligation CAB RB ^(g)		0.00	%		10/01/42		3,200		579,200

Midtown Miami Community Development District; Series 2004 A, Special Assessment RB		6.25	%		05/01/37		1,000		1,012,880

Orange (County of) Health Facilities Authority (Orlando Lutheran Towers, Inc.);
Series 2005, Ref. RB		5.70	%		07/01/26		500		506,245

Series 2007, First Mortgage RB		5.50	%		07/01/32		1,000		990,360

See accompanying notes which are an integral part of this schedule.

Invesco Municipal Income Opportunities Trust


						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value

Florida–(continued)

Pinellas (County of) Health Facilities Authority (The Oaks of Clearwater); Series 2004, RB		6.25	%		06/01/34	$	600	$	616,956

Renaissance Commons Community Development District; Series 2005 A, Special Assessment RB		5.60	%		05/01/36		905		817,912

South Miami (City of) Health Facilities Authority (Baptist Health South Florida Obligated Group); Series 2007, Hospital RB ^(b)		5.00	%		08/15/32		2,860		3,080,020

St. Johns (County of) Industrial Development Authority (Presbyterian Retirement Communities); Series 2010 A, RB		6.00	%		08/01/45		400		438,452

University Square Community Development District; Series 2007 A-1, Capital Improvement Special Assessment RB		5.88	%		05/01/38		250		253,548

									18,533,807


Georgia–1.28%

Atlanta (City of) (Beltline); Series 2009 B, Tax Allocation RB		7.38	%		01/01/31		400		442,092

Atlanta (City of) (Eastside); Series 2005 B, Tax Allocation RB		5.60	%		01/01/30		1,000		1,063,700

Clayton (County of) Development Authority (Delta Air Lines, Inc.); Series 2009 B, Special Facilities RB ^(a)		9.00	%		06/01/35		300		325,404

									1,831,196


Hawaii–1.39%

Hawaii (State of) Department of Budget & Finance (15 Craigside); Series 2009 A, Special Purpose Senior Living RB		8.75	%		11/15/29		400		477,108

Hawaii (State of) Department of Budget & Finance (Hawaiian Electric Co., Inc. & Subsidiary); Series 2009, Special Purpose RB		6.50	%		07/01/39		400		464,348

Hawaii (State of) Department of Budget & Finance (Kahala Nui); Series 2003 A, Special Purpose RB		8.00	%		11/15/33		1,000		1,046,640

									1,988,096


Idaho–0.62%

Idaho (State of) Health Facilities Authority (Valley Vista Care Corp.); Series 2007, Ref. RB		6.13	%		11/15/27		885		887,204


Illinois–12.86%

Bolingbrook (Village of) Special Services Area No. 1 (Forest City); Series 2005, Special Tax RB		5.90	%		03/01/27		750		674,767

Bolingbrook (Village of); Series 2005, Sales Tax RB		6.25	%		01/01/24		1,000		693,990

Chicago (City of) (Lakeshore East); Series 2002, Special Assessment Improvement RB		6.75	%		12/01/32		1,753		1,831,850

Chicago (City of); Series 2011, COP		7.13	%		05/01/25		430		462,994

Cook (County of) (Navistar International Corp.); Series 2010, Recovery Zone Facility RB		6.50	%		10/15/40		400		442,424

Illinois (State of) Finance Authority (Collegiate Housing Foundation- DeKalb II, LLC.- Northern Illinois University); Series 2011, Student Housing RB		6.88	%		10/01/43		400		453,028

Illinois (State of) Finance Authority (Friendship Village of Schaumburg); Series 2010, RB		7.00	%		02/15/38		580		594,071

Illinois (State of) Finance Authority (Greenfields of Geneva); Series 2010 A, RB		8.00	%		02/15/30		450		476,104

Illinois (State of) Finance Authority (Kewanee Hospital); Series 2006, RB		5.00	%		08/15/26		395		391,801

Illinois (State of) Finance Authority (Luther Oaks); Series 2006 A, RB		6.00	%		08/15/39		750		730,320

Illinois (State of) Finance Authority (Montgomery Place); Series 2006 A, RB		5.75	%		05/15/38		800		784,128

Illinois (State of) Finance Authority (Park Place of Elmhurst); Series 2010 A, RB		8.25	%		05/15/45		400		414,564

Illinois (State of) Finance Authority (The Admiral at the Lake); Series 2010 A, RB		7.25	%		05/15/20		400		420,232

Illinois (State of) Finance Authority (The Landing at Plymouth Place); Series 2005 A, RB		6.00	%		05/15/37		1,000		807,080

Illinois (State of) Finance Authority (United Neighborhood Organization Charter School Network, Inc.);
Series 2011, Ref. Charter School RB		6.88	%		10/01/31		200		220,108

