Company: OIA
Filing Date: 2025-02-07
Form Type: N-2/A
Source: 0001104659-25-010545
Chunk: 53

Company: Invesco Municipal Income Opportunities Trust
Filing Date: 2025-02-07
Form: N-2/A
Chunk 53
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| ● | Tax-Exempt Mandatory Paydown Securities (TEMPS) are fixed rate term bonds carrying a short-term maturity,                                 
 usually three to four years beyond the expected redemption. TEMPS are structured as bullet repayments, with required optional redemptions 
 as entrance fees are collected.                                                                                                           |

| ● | Zero                                                                                                 
 Coupon and Pay-in-Kind Securities do not immediately produce cash income. These securities           
 are issued at an original issue discount, with the full value, including accrued interest,           
 paid at maturity. Interest income may be reportable annually, even though no annual payments         
 are made. Market prices of zero coupon bonds tend to be more volatile than bonds that pay            
 interest regularly. Pay-in-kind securities are securities that have interest payable by delivery     
 of additional securities. Upon maturity, the holder is entitled to receive the aggregate             
 par value of the securities. Zero coupon and pay-in-kind securities may be subject to greater        
 fluctuation in value and less liquidity in the event of adverse market conditions than comparably    
 rated securities paying cash interest at regular interest payment periods. Prices on non-cash-paying 
 instruments may be more sensitive to changes in the issuer’s financial condition, fluctuation        
 in interest rates and market demand/supply imbalances than cash-paying securities with similar       
 credit ratings, and thus may be more speculative. Special tax considerations are associated          
 with investing in certain lower-grade securities, such as zero coupon or pay-in-kind securities.     
 Pay-in-kind securities are subject to additional risks including that the interest payments          
 deferred on pay-in-kind loans are subject to the risk that the borrower may default when             
 the deferred payments are due in cash at the maturity of the loan.                                   |

| ● | Capital Appreciation Bonds are municipal securities in which the investment return on the initial principal                               
 payment is reinvested at a compounded rate until the bond matures. The principal and interest are due on maturity. Thus, like zero coupon 
 securities, investors must wait until maturity to receive interest and principal, which increases the interest rate and credit risks.     |

| ● | Payments in lieu of taxes (also known as PILOTs) are voluntary payments by, for instance the U.S. government          
 or nonprofits, to local governments that help offset losses in or otherwise serve as a substitute for property taxes. |

| ● | Converted Auction Rate Securities (CARS) are a structure that combines the debt service deferral feature                                       
 of Capital Appreciation Bonds (CABS) with Auction Rate Securities. The CARS