Company: OIA
Filing Date: 2025-03-13
Form Type: 424B5
Source: 0001104659-25-023508
Chunk: 105

Company: Invesco Municipal Income Opportunities Trust
Filing Date: 2025-03-13
Form: 424B5
Chunk 105
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visers in the performance of their investment decision-making responsibilities. Accordingly, the Fund may pay a Broker commissions that are higher than those charged by another Broker in recognition of the Broker’s provision of Soft Dollar Products to the Adviser or the Sub-Advisers. The Adviser and the Sub-Advisers face a potential conflict of interest when they use client trades to obtain Soft Dollar Products. This conflict exists because the Adviser and the Sub-Advisers are able to use the Soft Dollar Products to manage client accounts without paying cash for the Soft Dollar Products, which reduces the Adviser’s or the Sub-Advisers’ expenses to the extent that the Adviser or the Sub-Advisers would have purchased such products had they not been provided by Brokers. Section 28(e) permits the Adviser or the Sub-Advisers to use Soft Dollar Products for the benefit of any account it manages. Certain Invesco-managed client accounts (or accounts managed by the Sub-Advisers) may generate soft dollars used to purchase Soft Dollar Products that ultimately benefit other Adviser- managed accounts (or Sub-Adviser-managed accounts), effectively cross subsidizing the other Adviser-managed accounts (or the other Sub-Adviser-managed accounts) that benefit directly from the product. The Adviser or the Sub-Advisers may not use all of the Soft Dollar Products provided by Brokers through which the Fund effects securities transactions in connection with managing the Fund whose trades generated the soft dollar commissions used to purchase such products. Fixed income trading normally does not generate soft dollar commissions to pay for Soft Dollar Products. Therefore, soft dollar commissions used to pay for Soft Dollar Products which are used to manage certain fixed income Invesco funds or other fixed-income client accounts are generated entirely by equity-focused Invesco funds and other equity-focused client accounts managed by the Adviser. In other words, certain fixed income Invesco funds are cross-subsidized by the equity Invesco Funds in that the fixed income Invesco funds receive the benefit of Soft Dollar Products for which they do not pay. Similarly, other client accounts managed by the Adviser or certain of its affiliates may benefit from Soft Dollar Products for which they do not pay. The Adviser and the Sub-Advisers attempt to reduce or eliminate the potential conflicts of interest concerning the use of Soft Dollar Products by directing client trades for Soft Dollar Products only if the Adviser or the Sub-Advisers conclude that the