Series 2011, Ref. Charter School RB		7.13	%		10/01/41		200		221,808

Illinois (State of) Finance Authority; Series 2003 A, RB		7.00	%		11/15/32		800		807,304

Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion);
Series 2010 A, RB ^(b)		5.50	%		06/15/50		390		428,887

Series 2010 B, Ref. CAB RB (INS-AGM) ^(c)(g)		0.00	%		06/15/43		4,000		816,640

Illinois (State of) Regional Transportation Authority; Series 2003 A, RB (INS-NATL) ^(b)(c)		6.00	%		07/01/33		1,200		1,569,144

Illinois (State of) Toll Highway Authority; Series 2008 B, RB ^(b)		5.50	%		01/01/33		1,200		1,318,488

See accompanying notes which are an integral part of this schedule.

Invesco Municipal Income Opportunities Trust


						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value

Illinois–(continued)

Long Grove (Village of) (Sunset Grove); Series 2010, Limited Obligation Tax Increment Allocation RB		7.50	%		01/01/30	$	400	$	421,172

Pingree Grove (Village of) (Cambridge Lakes Learning Center); Series 2011, RB		8.50	%		06/01/41		400		432,908

Pingree Grove (Village of) Special Service Area No. 7 (Cambridge Lakes); Series 2006-1, Special Tax RB		6.00	%		03/01/36		984		964,379

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		973,898

Upper Illinois River Valley Development Authority (Pleasant View Luther Home); Series 2010, RB		7.38	%		11/15/45		400		424,288

Will (County of) & Kankakee (City of) Regional Development Authority (Senior Estates Supportive Living); Series 2007, MFH RB ^(a)		7.00	%		12/01/42		640		654,573

									18,430,950


Indiana–1.02%

Crown Point (City of) (Wittenberg Village); Series 2009 A, Economic Development RB		8.00	%		11/15/39		400		455,232

Indiana (State of) Finance Authority (King’s Daughters Hospital & Health Services); Series 2010, Hospital RB		5.50	%		08/15/45		300		305,322

St. Joseph (County of) (Holy Cross Village at Notre Dame); Series 2006 A, Economic Development RB		6.00	%		05/15/26		285		291,415

Vigo (County of) Hospital Authority (Union Hospital, Inc.); Series 2007, RB ^(d)		5.80	%		09/01/47		400		405,404

									1,457,373


Iowa–1.76%

Cass (County of) (Cass County Memorial Hospital); Series 2010 A, Hospital RB		7.25	%		06/01/35		400		448,276

Iowa (State of) Finance Authority (Bethany Life Communities); Series 2006 A, Ref. Senior Housing RB		5.55	%		11/01/41		1,000		968,970

Iowa (State of) Finance Authority (Madrid Home); Series 2007, Ref. Health Care Facility RB		5.90	%		11/15/37		750		708,188

Orange City (City of); Series 2008, Ref. Hospital Capital Loan RN		5.60	%		09/01/32		400		400,392

									2,525,826


Kansas–0.40%

Olathe (City of) (Catholic Care Campus, Inc.); Series 2006 A, Senior Living Facility RB		6.00	%		11/15/38		560		574,465


Kentucky–0.30%

Kentucky (State of) Economic Development Finance Authority (Masonic Home Independent Living II); Series 2011, RB		7.38	%		05/15/46		400		436,736


Louisiana–1.41%

Lakeshore Villages Master Community Development District; Series 2007, Special Assessment RB ^(h)		5.25	%		07/01/17		794		317,695

Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Westlake Chemical Corp.); Series 2009 A, RB		6.50	%		08/01/29		400		462,572

Louisiana (State of) Public Facilities Authority (Lake Charles Memorial Hospital); Series 2007, Ref. Hospital RB ^(d)		6.38	%		12/01/34		400		420,256

Tobacco Settlement Financing Corp.; Series 2001 B, Tobacco Settlement Asset-Backed RB		5.88	%		05/15/39		800		813,600

									2,014,123


Maine–0.32%

Maine (State of) Health & Higher Educational Facilities Authority (Maine General Medical Center); Series 2011, RB		6.75	%		07/01/41		400		456,228


Maryland–1.65%

Baltimore (City of) (East Baltimore Research Park); Series 2008 A, Special Obligation Tax Allocation RB		7.00	%		09/01/38		400		428,272

Harford (County of); Series 2011, Special Obligation Tax Allocation RB		7.50	%		07/01/40		400		443,160

Maryland (State of) Health & Higher Educational Facilities Authority (King Farm Presbyterian Retirement Community); Series 2007 A, RB		5.30	%		01/01/37		750		659,190

Maryland (State of) Health & Higher Educational Facilities Authority (Washington Christian Academy); Series 2006, RB ^(h)		5.50	%		07/01/38		800		320,008

See accompanying notes which are an integral part of this schedule.

