Company: OIA
Filing Date: 2025-02-07
Form Type: N-2/A
Source: 0001104659-25-010545
Chunk: 171

Company: Invesco Municipal Income Opportunities Trust
Filing Date: 2025-02-07
Form: N-2/A
Chunk 171
---
 III or other provisions of PROMESA, including Title VI, for additional Commonwealth instrumentalities will be filed in the future. These restructuring proceedings create uncertainty as to the treatment of claims of varying degrees of seniority in the levels and priorities of payment from the affected entities. There can be no assurances that the Commonwealth will not continue to face severe fiscal stress or that such circumstances will not become even more difficult in the future. Furthermore, there can be no guarantee that future developments will not have a materially adverse impact on the Commonwealth’s finances. Any deterioration in the Commonwealth’s financial condition may have a negative effect on the payment of principal and interest, the marketability, liquidity or value of the securities issued by the Commonwealth, which could reduce the performance of a fund. Current Economic Climate.Puerto Rico’s civilian labor force consists of approximately 1.2 million individuals. As of August 2024, Puerto Rico had an unemployment rate of 5.7%, which was down from 5.8% in August 2023. Puerto Rico’s unemployment rate was higher than the national average of 4.2% in August 2024. Puerto Rico’s economy has major components in Trade, Transportation and Utilities; Professional and Business Services; Education and Health Services; and Leisure and Hospitality. In addition, government agencies at the local and federal levels employ a significant number of the Commonwealth’s residents. Based on September 2024 data, these sectors employed almost 80% of the Commonwealth’s workers. Because these sectors represent the largest share of employment in the Commonwealth, economic problems or factors that adversely impact these sectors may have a negative effect on the value of the Commonwealth’s municipal securities, which may reduce the performance of a fund. On April 10, 2024, the Commonwealth filed its audited financial statements for fiscal year 2022 with the Municipal Securities Rulemaking Board’s Electronic Municipal Market Access system. Total assets plus deferred outflows of resources and total liabilities plus deferred inflows of resources of the primary government as of June 30, 2022, amounted to approximately $34.4 billion and $85.5 billion, respectively, for a net deficit of approximately $51.1 billion as of June 30, 2022, compared to a net deficit of approximately $59.2 billion as of June 30, 2021 (as restated). The 2022 audited financial statements noted that notwithstanding the circumstances existing on June 30, 2022, based on subsequent events that remediated the Commonwealth’s financial