Company: OIA
Filing Date: 2025-11-07
Form Type: N-CSRS
Source: 0001193125-25-271173
Chunk: 23

Company: Invesco Municipal Income Opportunities Trust
Filing Date: 2025-11-07
Form: N-CSRS
Chunk 23
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 in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisorycontracts for the Fund, as no Affiliated Sub-Advisercurrently manages assets of the Fund. The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2024 to the performance of funds in the Broadridge performance universe and against the Custom Invesco Municipal Income Opportunities Trust Index (Index). The Board noted that the Fund’s

| 22 |     | Invesco Municipal Income Opportunities Trust |

performance was in the fifth quintile of its performance universe for the one year period and the first quintile of its performance universe for the three and five year periods (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis). The Board noted that the Fund’s performance was below the performance of the Index for the one, three and five year periods. The Board considered that the Fund’s overweight exposure to certain sectors, underweight exposure to certain bonds and exposure to certain state bonds detracted from the Fund’s performance during 2024. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions. The Board also reviewed supplementally historic premium and discount levels of the Fund as provided to the Board at meetings throughout the year.

| C. | Advisory andSub-AdvisoryFees and Fund Expenses |

The Board received information regarding Invesco Advisers’ approach with respect to contractual management fee schedules and compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management and actual management fee rates for shares of the Fund were each below the median contractual management and actual management fee rates of funds in its expense group. The Board noted that the term “contractual management fee” and “actual management fee” for funds in the expense group may include both advisory and certain non-portfoliomanagement administrative services fees, but that Broadridge is not able to provide information on a fund-by-fundbasis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund’s contractual management fee schedule (including any applicable