Invesco Municipal Income Opportunities Trust


						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value

Maryland–(continued)

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	$	500	$	515,850

									2,366,480


Massachusetts–2.30%

Massachusetts (State of) Development Finance Agency (Linden Ponds, Inc. Facility);
Series 2011 A-1, RB		6.25	%		11/15/46		301		218,497

Series 2011 A-2, RB		5.50	%		11/15/46		16		9,907

Series 2011 B, CAB RB ^(g)		0.00	%		11/15/56		80		411

Massachusetts (State of) Development Finance Agency (Loomis Community); Series 1999 A, First Mortgage RB		5.75	%		07/01/23		1,500		1,501,080

Massachusetts (State of) Development Finance Agency (Massachusetts Institute of Technology); Series 2002 K, RB ^(b)		5.50	%		07/01/32		195		277,136

Massachusetts (State of) Development Finance Agency (The Groves in Lincoln); Series 2009 A, Senior Living Facility RB		7.75	%		06/01/39		400		301,400

Massachusetts (State of) Development Finance Agency (Tufts Medical Center); Series 2011 I, RB		6.88	%		01/01/41		400		463,760

Massachusetts (State of); Series 2004 A, Ref. Limited Tax GO Bonds (INS-AMBAC) ^(b)(c)		5.50	%		08/01/30		390		528,739

									3,300,930


Michigan–0.67%

Dearborn Economic Development Corp. (Henry Ford Village, Inc.); Series 2008, Ref. Limited Obligation RB		7.00	%		11/15/28		500		515,905

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		400		443,548

									959,453


Minnesota–3.74%

Anoka (City of) (The Homestead at Anoka, Inc.); Series 2011 A, Health Care Facilities RB		7.00	%		11/01/40		400		422,616

Bloomington (City of) Port Authority (Radisson Blu Mall of America, LLC); Series 2010, Recovery Zone Facility RB		9.00	%		12/01/35		400		472,560

Brooklyn Park (City of) (Prairie Seeds Academy); Series 2009 A, Lease RB		9.25	%		03/01/39		450		522,076

Minneapolis (City of) (Fairview Health Services); Series 2008 A, Health Care System RB		6.75	%		11/15/32		600		724,302

Minnesota (State of) Tobacco Securitization Authority; Series 2011 B, Tobacco Settlement RB		5.25	%		03/01/31		400		446,348

North Oaks (City of) (Presbyterian Homes of North Oaks, Inc.); Series 2007, Senior Housing RB		6.13	%		10/01/39		750		784,725

Rochester (City of) (Samaritan Bethany, Inc.); Series 2009 A, Ref. Health Care & Housing RB		7.38	%		12/01/41		400		442,176

St. Paul (City of) Housing & Redevelopment Authority (Emerald Gardens); Series 2010, Ref. Tax Increment Allocation RB		6.25	%		03/01/25		400		423,204

Wayzata (City of) (Folkestone Senior Living Community); Series 2012 A, Senior Housing RB		6.00	%		05/01/47		400		409,680

West St. Paul (City of) (Walker Thompson Hill, LLC); Series 2011A, Health Care Facilities RB		7.00	%		09/01/46		280		296,736

Winsted (City of) (St. Mary’s Care Center); Series 2010 A, Health Care RB		6.88	%		09/01/42		400		419,176

									5,363,599


Mississippi–0.28%

Mississippi Business Finance Corp. (System Energy Resources, Inc.); Series 1998, PCR		5.88	%		04/01/22		400		401,064


Missouri–3.67%

Branson (City of) Regional Airport Transportation Development District; Series 2007 B, Airport RB ^(a)(h)		6.00	%		07/01/37		500		127,890

Branson Hills Infrastructure Facilities Community Improvement District; Series 2007 A, Special Assessment RB		5.50	%		04/01/27		750		529,598

Bridgeton (City of) Industrial Development Authority (Sarah Community); Series 2011 A, Ref. & Improvement Senior Housing RB		6.38	%		05/01/35		400		416,672

Cass (County of); Series 2007, Hospital RB		5.63	%		05/01/38		400		404,256

See accompanying notes which are an integral part of this schedule.

