Company: OIA
Filing Date: 2025-03-13
Form Type: 424B5
Source: 0001104659-25-023508
Chunk: 61

Company: Invesco Municipal Income Opportunities Trust
Filing Date: 2025-03-13
Form: 424B5
Chunk 61
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 shipments, cigarette consumption, inflation and the financial capability of participating tobacco companies. As a result, payments made by tobacco manufacturers could be reduced if the decrease in tobacco consumption is significantly greater than the forecasted decline. Demand for cigarettes in the U.S. could continue to decline based on many factors, including without limitation, further regulation, anti-smoking campaigns, tax-increases, price increases implemented to recoup the cost of payments by tobacco companies under the MSA, reduced ability to advertise, enforcement of laws prohibiting sales to minors, elimination of certain sales venues such as vending machines, the spread of local ordinances restricting smoking in public areas, and increase in the use of other nicotine delivery devices (such as electronic cigarettes, smoking cessation products, and smokeless tobacco). Because tobacco settlement bonds are backed by payments from the tobacco manufacturers, and generally not by the credit of the state or local government issuing the bonds, their creditworthiness depends on the ability of tobacco manufacturers to meet their obligations. A market share loss by the MSA companies to non-MSA participating tobacco manufacturers could also cause a downward adjustment in the payment amounts. A participating manufacturer filing for bankruptcy also could cause delays or reductions in bond payments, which could affect the Fund’s net asset value. S-8 The MSA and tobacco manufacturers have been and continue to be subject to various legal claims, including among others, claims that the MSA violates federal antitrust law. In addition, the United States Department of Justice has alleged in a civil lawsuit that the major tobacco companies defrauded and misled the American public about the health risks associated with smoking cigarettes. Since the MSA, individual and class action healthcare cost recovery lawsuits have been brought against tobacco manufacturers by plaintiffs seeking various forms of relief, including compensatory and punitive damages, as well as reimbursement for healthcare expenditures incurred in connection with the treatment of medical conditions allegedly caused by smoking or secondhand smoke. The MSA does not release participating manufacturers from liability in such cases as the MSA only settled claims of the participating states. An adverse outcome to these, or any litigation matters or regulatory actions relating to the MSA or affecting tobacco manufacturers, could adversely affect the payment streams associated with the MSA or cause delays or reductions in bond payments by tobacco manufacturers. Tobacco Subject to Appropriation (STA) Bonds. In addition to the tobacco settlement bonds discussed above, the Fund also may invest in STA Tobacco Bonds that rely on both the revenue source from the MSA and a state appropriation pledge. These STA Tobacco Bonds are part of a larger category of