Invesco Municipal Income Opportunities Trust


						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value

Missouri–(continued)

Des Peres (City of) (West County Center); Series 2002 A, Ref. Tax Increment Allocation RB		5.75	%		04/15/20	$	1,450	$	1,451,203

Kansas City (City of) Industrial Development Authority (Ward Parkway Center Community Improvement District); Series 2011, Sales Tax RB		6.75	%		10/01/41		400		415,144

Kirkwood (City of) Industrial Development Authority (Aberdeen Heights); Series 2010 A, Retirement Community RB		8.25	%		05/15/39		400		468,968

St. Louis (County of) Industrial Development Authority (Grand Center Redevelopment); Series 2011, Tax Increment Allocation Improvement RB		6.38	%		12/01/25		400		423,792

St. Louis (County of) Industrial Development Authority (Ranken-Jordan); Series 2007, Ref. Health Facilities RB		5.00	%		11/15/22		250		253,380

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		750		769,777

									5,260,680


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		400		437,556


Nevada–1.59%

Director of the State of Nevada Department of Business & Industry (Las Vegas Monorail); Series 2000, Second Tier RB ^(h)		7.38	%		01/01/40		1,000		10

Henderson (City of) (Local Improvement District No. T-18); Series 2006, Special Assessment RB		5.30	%		09/01/35		450		244,854

Las Vegas (City of) Redevelopment Agency; Series 2009 A, Tax Increment Allocation RB		8.00	%		06/15/30		500		552,790

Mesquite (City of) (Special Improvement District No. 07-01-Anthem at Mesquite); Series 2007, Special Assessment Local Improvement RB		6.00	%		08/01/23		960		926,631

Sparks (City of) (Local Improvement Districts No. 3-Legends at Sparks Marina); Series 2008, Special Assessment Limited Obligation Improvement RB		6.50	%		09/01/20		520		547,414

									2,271,699


New Hampshire–0.61%

New Hampshire (State of) Business Finance Authority (Huggins Hospital); Series 2009, First Mortgage RB		6.88	%		10/01/39		400		433,664

New Hampshire (State of) Health & Education Facilities Authority (Rivermead); Series 2011 A, RB		6.88	%		07/01/41		400		437,988

									871,652


New Jersey–4.76%

Essex (County of) Improvement Authority (Newark); Series 2010 A, RB		6.25	%		11/01/30		400		454,124

New Jersey (State of) Economic Development Authority (Continental Airlines, Inc.);
Series 1999, Special Facility RB ^(a)		6.25	%		09/15/19		400		401,616

Series 1999, Special Facility RB ^(a)		6.40	%		09/15/23		210		210,848

New Jersey (State of) Economic Development Authority (Lions Gate); Series 2005 A, First Mortgage RB		5.88	%		01/01/37		730		725,730

New Jersey (State of) Economic Development Authority (Presbyterian Home at Montgomery); Series 2001 A, First Mortgage RB		6.38	%		11/01/31		1,000		968,280

New Jersey (State of) Economic Development Authority (Seashore Gardens Living Center); Series 2006, First Mortgage RB		5.38	%		11/01/36		700		603,603

New Jersey (State of) Economic Development Authority (United Methodist Homes); Series 1998, Ref. RB		5.13	%		07/01/25		2,000		1,960,720

New Jersey (State of) Health Care Facilities Financing Authority (St. Joseph’s Health Care System); Series 2008, RB		6.63	%		07/01/38		400		464,732

Tobacco Settlement Financing Corp.;
Series 2007 1A, Asset-Backed RB		4.50	%		06/01/23		395		372,058

Series 2007 1A, Asset-Backed RB		5.00	%		06/01/29		400		361,688

Series 2007 1A, Asset-Backed RB		5.00	%		06/01/41		380		296,248

									6,819,647

See accompanying notes which are an integral part of this schedule.

Invesco Municipal Income Opportunities Trust


						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value

New Mexico–0.30%

New Mexico (State of) Hospital Equipment Loan Council (La Vida Llena); Series 2010 A, First Mortgage RB		6.13	%		07/01/40	$	400	$	432,780


New York–4.74%

Brooklyn Arena Local Development Corp. (Barclays Center);
Series 2009, PILOT CAB RB ^(g)		0.00	%		07/15/35		560		163,537

Series 2009, PILOT CAB RB ^(g)		0.00	%		07/15/46		4,000		632,280

Nassau (County of) Industrial Development Agency (Amsterdam at Harborside); Series 2007 A, Continuing Care Retirement Community RB		6.50	%		01/01/27		625		420,081

New York & New Jersey (States of) Port Authority;
One Hundred Sixty-Ninth Series 2011, Consolidated RB ^(a)(b)		5.00	%		10/15/27		680		778,117

One Hundred Sixty-Ninth Series 2011, Consolidated RB ^(a)(b)		5.00	%		10/15/28		520		592,769

New York (City of) Industrial Development Agency (Polytechnic University); Series 2007, Ref. Civic Facility RB (INS-ACA) ^(c)		5.25	%		11/01/37		500		524,835

New York (City of); Subseries 1993 E-2, VRD Unlimited Tax GO Bonds (LOC-JPMorgan Chase Bank, N.A.) ^(e)(f)		0.19	%		08/01/20		1,000		1,000,000

New York (State of) Dormitory Authority (Orange Regional Medical Center); Series 2008, RB		6.25	%		12/01/37		400		430,440

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		400		450,940

New York Liberty Development Corp. (National Sports Museum); Series 2006 A, RB ^(d)(h)		6.13	%		02/15/19		1,000		10

Seneca (County of) Industrial Development Agency (Seneca Meadows, Inc.); Series 2005, RB ^(a)(d)(i)(j)		6.63	%		10/01/13		400		405,316

Suffolk (County of) Industrial Development Agency (Medford Hamlet Assisted Living); Series 2005, Assisted Living Facility RB ^(a)		6.38	%		01/01/39		1,425		1,391,940

									6,790,265


North Carolina–0.30%

North Carolina (State of) Medical Care Commission (WhiteStone); Series 2011 A, First Mortgage Retirement Facilities RB		7.75	%		03/01/41		400		437,096


North Dakota–0.66%

Grand Forks (City of) (4000 Valley Square); Series 2006, Ref. Senior Housing RB		5.30	%		12/01/34		1,000		949,640


Ohio–2.60%

Centerville (City of) (Bethany Lutheran Village Continuing Care Facility Expansion); Series 2007 A, Health Care RB		6.00	%		11/01/38		600		611,328

Cuyahoga (County of) (Eliza Jennings Senior Care Network); Series 2007 A, Health Care & Independent Living Facilities RB		5.75	%		05/15/27		850		860,736

Gallia (County of) (Holzer Health System Obligated Group); Series 2012, Ref. & Improvement Hospital Facilities RB		8.00	%		07/01/42		400		420,808

Lorain (County of) Port Authority (U.S. Steel Corp.); Series 2010, Recovery Zone Facility RB		6.75	%		12/01/40		400		451,776

Montgomery (County of) (St. Leonard); Series 2010, Ref. & Improvement Health Care & MFH RB		6.63	%		04/01/40		400		423,076

Ohio (State of) Air Quality Development Authority (FirstEnergy Generation Corp.); Series 2009 C, Ref. PCR		5.63	%		06/01/18		400		461,844

Toledo-Lucas (County of) Port Authority (Crocker Park Public Improvement); Series 2003, Special Assessment RB		5.38	%		12/01/35		480		491,899

									3,721,467


Oklahoma–0.94%

Citizen Potawatomi Nation; Series 2004 A, Sr. Obligation Tax RB		6.50	%		09/01/16		500		493,155

Oklahoma (State of) Development Finance Authority (Inverness Village Community); Series 2012, Ref. Continuing Care Retirement Community RB		6.00	%		01/01/32		400		419,888

Tulsa (County of) Industrial Authority (Montereau, Inc.); Series 2010 A, Senior Living Community RB		7.25	%		11/01/45		400		440,508

									1,353,551

See accompanying notes which are an integral part of this schedule.

Invesco Municipal Income Opportunities Trust


						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value

Pennsylvania–4.09%

Allegheny (County of) Industrial Development Authority (Propel Charter School-Montour); Series 2010 A, Charter School RB		6.75	%		08/15/35	$	390	$	416,785

Bucks (County of) Industrial Development Authority (Ann’s Choice, Inc. Facility); Series 2005 A, Retirement Community RB		6.13	%		01/01/25		1,500		1,518,585

Cumberland (County of) Municipal Authority (Asbury Pennsylvania Obligated Group); Series 2010, RB		6.13	%		01/01/45		385		401,601

Harrisburg (City of) Authority (Harrisburg University of Science); Series 2007 B, University RB		6.00	%		09/01/36		750		619,298

Montgomery (County of) Industrial Development Authority (Philadelphia Presbytery Homes, Inc.); Series 2010, RB		6.63	%		12/01/30		400		444,524

Pennsylvania (State of) Intergovernmental Cooperation Authority (City of Philadelphia Funding Program); Series 2009, Ref. Special Tax RB ^(b)		5.00	%		06/15/21		1,230		1,472,482

Washington (County of) Redevelopment Authority (Victory Centre Tanger Outlet Development); Series 2006 A, Tax Allocation RB ^(i)(j)		5.45	%		07/01/17		970		986,286

									5,859,561


Puerto Rico–0.51%

Puerto Rico Sales Tax Financing Corp.;
First Subseries 2010 A, CAB RB ^(g)		0.00	%		08/01/34		1,600		475,856

First Subseries 2010 C, CAB RB ^(g)		0.00	%		08/01/39		1,200		255,552

									731,408


Rhode Island–0.24%

Tobacco Settlement Financing Corp.; Series 2002 A, Asset-Backed RB		6.25	%		06/01/42		335		340,863


South Carolina–1.66%

Georgetown (County of) (International Paper Co.); Series 2000 A, Ref. Environmental Improvement RB		5.95	%		03/15/14		300		323,664

Myrtle Beach (City of) (Myrtle Beach Air Force Base); Series 2006 A, Tax Increment Allocation RB		5.30	%		10/01/35		1,250		1,048,675

South Carolina (State of) Jobs-Economic Development Authority (The Woodlands at Furman);
Series 2012, Ref. RB		6.00	%		11/15/42		446		319,414

Series 2012, Ref. Sub. CAB RB ^(g)		0.00	%		11/15/47		191		932

South Carolina (State of) Jobs-Economic Development Authority (Wesley Commons); Series 2006, Ref. First Mortgage Health Facilities RB		5.30	%		10/01/36		750		691,103

									2,383,788


South Dakota–0.26%

Sioux Falls (City of) (Dow Rummel Village); Series 2006, Ref. Health Facilities RB		5.00	%		11/15/33		400		367,896


Tennessee–2.37%

Johnson City (City of) Health & Educational Facilities Board (Mountain States Health Alliance); Series 2006 A, First Mortgage Hospital RB		5.50	%		07/01/31		800		838,472

Metropolitan Government of Nashville (City of) & Davidson (County of) Health & Educational Facilities Board (Blakeford at Green Hills); Series 1998, Ref. RB		5.65	%		07/01/24		400		400,088

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		750		753,998

Series 2006, Residential Care Facility Mortgage RB		6.25	%		12/01/34		475		443,821

Shelby (County of) Health, Educational & Housing Facilities Board (Trezevant Manor); Series 2006 A, RB		5.75	%		09/01/37		500		501,815

Trenton (City of) Health & Educational Facilities Board (RHA/Trenton MR, Inc.); Series 2009, RB		9.25	%		04/01/39		400		450,468

									3,388,662


Texas–8.74%

Alliance Airport Authority, Inc. (Federal Express Corp.); Series 2006, Ref. Special Facilities RB ^(a)		4.85	%		04/01/21		500		536,280

See accompanying notes which are an integral part of this schedule.

Invesco Municipal Income Opportunities Trust


						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value

Texas–(continued)

Austin Convention Enterprises, Inc.; Series 2006 B, Ref. Second Tier Convention Center RB ^(d)		5.75	%		01/01/34	$	600	$	610,830

Capital Area Cultural Education Facilities Finance Corp. (The Roman Catholic Diocese of Austin); Series 2005 B, RB		6.13	%		04/01/45		400		435,324

Central Texas Regional Mobility Authority; Series 2011, Sub. Lien RB		6.75	%		01/01/41		400		446,572

Clifton Higher Education Finance Corp. (Uplift Education); Series 2010 A, Education RB		6.25	%		12/01/45		400		461,508

Decatur (City of) Hospital Authority (Wise Regional Health System); Series 2004 A, RB		7.13	%		09/01/34		700		735,469

HFDC of Central Texas, Inc. (Sears Tyler Methodist); Series 2009 A, RB		7.75	%		11/15/44		400		337,848

HFDC of Central Texas, Inc.; Series 2006 A, Retirement Facilities RB		5.75	%		11/01/36		400		385,264

Houston (City of) (Continental Airlines, Inc.);
Series 2001 E, Airport System Special Facilities RB ^(a)		6.75	%		07/01/21		425		426,611

Series 2001 E, Airport System Special Facilities RB ^(a)		6.75	%		07/01/29		215		215,924

Houston Higher Education Finance Corp. (Cosmos Foundation, Inc.); Series 2011 A, RB		6.88	%		05/15/41		400		488,200

La Vernia Higher Education Finance Corp. (Knowledge is Power Program, Inc.); Series 2009 A, RB		6.25	%		08/15/39		400		451,824

Lubbock Health Facilities Development Corp. (Carillon Senior LifeCare Community); Series 2005 A, Ref. First Mortgage RB		6.50	%		07/01/26		875		899,640

North Texas Tollway Authority;
Series 2008 A, Ref. First Tier System RB (INS-BHAC) ^(b)(c)		5.75	%		01/01/48		1,200		1,364,484

Series 2011 B, Special Project System CAB RB ^(g)		0.00	%		09/01/37		2,800		710,976

San Antonio Convention Hotel Finance Corp. (Empowerment Zone); Series 2005 A, Contract RB (INS-AMBAC) ^(a)(c)		5.00	%		07/15/39		400		401,064

Tarrant County Cultural Education Facilities Finance Corp. (Mirador); Series 2010 A, Retirement Facility RB		8.13	%		11/15/39		400		425,844

Tarrant County Cultural Education Facilities Finance Corp. (Northwest Senior Housing Corp.-Edgemere); Series 2006 A, Retirement Facility RB		6.00	%		11/15/36		450		463,059

Texas (State of) Turnpike Authority (Central Texas Turnpike System); Series 2002, CAB RB (INS-AMBAC) ^(c)(g)		0.00	%		08/15/33		1,665		469,996

Texas Private Activity Bond Surface Transportation Corp. (LBJ Infrastructure); Series 2010, Sr. Lien RB		7.00	%		06/30/40		400		476,984

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		400		469,708

Texas State Public Finance Authority Charter School Finance Corp. (Odyssey Academy, Inc.); Series 2010 A, Education RB		7.13	%		02/15/40		400		437,264

Travis County Health Facilities Development Corp. (Westminster Manor); Series 2010, RB		7.00	%		11/01/30		400		460,324

Tyler Health Facilities Development Corp. (Mother Frances Hospital Regional Health Care Center); Series 2007, Ref. Hospital RB		5.00	%		07/01/33		400		408,344

									12,519,341


Utah–0.29%

Utah (State of) Charter School Finance Authority (North Davis Preparatory Academy); Series 2010, Charter School RB		6.38	%		07/15/40		400		413,780


Vermont–0.34%

Vermont (State of) Economic Development Authority (Wake Robin Corp.); Series 2012, Mortgage RB		5.40	%		05/01/33		480		490,478


Virginia–1.61%

Chesterfield (County of) Economic Development Authority (Brandermill Woods); Series 1998, Ref. Mortgage RB ^(d)		6.50	%		01/01/28		800		801,664

Lexington (City of) Industrial Development Authority (Kendal at Lexington); Series 2007 A, Residential Care Facilities Mortgage RB		5.50	%		01/01/37		420		416,623

Peninsula Town Center Community Development Authority; Series 2007, Special Obligation RB		6.45	%		09/01/37		115		121,195

Virginia (State of) Small Business Financing Authority (Elizabeth River Crossings Opco, LLC); Series 2012, Sr. Lien RB ^(a)		5.50	%		01/01/42		400		420,524

Virginia (State of) Small Business Financing Authority (Hampton Roads Proton Beam Therapy Institute at Hampton University, LLC); Series 2009, RB ^(d)		9.00	%		07/01/39		500		541,350

									2,301,356

See accompanying notes which are an integral part of this schedule.

Invesco Municipal Income Opportunities Trust


						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value

Washington–2.73%


King (County of) Public Hospital District No. 4 (Snoqualmie Valley Hospital);
Series 2009, Ref. & Improvement Limited Tax GO Bonds		7.25	%		12/01/38	$	400	$	412,056

Series 2011, Ref. & Improvement Limited Tax GO Bonds		7.00	%		12/01/40		400		429,548

King (County of); Series 2011 B, Ref. Sewer RB ^(b)		5.00	%		01/01/34		1,200		1,363,380

Seattle Industrial Development Corp. (Northwest Airlines, Inc.); Series 2001, Special Facilities RB ^(a)		7.25	%		04/01/30		650		650,026

Washington (State of) Health Care Facilities Authority (Central Washington Health Services Association); Series 2009, RB		7.00	%		07/01/39		400		458,624

Washington (State of) Health Care Facilities Authority (Seattle Cancer Care Alliance); Series 2009, RB		7.38	%		03/01/38		500		604,675

									3,918,309


West Virginia–0.28%

West Virginia (State of) Hospital Finance Authority (Thomas Health System); Series 2008, RB		6.50	%		10/01/38		400		407,208


Wisconsin–1.12%

Wisconsin (State of) Health & Educational Facilities Authority (Prohealth Care, Inc. Obligated Group); Series 2009, RB		6.38	%		02/15/29		600		696,624

Wisconsin (State of) Health & Educational Facilities Authority (St. John’s Community, Inc.); Series 2009 A, RB		7.63	%		09/15/39		400		456,488

Wisconsin (State of) Public Finance Authority (Glenridge Palmer Ranch); Series 2011 A, Continuing Care Retirement Community RB		8.25	%		06/01/46		400		455,316

									1,608,428

TOTAL INVESTMENTS^(k)–105.43% (Cost $146,533,763)									151,047,687

FLOATING RATE NOTE OBLIGATIONS–(6.58)%
Notes with interest rates ranging from 0.18% to 0.38% at 05/31/12 and contractual maturities of collateral ranging from 06/15/21 to 06/15/50 (See Note 1D) ^(l)									(9,435,000	)

OTHER ASSETS LESS LIABILITIES–1.15%									1,650,913

NET ASSETS–100.00%								$	143,263,600

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	—	Industrial Development Revenue Bonds
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
SGI	—	Syncora Guarantee, Inc.
Sec.	—	Secured
Sr.	—	Senior
Sub.	—	Subordinated
VRD	—	Variable Rate Demand

See accompanying notes which are an integral part of this schedule.

Invesco Municipal Income Opportunities Trust

Notes to Schedule of Investments:


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

^(b)		Underlying security related to Dealer Trusts entered into by the Trust. See Note 1D.

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

^(d)		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 May 31, 2012 was $4,642,470, which represented 3.24% of the Trust’s Net Assets.

^(e)		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 May 31, 2012.

^(f)		Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary.

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

^(h)		Defaulted security. Currently, the issuer is partially or fully in default with respect to interest payments. The aggregate value of these securities at May 31, 2012 was $1,666,573, which represented 1.16% of the Trust’s Net Assets

⁽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 May 31, 2012.

^(k)		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 issuer’s obligations. No concentration of any single entity was greater than 5%.

^(l)		Floating rate note obligations related to securities held. The interest rates shown reflect the rates in effect at May 31, 2012. At May 31, 2012, the Trust’s investments with a value of $17,055,301 are held by Dealer Trusts and serve as collateral for the $9,435,000 in the floating rate note obligations outstanding at that date.

See accompanying notes which are an integral part of this schedule.

Invesco Municipal Income Opportunities Trust

Notes to Quarterly Schedule of Portfolio Holdings
May 31, 2012
(Unaudited)

NOTE 1 — Significant Accounting Policies

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.

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.		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

Invesco Municipal Income Opportunities Trust


D.		Floating Rate Note Obligations – (continued) and residual interests in the Dealer Trusts’ assets and cash flows, which are in the form of inverse floating rate securities. The Dealer Trusts finance the purchases of the fixed rate bonds by issuing floating rate notes to third parties and allowing the Trust to retain residual interest in the bonds. The floating rate notes issued by the Dealer Trusts have interest rates that reset weekly and the floating rate note holders have the option to tender their notes to the Dealer Trusts for redemption at par at each reset date. The residual interests held by the Trust (inverse floating rate investments) include the right of the Trust (1) to cause the holders of the floating rate notes to tender their notes at par at the next interest rate reset date, and (2) to transfer the municipal bond from the Dealer Trusts to the Trust, thereby collapsing the Dealer Trusts.

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

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

The Trust generally invests in inverse floating rate securities that include embedded leverage, thus exposing the Trust to greater risks and increased costs. The primary risks associated with inverse floating rate securities are varying degrees of liquidity and the changes in the value of such securities in response to changes in market rates of interest to a greater extent than the value of an equal principal amount of a fixed rate security having similar credit quality, redemption provisions and maturity which may cause the Trust’s net asset value to be more volatile than if it had not invested in inverse floating rate securities. In certain instances, the short-term floating rate interests created by the special purpose trust may not be able to be sold to third parties or, in the case of holders tendering (or putting) such interests for repayment of principal, may not be able to be remarketed to third parties. In such cases, the special purpose trust holding the long-term fixed rate bonds may be collapsed. In the case of RIBs or TOBs created by the contribution of long-term fixed income bonds by the Trust, the Trust will then be required to repay the principal amount of the tendered securities. During times of market volatility, illiquidity or uncertainty, the Trust could be required to sell other portfolio holdings at a disadvantageous time to raise cash to meet that obligation.

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 — Additional Valuation Information

Generally Accepted Accounting Principles (“GAAP”) defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3) generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

		Level 1 –	Prices are determined using quoted prices in an active market for identical assets.

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

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 May 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	$	—	$	151,047,687	$	—	$	151,047,687

NOTE 3 — Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Trust during the three months ended May 31, 2012 was $4,683,454 and $5,723,928, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


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

Aggregate unrealized appreciation of investment securities	$	11,676,565

Aggregate unrealized (depreciation) of investment securities		(7,118,732	)

Net unrealized appreciation of investment securities	$	4,557,833

Cost of investments for tax purposes is $146,489,854.

NOTE 4 — Significant Event

The Board of Trustees of the Trust (the “Board”) approved the redomestication of the Trust, a Massachusetts business trust, into a Delaware statutory trust pursuant to an Agreement and Plan of Redomestication (the “Redomestication”). The Board also approved an Agreement and Plan of Merger pursuant to which Invesco Municipal Income Opportunities Trust II and Invesco Municipal Income Opportunities Trust III (each “Target Trust”) would merge with and into the Trust in accordance with the Delaware Statutory Trust Act (the “Merger”). As a result of the Merger, all of the assets and liabilities on each Target Trust will become assets and liabilities of the Trust and each Target Trust’s shareholders will become shareholders of the Trust. The Redomestication and Merger are subject to shareholder approval.

Invesco Municipal Income Opportunities Trust

Item 2. Controls and Procedures.

	(a)		As of June 12, 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 (“Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of June 12, 2012, the Registrant’s disclosure controls and procedures were reasonably designed so as to ensure: (1) that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure.

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

Item 3. Exhibits.

Certifications of PEO and PFO as required by Rule 30a-2(a) under the Investment Company Act of 1940.

SIGNATURES

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

Registrant: Invesco Municipal Income Opportunities Trust


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

	Date: July 30, 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: July 30, 2012

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

	Date: July 30, 2012

EXHIBIT INDEX

Certifications of Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”) as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended.