• Live Feeds
    • Press Releases
    • Insider Trading
    • FDA Approvals
    • Analyst Ratings
    • Insider Trading
    • SEC filings
    • Market insights
  • Analyst Ratings
  • Alerts
  • Subscriptions
  • Settings
  • RSS Feeds
Quantisnow Logo
  • Live Feeds
    • Press Releases
    • Insider Trading
    • FDA Approvals
    • Analyst Ratings
    • Insider Trading
    • SEC filings
    • Market insights
  • Analyst Ratings
  • Alerts
  • Subscriptions
  • Settings
  • RSS Feeds
Dashboard
    Quantisnow Logo

    © 2025 quantisnow.com
    Democratizing insights since 2022

    Services
    Live news feedsRSS FeedsAlerts
    Company
    AboutQuantisnow PlusContactJobs
    Legal
    Terms of usePrivacy policyCookie policy

    SEC Form N-CSRS filed by Invesco Municipal Opportunity Trust

    11/6/23 12:06:04 PM ET
    $VMO
    Trusts Except Educational Religious and Charitable
    Finance
    Get the next $VMO alert in real time by email
    N-CSRS
    0000884152 false N-CSRS 0000884152 2023-03-01 2023-08-31 0000884152 imot:OtherRisksMember 2023-03-01 2023-08-31 iso4217:USDiso4217:USDxbrli:sharesxbrli:purexbrli:shares
     
     
    UNITED STATES
    SECURITIES AND EXCHANGE COMMISSION
    Washington, D.C. 20549
     
     
    FORM N‑CSR
     
     
    CERTIFIED SHAREHOLDER REPORT OF REGISTERED
    MANAGEMENT INVESTMENT COMPANIES
    Investment Company Act file number 811‑06567
     
     
    Invesco Municipal Opportunity Trust
    (Exact name of registrant as specified in charter)
     
     
    1555 Peachtree Street, N.E., Suite 1800 Atlanta, Georgia 30309
    (Address of principal executive offices) (Zip code)
     
     
    Glenn Brightman 1555 Peachtree Street, N.E., Suite 1800 Atlanta, Georgia 30309
    (Name and address of agent for service)
     
     
    Registrant’s telephone number, including area code: (713) 626‑1919
    Date of fiscal year end: 2/28
    Date of reporting period: 8/31/2023
     
     
     

    ITEM 1.
    REPORTS TO STOCKHOLDERS.
    (a) The Registrant’s semi-annual report transmitted to shareholders pursuant to Rule 30e‑1 under the Investment Company Act of 1940 is as follows:

    LOGO
     
       
    Semiannual Report to Shareholders   August 31, 2023
    Invesco Municipal Opportunity Trust
    NYSE: VMO
     
       
    2   Trust Performance
    2   Share Repurchase Program Notice
    3   Dividend Reinvestment Plan
    4   Schedule of Investments
    22   Financial Statements
    26   Financial Highlights
    27   Notes to Financial Statements
    32   Approval of Investment Advisory and Sub‑Advisory Contracts
    34   Proxy Results
    Unless otherwise noted, all data is provided by Invesco.
     
     
    NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

     
    Trust Performance
     
     
     
    Performance summary
     
    Cumulative total returns, 2/28/23 to 8/31/23
     
    Trust at NAV
        1.54 % 
    Trust at Market Value
        -2.13  
    S&P Municipal Bond Index▼ (Broad Market Index)
        1.22  
    S&P Municipal Bond 5+ Year Investment Grade Index▼ (Style-Specific Index)
        1.08  
    Lipper Closed‑End General and Insured Municipal Leveraged Debt Funds Index∎ (Peer Group Index)
        1.16  
    Market Price Discount to NAV as of 8/31/23
        -14.15  
    Source(s): ▼RIMES Technologies Corp.; ∎Lipper Inc.
     
     The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Investment return, net asset value (NAV) and common share market price will fluctuate so that you may have a gain or loss when you sell shares. Please visit invesco.com/us for the most recent month‑end performance. Performance figures reflect Trust expenses, the reinvestment of distributions (if any) and changes in NAV for performance based on NAV and changes in market price for performance based on market price.
     Since the Trust is a closed‑end management investment company, shares of the Trust may trade at a discount or premium from the NAV. This characteristic is separate and distinct from the risk that NAV could decrease as a result of investment activities and may be a greater risk to investors expecting to sell their shares after a short time. The Trust cannot predict whether shares will trade at, above or below NAV. The Trust should not be viewed as a vehicle for trading purposes. It is designed primarily for risk-tolerant long-term investors.
      The S&P Municipal Bond Index is a broad, market value-weighted index that seeks to measure the performance of the US municipal bond market.
      The S&P Municipal Bond 5+ Year Investment Grade Index seeks to measure the performance of investment-grade US municipal bonds with maturities equal to or greater than five years.
      The Lipper Closed‑End General and Insured Municipal Leveraged Debt Funds Index is an unmanaged index considered representative of closed‑end general and insured leveraged municipal debt funds tracked by Lipper.
      The Trust is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Trust may deviate significantly from the performance of the index(es).
      A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.
     
     
     
     
     
     
     
     
     
     
     
    Important Notice Regarding Share Repurchase Program
     
    In September 2023, the Board of Trustees of the Trust approved a share repurchase program that allows the Trust to repurchase up to 25% of the 20‑day average trading volume
    of the Trust’s common shares when the Trust is trading at a 10% or greater discount to its net asset value. The Trust will repurchase
    shares pursuant to this program if the Adviser reasonably believes that such repurchases may enhance shareholder value.
     
     
     
    Portfolio Manager Update
     
     
    The following individuals are jointly and primarily responsible for the day‑to‑day management of Invesco Advantage Municipal Income Trust II, Invesco Municipal Opportunity Trust, Invesco Municipal Trust, Invesco Quality
    Municipal Income Trust, Invesco Trust for Investment Grade Municipals and Invesco Value Municipal Income Trust’s portfolio:
    ∎ Mark Paris
    ∎ Jack Connelly
    ∎ Joshua Cooney
    ∎ Tim O’Reilly
    ∎ John Schorle
    ∎ Rebecca Setcavage
    ∎ Julius Williams
     
     
    2   Invesco Municipal Opportunity Trust

     
     
    Dividend Reinvestment Plan
    The dividend reinvestment plan (the Plan) offers you a prompt and simple way to reinvest your dividends and capital gains distributions (Distributions) into additional shares of your Invesco closed‑end Trust (the Trust). Under the Plan, the money you earn from Distributions will be reinvested automatically in more shares of the Trust, allowing you to potentially increase your investment over time. All shareholders in the Trust are automatically enrolled in the Plan when shares are purchased.
     
     
    Plan benefits
    ∎
    Add to your account:
    You may increase your shares in your Trust easily and automatically with the Plan.
    ∎
    Low transaction costs:
    Shareholders who participate in the Plan may be able to buy shares at below-market prices when the Trust is trading at a premium to its net asset value (NAV). In addition, transaction costs are low because when new shares are issued by the Trust, there is no brokerage fee, and when shares are bought in blocks on the open market, the per share fee is shared among all participants.
    ∎
    Convenience:
    You will receive a detailed account statement from Computershare Trust Company, N.A. (the Agent), which administers the Plan. The statement shows your total Distributions, date of investment, shares acquired, and price per share, as well as the total number of shares in your reinvestment account. You can also access your account at invesco.com/closed‑end.
    ∎
    Safekeeping:
    The Agent will hold the shares it has acquired for you in safekeeping.
     
     
    Who can participate in the Plan
    If you own shares in your own name, your purchase will automatically enroll you in the Plan. If your shares are held in “street name” – in the name of your brokerage firm, bank, or other financial institution – you must instruct that entity to participate on your behalf. If they are unable to participate on your behalf, you may request that they reregister your shares in your own name so that you may enroll in the Plan.
     
     
    How to enroll
    If you haven’t participated in the Plan in the past or chose to opt out, you are still eligible to participate. Enroll by visiting invesco.com/closed‑end, by calling toll-free 800 341 2929 or by notifying us in writing at Invesco Closed‑End Funds, Computershare Trust Company, N.A., P.O. Box 505000, Louisville, KY 40233-5000. If you are writing to us, please include the Trust name and account number and ensure that all shareholders listed on the account sign these written instructions. Your participation in the Plan will begin with the next Distribution payable after the Agent receives your authorization, as long as they receive it before the “record date,” which is generally 10 business days before the Distribution is paid. If your authorization arrives after such record date, your participation in the Plan will begin with the following Distribution.
     
     
    How the Plan works
    If you choose to participate in the Plan, your Distributions will be promptly reinvested for you, automatically increasing your shares. If the Trust is trading at a share price that is equal to its NAV, you’ll pay that amount for your reinvested shares. However, if the Trust is trading above or below NAV, the price is determined by one of two ways:
      1.
    Premium: If the Trust is trading at a premium – a market price that is higher than its NAV – you’ll pay either the NAV or 95 percent of
      the market price, whichever is greater. When the Trust trades at a premium, you may pay less for your reinvested shares than an investor purchasing shares on the stock exchange. Keep in mind, a portion of your price reduction may be taxable because you are receiving shares at less than market price.
      2.
    Discount: If the Trust is trading at a discount – a market price that is lower than its NAV –you’ll pay the market price for your reinvested shares.
     
     
    Costs of the Plan
    There is no direct charge to you for reinvesting Distributions because the Plan’s fees are paid by the Trust. If the Trust is trading at or above its NAV, your new shares are issued directly by the Trust and there are no brokerage charges or fees. However, if the Trust is trading at a discount, the shares are purchased on the open market, and you will pay your portion of any per share fees. These per share fees are typically less than the standard brokerage charges for individual transactions because shares are purchased for all participants in blocks, resulting in lower fees for each individual participant. Any service or per share fees are added to the purchase price. Per share fees include any applicable brokerage commissions the Agent is required to pay.
     
     
    Tax implications
    The automatic reinvestment of Distributions does not relieve you of any income tax that may be due on Distributions. You will receive tax information annually to help you prepare your federal income tax return.
     Invesco does not offer tax advice. The tax information contained herein is general and is not exhaustive by nature. It was not intended or written to be used, and it cannot be used, by any taxpayer for avoiding penalties that may be imposed on the taxpayer under US federal tax laws. Federal and state tax laws are complex and constantly changing. Shareholders should always consult a legal or tax adviser for information concerning their individual situation.
     
     
    How to withdraw from the Plan
    You may withdraw from the Plan at any time by calling 800 341 2929, by visiting invesco.com/ closed‑end or by writing to Invesco Closed‑End Funds, Computershare Trust Company, N.A., P.O. Box 505000, Louisville, KY 40233-5000. Simply indicate that you would like to withdraw from the Plan, and be sure to include your Trust name and account number. Also, ensure that all shareholders listed on the account sign these written instructions. If you withdraw, you have three options with regard to the shares held in the Plan:
      1.
    If you opt to continue to hold your non‑certificated whole shares (Investment Plan Book Shares), they will be held by the Agent electronically as Direct Registration Book-Shares (Book-Entry Shares) and fractional shares will be sold at the then-current market price. Proceeds will be sent via check to your address of record after deducting applicable fees, including per share fees such as any applicable brokerage commissions the Agent is required to pay.
      2.
    If you opt to sell your shares through the Agent, we will sell all full and fractional shares and send the proceeds via check to your address of record after deducting a $2.50 service fee and per share fees. Per share fees include any applicable brokerage commissions the Agent is required to pay.
      3.
    You may sell your shares through your financial adviser through the Direct Registration System (DRS). DRS is a service within the securities industry that allows Trust shares to be held in your name in electronic format. You retain full ownership of your shares, without having to hold a share certificate. You should contact your financial adviser to learn more about any restrictions or fees that may apply.
    The Trust and Computershare Trust Company, N.A. may amend or terminate the Plan at any time. Participants will receive at least 30 days written notice before the effective date of any amendment. In the case of termination, Participants will receive at least 30 days written notice before the record date for the payment of any such Distributions by the Trust. In the case of amendment or termination necessary or appropriate to comply with applicable law or the rules and policies of the Securities and Exchange Commission or any other regulatory authority, such written notice will not be required.
     To obtain a complete copy of the current Dividend Reinvestment Plan, please call our Client Services department at 800 341 2929 or visit invesco.com/closed‑end.
     
     
    3   Invesco Municipal Opportunity Trust

    Schedule of Investments
    August 31, 2023
    (Unaudited)
     
         Interest
    Rate
      Maturity
    Date
       Principal
    Amount
    (000)
         Value  
     
     
    Municipal Obligations-160.67%(a)
         
    Alabama-1.70%
         
    Birmingham (City of), AL Special Care Facilities Financing Authority (Methodist Home for the Aging); Series 2016, RB
       5.75%   06/01/2045    $ 300      $ 251,664  
     
     
    Birmingham (City of), AL Water Works Board; Series 2016 B, Ref. RB(b)(c)
       5.00%   01/01/2027       1,565        1,659,838  
     
     
    Black Belt Energy Gas District (Gas); Series 2023 D-1, Ref. RB(c)
       5.50%   02/01/2029      1,075        1,122,002  
     
     
    Black Belt Energy Gas District (The) (No. 8); Series 2022 A, RB(c)
       4.00%   12/01/2029      1,805        1,733,706  
     
     
    Huntsville (City of), AL Special Care Facilities Financing Authority (Redstone Village); Series 2007, RB (Acquired 12/17/2007-12/18/2007; Cost $1,394,505)(d)(e)
       5.50%   01/01/2043      1,600        960,000  
     
     
    Lower Alabama Gas District (The); Series 2016 A, RB
       5.00%   09/01/2046      1,670        1,708,450  
     
     
    Southeast Energy Authority A Cooperative District (No. 2); Series 2021 B, RB(c)
       4.00%   12/01/2031      1,890        1,802,176  
     
     
    Southeast Energy Authority A Cooperative District (No. 3); Series 2022 A‑1, RB(c)
       5.50%   12/01/2029      1,790        1,877,694  
     
     
    Tuscaloosa (County of), AL Industrial Development Authority (Hunt Refining); Series 2019 A, Ref. IDR(f)
       5.25%   05/01/2044      1,045        949,363  
     
     
                    12,064,893  
     
     
    Alaska-0.07%
         
    Northern Tobacco Securitization Corp.; Series 2021 A‑1, Ref. RB
       4.00%   06/01/2050      530        468,670  
     
     
    Arizona-2.46%
         
    Arizona (State of) Industrial Development Authority; Series 2019‑2A, Revenue Ctfs.
       3.63%   05/20/2033      1,311        1,195,811  
     
     
    Arizona (State of) Industrial Development Authority (Leman Academy of Excellence); Series 2019 A, RB(f)
       5.00%   07/01/2039      1,520        1,423,473  
     
     
    Arizona (State of) Industrial Development Authority (Leman Academy-Parker Colorado); Series 2019, RB(f)
       5.00%   07/01/2049      500        440,681  
     
     
    Arizona (State of) Industrial Development Authority (Master Academy of Nevada - Bonanza Campus); Series 2020 A, RB(f)
       5.00%   12/15/2050      680        608,424  
     
     
    Glendale (City of), AZ Industrial Development Authority (The Beatitudes Campus);
              
    Series 2017, Ref. RB
       5.00%   11/15/2029      1,390        1,337,594  
     
     
    Series 2017, Ref. RB
       5.00%   11/15/2045      1,125        905,557  
     
     
    Goodyear (City of), AZ; Series 2020, RB (INS - AGM)(g)
       4.00%   07/01/2045      1,750        1,639,704  
     
     
    Maricopa (County of), AZ Industrial Development Authority (Legacy Traditional Schools); Series 2019, Ref. RB(f)
       5.00%   07/01/2049      280        245,440  
     
     
    Phoenix (City of), AZ Industrial Development Authority (Legacy Traditional Schools); Series 2014 A, RB(f)
       6.50%   07/01/2034      630        638,977  
     
     
    Pima (County of), AZ Industrial Development Authority (American Leadership Academy); Series 2019, Ref. RB(f)
       5.00%   06/15/2052      455        399,143  
     
     
    Pima (County of), AZ Industrial Development Authority (Grande Innovations Academy); Series 2018, RB(f)
       5.38%   07/01/2052      1,505        1,350,159  
     
     
    Pima (County of), AZ Industrial Development Authority (Tucson Medical Center); Series 2021, Ref. RB
       3.00%   04/01/2051      1,335        892,612  
     
     
    Salt Verde Financial Corp.;
              
    Series 2007, RB
       5.00%   12/01/2032      980        1,018,633  
     
     
    Series 2007, RB
       5.00%   12/01/2037      3,255        3,336,089  
     
     
    Yuma (City of), AZ Industrial Development Authority (Regional Medical Center); Series 2014 A, RB
       5.00%   08/01/2029      2,015        2,036,945  
     
     
                 17,469,242  
     
     
    Arkansas-0.30%
         
    Arkansas (State of) Development Finance Authority (Baptist Memorial Health); Series 2020, Ref. RB
       5.00%   09/01/2044      685        686,084  
     
     
    Pulaski (County of), AR Public Facilities Board; Series 2014, RB
       5.00%   12/01/2042      1,420        1,428,427  
     
     
                 2,114,511  
     
     
    California-16.49%
         
    Bay Area Toll Authority (San Francisco Bay Area); Series 2017, Ref. RB
       4.00%   04/01/2038      2,800        2,812,114  
     
     
    Beverly Hills Unified School District (Election of 2008); Series 2009, GO Bonds(h)
       0.00%   08/01/2028      1,050        892,873  
     
     
    California (State of);
              
    Series 2013, Ref. GO Bonds
       5.25%   09/01/2030      1,000        1,001,966  
     
     
    Series 2020, GO Bonds (INS - BAM)(g)
       3.00%   11/01/2050      2,105        1,642,427  
     
     
    Series 2022, Ref. GO Bonds
       4.00%   04/01/2042      4,075        4,077,861  
     
     
     
    See accompanying Notes to Financial Statements which are an integral part of the financial statements.
     
    4   Invesco Municipal Opportunity Trust

         Interest
    Rate
      Maturity
    Date
       Principal
    Amount
    (000)
         Value  
     
     
    California-(continued)
         
    California (State of) Community Housing Agency (Annadel Apartments); Series 2019 A, RB(f)
       5.00%   04/01/2049    $  1,060      $       875,355  
     
     
    California (State of) County Tobacco Securitization Agency (Alameda County Tobacco Asset Securitization Corp.); Series 2006 C, RB(h)
       0.00%   06/01/2055      13,950        1,252,614  
     
     
    California (State of) County Tobacco Securitization Agency (Los Angeles County Securitization Corp.);
              
    Series 2020 B-1, Ref. RB
       5.00%   06/01/2049      55        55,585  
     
     
    Series 2020 B-2, Ref. RB(h)
       0.00%   06/01/2055      2,115        347,719  
     
     
    California (State of) Health Facilities Financing Authority (PIH Health); Series 2020 A, RB
       4.00%   06/01/2050      5,315        4,681,925  
     
     
    California (State of) Housing Finance Agency (Social Certificates);
              
    Series 2021 A, RB
       3.25%   08/20/2036      5        4,343  
     
     
    Series 2021‑2A, Revenue Ctfs. (CEP - FHLMC)
       3.75%   03/25/2035      5,209        5,006,241  
     
     
    Series 2023‑1, RB
       4.38%   09/20/2036      1,069        1,039,564  
     
     
    California (State of) Municipal Finance Authority (Bella Mente Montessori Academy); Series 2018 A, RB(f)
       5.00%   06/01/2048      245        217,929  
     
     
    California (State of) Municipal Finance Authority (CHF-Davis I, LLC - West Village Student Housing); Series 2018, RB
       5.00%   05/15/2037      1,700        1,739,662  
     
     
    California (State of) Municipal Finance Authority (Linxs APM);
              
    Series 2018 A, RB(i)
       5.00%   12/31/2036      2,115        2,155,199  
     
     
    Series 2018 A, RB(i)
       5.00%   12/31/2047      2,550        2,518,987  
     
     
    California (State of) Municipal Finance Authority (United Airlines, Inc.); Series 2019, RB(i)
       4.00%   07/15/2029      1,060        1,046,875  
     
     
    California (State of) Municipal Finance Authority (William Jessup University); Series 2019, Ref. RB(f)
       5.00%   08/01/2039      320        293,000  
     
     
    California (State of) Pollution Control Financing Authority;
              
    Series 2012, RB(f)(i)
       5.00%   07/01/2027      1,190        1,194,034  
     
     
    Series 2012, RB(f)(i)
       5.00%   07/01/2030      2,025        2,030,887  
     
     
    Series 2012, RB(f)(i)
       5.00%   07/01/2037      4,445        4,444,374  
     
     
    California (State of) Statewide Communities Development Authority (Loma Linda University Medical Center);
              
    Series 2016 A, RB(f)
       5.00%   12/01/2041      1,715        1,683,032  
     
     
    Series 2016 A, RB(f)
       5.25%   12/01/2056      1,275        1,247,351  
     
     
    California State University;
              
    Series 2019 A, RB
       5.00%   11/01/2044      3,145        3,350,548  
     
     
    Series 2019 A, RB(j)
       5.00%   11/01/2049      2,695        2,846,750  
     
     
    Cambrian School District; Series 2022, GO Bonds
       4.00%   08/01/2052      2,950        2,796,495  
     
     
    CSCDA Community Improvement Authority (Jefferson-Anaheim Social Bonds); Series 2021 A, RB(f)
       3.13%   08/01/2056      1,055        714,216  
     
     
    CSCDA Community Improvement Authority (Oceanaire-Long Beach Social Bonds); Series 2021 A‑2, RB(f)
       4.00%   09/01/2056      1,055        762,764  
     
     
    CSCDA Community Improvement Authority (Parallel-Anaheim Social Bonds); Series 2021, RB(f)
       4.00%   08/01/2056      635        468,670  
     
     
    Daly (City of), CA Housing Development Finance Agency (Franciscan Mobile Home Park Acquisition); Series 2007 C, Ref. RB
       6.50%   12/15/2047      535        518,448  
     
     
    Foothill-Eastern Transportation Corridor Agency; Series 2015,
    Ref. RB (INS -AGM)(g)(h)
       0.00%   01/15/2034      5,235        3,489,683  
     
     
    Golden State Tobacco Securitization Corp.;
              
    Series 2015, Ref. RB(b)(c)
       5.00%   06/01/2025      2,245        2,324,011  
     
     
    Series 2021 B-2, Ref. RB(h)
       0.00%   06/01/2066      3,540        352,030  
     
     
    Los Angeles (City of), CA Department of Airports; Series 2019 A, Ref. RB(i)
       5.00%   05/15/2034      1,155        1,236,905  
     
     
    Los Angeles (City of), CA Department of Airports (Green Bonds); Series 2022 G, RB(i)
       5.50%   05/15/2036      2,225        2,486,263  
     
     
    Los Angeles (City of), CA Department of Airports (Los Angeles International Airport); Series 2018, Ref. RB(i)
       5.00%   05/15/2043      1,250        1,288,264  
     
     
    Los Angeles (City of), CA Department of Water & Power; Series 2020 B, RB(j)
       5.00%   07/01/2050      2,965        3,145,944  
     
     
    Montebello Unified School District; Series 2022 B, GO Bonds (INS - AGM)(g)
       5.00%   08/01/2050      1,575        1,655,536  
     
     
    M-S-R Energy Authority;
              
    Series 2009 A, RB
       6.50%   11/01/2039      2,875        3,423,403  
     
     
    Series 2009 B, RB
       6.50%   11/01/2039      745        885,244  
     
     
    Mt. San Antonio Community College District (Election of 2008); Series 2013 A, GO Bonds(k)
       6.25%   08/01/2043      2,550        2,314,967  
     
     
    Oxnard School District (Election of 2022); Series 2023 A, GO Bonds (INS - BAM)(g)
       4.13%   08/01/2050      5,000        4,783,924  
     
     
    Palo Alto (City of), CA (Election of 2008); Series 2013 A, GO Bonds
       4.00%   08/01/2043      50        49,086  
     
     
    Pittsburg Unified School District (Election of 2018); Series 2023 D, GO Bonds (INS - AGM)(g)
       4.13%   08/01/2045      2,000        1,933,238  
     
     
    Regents of the University of California Medical Center;
              
    Series 2022 P, RB(j)(l)
       4.00%   05/15/2053      6,915        6,662,255  
     
     
    Series 2022 P, RB
       3.50%   05/15/2054      2,570        2,170,789  
     
     
     
    See accompanying Notes to Financial Statements which are an integral part of the financial statements.
     
    5   Invesco Municipal Opportunity Trust

         Interest
    Rate
      Maturity
    Date
       Principal
    Amount
    (000)
         Value  
     
     
    California-(continued)
         
    Sacramento (City of), CA Unified School District (Election of 2020);
              
    Series 2022 A, GO Bonds (INS - BAM)(g)
       5.50%   08/01/2047    $  1,665      $     1,812,821  
     
     
    Series 2022 A, GO Bonds (INS - BAM)(g)
       5.50%   08/01/2052      2,020        2,193,990  
     
     
    San Diego (County of), CA Regional Airport Authority;
              
    Series 2021 A, RB
       4.00%   07/01/2051      2,620        2,446,466  
     
     
    Series 2021 A, RB
       5.00%   07/01/2056      2,545        2,681,071  
     
     
    San Francisco (City & County of), CA Airport Commission (San Francisco International Airport);
              
    Series 2019 E, RB(i)
       5.00%   05/01/2037      850        891,682  
     
     
    Series 2019 E, RB(i)
       5.00%   05/01/2050      2,980        3,041,327  
     
     
    Series 2021 A, Ref. RB(i)
       5.00%   05/01/2036      775        831,916  
     
     
    Santa Margarita Water District Community Facilities District No. 2013‑1 (Village of Sendero); Series 2013, RB
       5.50%   09/01/2032      835        835,000  
     
     
    Silicon Valley Tobacco Securitization Authority (Santa Clara); Series 2007 A, RB(h)
       0.00%   06/01/2041      4,410        1,566,705  
     
     
    West Contra Costa Unified School District;
              
    Series 2005, GO Bonds (INS - NATL)(g)(h)
       0.00%   08/01/2025      1,485        1,384,799  
     
     
    Series 2005, GO Bonds (INS - NATL)(g)(h)
       0.00%   08/01/2026      1,350        1,215,439  
     
     
    West Sacramento (City of), CA Financing Authority; Series 2006 A, RB (INS - AGC)(g)
       5.00%   09/01/2026      1,330        1,371,941  
     
     
    Western Placer Unified School District; Series 2017, Ref. COP (INS - AGM)(g)
       4.00%   08/01/2049      1,735        1,607,455  
     
     
    William S. Hart Union High School District (Election of 2008); Series 2009 A, GO Bonds(h)
       0.00%   08/01/2032      4,650        3,357,779  
     
     
                 117,159,741  
     
     
    Colorado-6.29%
         
    Adams 12 Five Star Schools; Series 2012, Ref. GO Bonds
       4.00%   12/15/2023      100        100,050  
     
     
    Aurora Crossroads Metropolitan District No. 2; Series 2020 A, GO Bonds
       5.00%   12/01/2050      625        543,847  
     
     
    Aurora Highlands Community Authority Board; Series 2021 A, Ref. RB
       5.75%   12/01/2051      1,060        944,358  
     
     
    Belford North Metropolitan District; Series 2020 A, GO Bonds
       5.50%   12/01/2050      1,320        1,163,672  
     
     
    Centerra Metropolitan District No. 1 (In the City of Loveland);
              
    Series 2017, RB(f)
       5.00%   12/01/2047      2,140        1,922,623  
     
     
    Series 2020 A, Ref. GO Bonds
       5.00%   12/01/2051      850        737,006  
     
     
    Series 2022, RB
       6.50%   12/01/2053      725        726,148  
     
     
    Colorado (State of) Health Facilities Authority (Adventhealth Obligated Group); Series 2021 A, Ref. RB
       4.00%   11/15/2050      940        861,879  
     
     
    Colorado (State of) Health Facilities Authority (CommonSpirit Health);
              
    Series 2019 A‑2, Ref. RB
       5.00%   08/01/2044      4,660        4,759,930  
     
     
    Series 2019 A‑2, Ref. RB
       4.00%   08/01/2049      2,115        1,832,987  
     
     
    Colorado (State of) Health Facilities Authority (Evangelical Lutheran Good Samaritan Society (The)); Series 2017, Ref. RB(b)(c)
       5.00%   06/01/2027      745        794,008  
     
     
    Colorado (State of) Health Facilities Authority (Volunteers of America Care);
              
    Series 2007 A, RB
       5.25%   07/01/2027      345        320,655  
     
     
    Series 2007 A, RB
       5.30%   07/01/2037      325        254,424  
     
     
    Colorado (State of) High Performance Transportation Enterprise (C-470 Express Lanes); Series 2017, RB
       5.00%   12/31/2047      1,170        1,163,398  
     
     
    Colorado (State of) Science and Technology Park Metropolitan District No. 1; Series 2018, Ref. RB
       5.00%   12/01/2033      545        534,874  
     
     
    Colorado Crossing Metropolitan District No. 2; Series 2020 A‑1, Ref. GO Bonds
       5.00%   12/01/2047      500        374,647  
     
     
    Denver (City & County of), CO;
              
    Series 2013 A, RB(i)
       5.25%   11/15/2043      3,000        3,000,949  
     
     
    Series 2018 A, Ref. RB(i)
       5.00%   12/01/2048      2,230        2,250,298  
     
     
    Series 2018 A, Ref. RB(i)
       5.25%   12/01/2048      2,085        2,129,801  
     
     
    Series 2018 A‑2, RB(h)
       0.00%   08/01/2034      1,675        1,039,876  
     
     
    Series 2022 A, RB(i)
       5.50%   11/15/2035      1,100        1,244,292  
     
     
    Series 2022 A, RB(i)
       5.50%   11/15/2042      1,550        1,686,254  
     
     
    Series 2022 A, RB(i)
       5.00%   11/15/2047      2,555        2,631,293  
     
     
    Series 2022 A, RB(i)
       5.50%   11/15/2053      780        830,867  
     
     
    Great Western Metropolitan District; Series 2020, Ref. GO Bonds
       4.75%   12/01/2050      585        497,821  
     
     
    Hogback Metropolitan District; Series 2021 A, GO Bonds
       5.00%   12/01/2051      1,000        852,569  
     
     
    Jefferson (County of), CO Center Metropolitan District No. 1; Series 2020 B, Ref. RB
       5.75%   12/15/2050      800        761,534  
     
     
    Johnstown Plaza Metropolitan District; Series 2022, Ref. GO Bonds
       4.25%   12/01/2046      1,035        821,631  
     
     
    Mulberry Metropolitan District No. 2; Series 2022, RB
       7.00%   12/01/2034      960        971,913  
     
     
    Neu Town Metropolitan District; Series 2018 A, Ref. GO Bonds
       5.38%   12/01/2046      895        840,331  
     
     
    North Range Metropolitan District No. 3; Series 2020 A, GO Bonds
       5.00%   12/01/2040      810        739,899  
     
     
     
    See accompanying Notes to Financial Statements which are an integral part of the financial statements.
     
    6   Invesco Municipal Opportunity Trust

         Interest
    Rate
      Maturity
    Date
       Principal
    Amount
    (000)
         Value  
     
     
    Colorado-(continued)
         
    Rampart Range Metropolitan District No. 5; Series 2021, RB
       4.00%   12/01/2051    $    500      $       351,621  
     
     
    Roaring Fork Transportation Authority; Series 2021, RB
       4.00%   12/01/2051      1,700        1,544,656  
     
     
    Sky Ranch Community Authority Board; Series 2022 A, RB
       5.75%   12/01/2052      750        693,241  
     
     
    Village Metropolitan District (The); Series 2020, Ref. GO Bonds
       5.00%   12/01/2049      875        806,690  
     
     
    White Buffalo Metropolitan District No. 3;
              
    Series 2020, GO Bonds
       5.50%   12/01/2050      685        625,519  
     
     
    Series 2023, GO Bonds
       8.00%   12/15/2035      830        794,932  
     
     
    Windler Public Improvement Authority;
              
    Series 2021 A‑1, RB
       4.13%   12/01/2051      1,680        1,010,403  
     
     
    Series 2021 A‑2, RB(k)
       4.50%   12/01/2041      2,610        1,495,369  
     
     
                 44,656,265  
     
     
    District of Columbia-2.65%
         
    District of Columbia;
              
    Series 2006 B-1, RB (INS - NATL)(g)
       5.00%   02/01/2031      235        235,176  
     
     
    Series 2022 A, RB
       5.00%   07/01/2047      2,125        2,290,843  
     
     
    District of Columbia (Provident Group - Howard Properties LLC); Series 2013, RB
       5.00%   10/01/2045      825        776,626  
     
     
    District of Columbia Water & Sewer Authority (Green Bonds); Series 2022 C-1, RB
       4.00%   10/01/2051      4,245        4,001,085  
     
     
    Metropolitan Washington Airports Authority;
              
    Series 2017, Ref. RB(i)
       5.00%   10/01/2042      3,385        3,443,455  
     
     
    Series 2021 A, Ref. RB(i)
       4.00%   10/01/2041      3,000        2,870,079  
     
     
    Series 2023 A, Ref. RB(i)
       5.25%   10/01/2042      1,665        1,771,162  
     
     
    Series 2023 A, Ref. RB(i)
       5.25%   10/01/2043      1,470        1,558,591  
     
     
    Metropolitan Washington Airports Authority (Dulles Metrorail and Capital Improvement); Series 2019 B, Ref. RB
       4.00%   10/01/2049      2,120        1,913,938  
     
     
                 18,860,955  
     
     
    Florida-10.88%
         
    Alachua (County of), FL Health Facilities Authority (Terraces at Bonita Springs);
              
    Series 2022 A, Ref. RB(f)
       5.00%   11/15/2061      1,075        723,664  
     
     
    Series 2022 B, RB(f)
       6.50%   11/15/2033      100        87,091  
     
     
    Brevard (County of), FL Health Facilities Authority (Health First Obligated Group); Series 2022 A, Ref. RB
       4.00%   04/01/2052      635        557,104  
     
     
    Broward (County of), FL;
              
    Series 2017, RB(i)(j)(l)
       5.00%   10/01/2047      3,285        3,311,676  
     
     
    Series 2019 A, RB(i)
       5.00%   10/01/2049      1,325        1,350,169  
     
     
    Series 2019 B, RB(i)
       4.00%   09/01/2044      1,060        979,957  
     
     
    Series 2022 A, RB
       4.00%   10/01/2047      7,340        6,991,329  
     
     
    Series 2022, RB
       5.00%   01/01/2047      2,145        2,295,277  
     
     
    Broward (County of), FL (Convention Center Expansion); Series 2021, RB
       4.00%   09/01/2047      4,240        3,923,440  
     
     
    Collier (County of), FL Industrial Development Authority (The Arlington of Naples); Series 2014 A, RB (Acquired 12/16/2013; Cost $1,202,074)(d)(e)(f)
       7.75%   05/15/2035      1,230        67,672  
     
     
    Florida (State of) North Broward Hospital District; Series 2017 B, Ref. RB
       5.00%   01/01/2042      1,525        1,542,612  
     
     
    Florida (State of) South Broward Hospital District (South Broward Hospital District Obligated Group); Series 2021 A, RB
       3.00%   05/01/2051      1,060        741,571  
     
     
    Florida Development Finance Corp. (Brightline Florida Passenger Rail Expansion); Series 2022 A, Ref. RB(c)(f)(i)
       7.25%   10/03/2023      1,065        1,086,850  
     
     
    Florida Development Finance Corp. (Green Bonds); Series 2019 B, RB(f)(i)
       7.38%   01/01/2049      850        851,723  
     
     
    Gainesville (City of), FL; Series 2019 A, RB
       5.00%   10/01/2047      1,250        1,307,217  
     
     
    Greater Orlando Aviation Authority; Series 2017 A, RB(i)
       5.00%   10/01/2052      1,715        1,723,863  
     
     
    Lake (County of), FL (Lakeside at Waterman Village);
              
    Series 2020 A, Ref. RB
       5.50%   08/15/2040      820        735,711  
     
     
    Series 2020 A, Ref. RB
       5.75%   08/15/2050      360        313,170  
     
     
    Series 2020 A, Ref. RB
       5.75%   08/15/2055      1,330        1,136,663  
     
     
    Lee (County of), FL;
              
    Series 2021 B, RB(i)
       5.00%   10/01/2034      1,315        1,420,432  
     
     
    Series 2022, RB
       5.25%   08/01/2049      5,315        5,614,422  
     
     
    Miami (City of) & Dade (County of), FL School Board; Series 2022 A, GO Bonds (INS - BAM)(g)
       5.00%   03/15/2052      2,530        2,701,443  
     
     
    Miami Beach (City of), FL; Series 2017, Ref. RB
       5.00%   09/01/2047      1,465        1,464,337  
     
     
     
    See accompanying Notes to Financial Statements which are an integral part of the financial statements.
     
    7   Invesco Municipal Opportunity Trust

         Interest
    Rate
        Maturity
    Date
         Principal
    Amount
    (000)
         Value  
     
     
    Florida-(continued)
     
         
    Miami-Dade (County of), FL;
              
    Series 2021, RB
         4.00%       10/01/2051      $  3,975      $     3,691,850  
     
     
    Series 2022 A, Ref. RB(i)
         5.25%       10/01/2052        1,710        1,757,296  
     
     
    Subseries 2021 A‑2, Ref. RB (INS - AGM)(g)
         4.00 %      10/01/2049        3,200        3,012,918  
     
     
    Miami-Dade (County of), FL Expressway Authority;
              
    Series 2010 A, RB (INS - AGM)(g)
         5.00%       07/01/2035        720        720,476  
     
     
    Series 2010 A, RB
         5.00%       07/01/2040        6,720        6,721,474  
     
     
    Miami-Dade (County of), FL Transit System; Series 2022, RB
         5.00%       07/01/2051        5,315        5,600,122  
     
     
    Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group); Series 2023 A, RB
         5.00%       10/01/2053        1,280        1,311,229  
     
     
    Orlando (City of), FL Utilities Commission; Series 2015 B, Ref. VRD RB(m)
         3.51%       10/01/2039        2,145        2,145,000  
     
     
    Osceola (County of), FL;
              
    Series 2020 A‑2, Ref. RB(h)
         0.00%       10/01/2052        570        115,890  
     
     
    Series 2020 A‑2, Ref. RB(h)
         0.00%       10/01/2053        3,940        755,590  
     
     
    Series 2020 A‑2, Ref. RB(h)
         0.00%       10/01/2054        485        87,775  
     
     
    Putnam (County of), FL Development Authority (Seminole Electric Cooperative); Series 2018 B, Ref. PCR
         5.00%       03/15/2042        1,065        1,093,752  
     
     
    Reunion East Community Development District; Series 2005, RB(d)(n)
         5.80%       05/01/2036        197        2  
     
     
    Sarasota (County of), FL Public Hospital District (Sarasota Memorial Hospital); Series 2022, RB
         4.00%       07/01/2052        2,125        1,883,510  
     
     
    South Miami Health Facilities Authority, Inc. (Baptist Health South Florida Obligated Group); Series 2017, Ref. RB
         4.00%       08/15/2047        1,070        966,400  
     
     
    Sterling Hill Community Development District; Series 2003 A, RB(n)(o)
         6.20%       05/01/2035        965        491,973  
     
     
    Sumter (County of), FL Industrial Development Authority (Central Florida Health Alliance); Series 2014 A, RB
         5.13%       07/01/2034        1,000        1,003,734  
     
     
    Tallahassee (City of), FL (Tallahassee Memorial Health Care, Inc.); Series 2016, RB
         5.00%       12/01/2055        1,715        1,635,664  
     
     
    Tampa (City of) & Hillsborough (County of), FL Expressway Authority; Series 2017 B, Ref. RB
         4.00%       07/01/2042        2,505        2,354,318  
     
     
    Tampa (City of), FL; Series 2020 A, RB(h)
         0.00%       09/01/2049        4,260        1,030,325  
     
     
                 77,306,691  
     
     
    Georgia-2.28%
     
         
    Augusta (City of), GA Development Authority; Series 2018, RB
         4.00%       07/01/2038        3,840        3,200,842  
     
     
    Brookhaven Development Authority (Children’s Healthcare of Atlanta, Inc.); Series 2019 A, RB(j)(l)
         4.00%       07/01/2044        4,230        4,058,244  
     
     
    Gainesville (City of) & Hall (County of), GA Hospital Authority (Northeast Georgia Health System, Inc.); Series 2021 A, RB
         3.00%       02/15/2051        640        451,644  
     
     
    Glynn (County of) & Brunswick (City of), GA Memorial Hospital Authority (Southeast Georgia Health System); Series 2017, RAC
         5.00%       08/01/2047        1,450        1,308,315  
     
     
    Main Street Natural Gas, Inc.;
              
    Series 2021 A, RB(c)
         4.00%       09/01/2027        1,695        1,680,968  
     
     
    Series 2021 C, RB(c)
         4.00%       12/01/2028        1,575        1,534,392  
     
     
    Series 2022 C, RB(c)(f)
         4.00%       11/01/2027        1,605        1,536,210  
     
     
    Series 2023 C, RB(c)
         5.00%       09/01/2030        2,365        2,456,474  
     
     
                 16,227,089  
     
     
    Hawaii-0.69%
     
         
    Honolulu (City & County of), HI;
              
    Series 2012 A, GO Bonds
         5.00%       11/01/2036        1,000        1,000,926  
     
     
    Series 2015 A, Ref. RB
         5.00%       07/01/2030        3,775        3,881,030  
     
     
                 4,881,956  
     
     
    Idaho-0.85%
     
         
    Idaho (State of) Health Facilities Authority (Valley Vista Care Corp.);
              
    Series 2017 A, Ref. RB
         5.00%       11/15/2032        450        392,452  
     
     
    Series 2017 A, Ref. RB
         5.25%       11/15/2037        625        517,681  
     
     
    Idaho (State of) Housing & Finance Association; Series 2023 A, RB
         5.25%       08/15/2048        3,200        3,489,842  
     
     
    Spring Valley Community Infrastructure District No. 1; Series 2021, RB(f)
         3.75%       09/01/2051        2,120        1,616,249  
     
     
                 6,016,224  
     
     
     
    See accompanying Notes to Financial Statements which are an integral part of the financial statements.
     
    8   Invesco Municipal Opportunity Trust

         Interest
    Rate
      Maturity
    Date
       Principal
    Amount
    (000)
         Value  
     
     
    Illinois-12.14%
         
    Chicago (City of), IL;
              
    Series 2002 B, GO Bonds
       5.50%   01/01/2037    $  1,325      $     1,341,619  
     
     
    Series 2005 D, Ref. GO Bonds
       5.50%   01/01/2040      535        541,032  
     
     
    Series 2007 E, Ref. GO Bonds
       5.50%   01/01/2042      425        429,186  
     
     
    Series 2014, RB
       5.00%   11/01/2039      1,085        1,091,609  
     
     
    Series 2014, Ref. RB(b)(c)
       5.00%   01/01/2024      1,400        1,406,759  
     
     
    Series 2015 A, GO Bonds
       5.50%   01/01/2033      4,310        4,382,090  
     
     
    Chicago (City of), IL (O’Hare International Airport);
              
    Series 2012 B, Ref. RB(i)
       5.00%   01/01/2030      4,320        4,321,230  
     
     
    Series 2013, RB(b)(c)
       5.75%   09/28/2023      3,150        3,154,121  
     
     
    Series 2017 D, RB
       5.25%   01/01/2042      1,720        1,771,055  
     
     
    Series 2017 D, RB
       5.00%   01/01/2052      1,865        1,887,186  
     
     
    Series 2022 A, RB (INS - AGM)(g)(i)
       5.50%   01/01/2053      1,770        1,856,700  
     
     
    Chicago (City of), IL Board of Education;
              
    Series 2018 A, Ref. GO Bonds (INS - AGM)(g)
       5.00%   12/01/2032      880        921,021  
     
     
    Series 2018 A, Ref. GO Bonds
       5.00%   12/01/2034      885        907,463  
     
     
    Chicago (City of), IL Metropolitan Water Reclamation District (Green Bonds); Series 2021 A, GO Bonds
       4.00%   12/01/2051      1,040        959,062  
     
     
    Chicago (City of), IL Midway International Airport;
              
    Series 2013 A, Ref. RB(i)
       5.50%   01/01/2031      4,000        4,002,537  
     
     
    Series 2014 A, Ref. RB(i)
       5.00%   01/01/2041      1,575        1,575,140  
     
     
    Chicago (City of), IL Park District;
              
    Series 2020 C, GO Bonds (INS - BAM)(g)
       4.00%   01/01/2041      1,485        1,371,493  
     
     
    Series 2020 D, GO Bonds (INS - BAM)(g)
       4.00%   01/01/2039      1,320        1,238,541  
     
     
    Illinois (State of);
              
    Series 2014, GO Bonds
       5.25%   02/01/2034      1,650        1,655,533  
     
     
    Series 2014, GO Bonds
       5.00%   05/01/2035      540        541,576  
     
     
    Series 2014, GO Bonds
       5.00%   05/01/2036      1,540        1,543,330  
     
     
    Series 2016, GO Bonds
       5.00%   11/01/2036      1,340        1,355,118  
     
     
    Series 2017 C, GO Bonds
       5.00%   11/01/2029      335        352,088  
     
     
    Series 2017 D, GO Bonds
       5.00%   11/01/2023      1,500        1,502,627  
     
     
    Series 2017 D, GO Bonds
       5.00%   11/01/2026      1,885        1,959,466  
     
     
    Series 2018 A, GO Bonds
       6.00%   05/01/2027      970        1,047,629  
     
     
    Series 2018 A, GO Bonds
       5.00%   05/01/2030      1,560        1,652,790  
     
     
    Series 2020, GO Bonds
       5.50%   05/01/2039      2,055        2,207,097  
     
     
    Illinois (State of) Development Finance Authority (CITGO Petroleum Corp.); Series 2002, RB(i)
       8.00%   06/01/2032      460        460,320  
     
     
    Illinois (State of) Finance Authority (Centegra Health System); Series 2014 A, RB(b)(c)
       5.00%   09/01/2024      1,810        1,837,211  
     
     
    Illinois (State of) Finance Authority (Lutheran Communities Obligated Group);
              
    Series 2019 A, Ref. RB
       5.00%   11/01/2040      75        64,787  
     
     
    Series 2019 A, Ref. RB
       5.00%   11/01/2049      1,550        1,242,862  
     
     
    Illinois (State of) Finance Authority (Mercy Health Corp.); Series 2016, Ref. RB
       5.00%   12/01/2046      3,335        3,335,664  
     
     
    Illinois (State of) Finance Authority (Park Place of Elmhurst); Series 2016, RB
       5.13%   05/15/2060      1,151        634,244  
     
     
    Illinois (State of) Finance Authority (Roosevelt University); Series 2007, RB
       5.50%   04/01/2037      1,000        899,005  
     
     
    Illinois (State of) Finance Authority (Three Crowns Park);
              
    Series 2017, Ref. RB
       5.00%   02/15/2032      155        152,898  
     
     
    Series 2017, Ref. RB
       5.25%   02/15/2037      250        245,503  
     
     
    Series 2017, Ref. RB
       5.25%   02/15/2047      1,055        972,233  
     
     
    Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion);
              
    Series 2002, RB (INS - AGM)(g)(h)
       0.00%   12/15/2029      3,500        2,739,850  
     
     
    Series 2015 A, RB
       5.50%   06/15/2053      1,500        1,516,464  
     
     
    Series 2017 B, Ref. RB (INS - BAM)(g)(k)
       4.70%   12/15/2037      1,500        1,077,594  
     
     
    Illinois (State of) Regional Transportation Authority; Series 2000, RB (INS - NATL)(g)
       6.50%   07/01/2030      2,865        3,342,641  
     
     
    Illinois (State of) Sports Facilities Authority;
              
    Series 2014, Ref. RB (INS - AGM)(g)
       5.25%   06/15/2031      1,530        1,544,316  
     
     
    Series 2014, Ref. RB (INS - AGM)(g)
       5.25%   06/15/2032      1,395        1,407,626  
     
     
     
    See accompanying Notes to Financial Statements which are an integral part of the financial statements.
     
    9   Invesco Municipal Opportunity Trust

         Interest
    Rate
      Maturity
    Date
       Principal
    Amount
    (000)
         Value  
     
     
    Illinois-(continued)
         
    Illinois (State of) Toll Highway Authority;
              
    Series 2013 A, RB(j)
       5.00%   01/01/2038    $  4,625      $     4,627,552  
     
     
    Series 2013 A, RB
       5.00%   01/01/2038      3,805        3,807,100  
     
     
    Series 2014 C, RB(j)
       5.00%   01/01/2039      6,240        6,312,260  
     
     
    Series 2015 A, RB(j)
       5.00%   01/01/2040      3,000        3,036,808  
     
     
                 86,232,036  
     
     
    Indiana-0.99%
         
    Indiana (State of) Finance Authority (KIPP Indianapolis, Inc.); Series 2020 A, RB
       5.00%   07/01/2040      170        160,558  
     
     
    Indiana (State of) Finance Authority (Ohio Valley Electrical Corp.); Series 2012 A, RB
       4.25%   11/01/2030      2,250        2,246,407  
     
     
    Indiana (State of) Finance Authority (US Steel Corp.); Series 2012, RB(i)
       5.75%   08/01/2042      305        306,256  
     
     
    Indiana (State of) Municipal Power Agency; Series 2013 A, RB
       5.25%   01/01/2038      2,000        2,001,528  
     
     
    Indianapolis Local Public Improvement Bond Bank; Series 2019, Ref. RB(i)
       5.00%   01/01/2029      1,325        1,401,642  
     
     
    Valparaiso (City of), IN (Pratt Paper, LLC); Series 2013, RB(i)
       5.88%   01/01/2024      110        110,887  
     
     
    Whiting (City of), IN (BP Products North America, Inc.); Series 2015, RB(c)(i)
       4.40%   06/10/2031      785        793,924  
     
     
                 7,021,202  
     
     
    Iowa-1.45%
         
    Iowa (State of) Board of Regents (University of Iowa Hospital & Clinics); Series 2022 B, RB
       3.00%   09/01/2056      2,055        1,402,656  
     
     
    Iowa (State of) Finance Authority (Alcoa, Inc.); Series 2012, RB
       4.75%   08/01/2042      1,670        1,593,697  
     
     
    Iowa (State of) Finance Authority (Iowa Fertilizer Co.); Series 2022, Ref. RB(c)
       5.00%   12/01/2042      3,480        3,500,156  
     
     
    Iowa (State of) Tobacco Settlement Authority;
              
    Series 2021 A‑2, Ref. RB
       4.00%   06/01/2035      1,000        1,008,815  
     
     
    Series 2021 B-1, Ref. RB
       4.00%   06/01/2049      1,425        1,389,112  
     
     
    PEFA, Inc.; Series 2019, RB(c)
       5.00%   09/01/2026      1,380        1,393,448  
     
     
                 10,287,884  
     
     
    Kansas-0.28%
         
    Wichita (City of), KS (Presbyterian Manors, Inc.);
              
    Series 2013 IV-A, RB
       6.38%   05/15/2043      1,500        1,291,837  
     
     
    Series 2018 I, Ref. RB
       5.00%   05/15/2047      1,000        692,956  
     
     
                 1,984,793  
     
     
    Kentucky-2.23%
         
    Henderson (City of), KY (Pratt Paper LLC); Series 2022 A, RB(f)(i)
       4.70%   01/01/2052      850        802,935  
     
     
    Kentucky (Commonwealth of) Economic Development Finance Authority (Catholic Health Initiatives); Series 2011 B, RB (SIFMA Municipal Swap Index + 1.40%)(c)(p)
       5.46%   02/01/2025      900        901,018  
     
     
    Kentucky (Commonwealth of) Economic Development Finance Authority (Louisville Arena Authority, Inc.); Series 2017 A, Ref. RB (INS - AGM)(g)
       5.00%   12/01/2047      665        662,430  
     
     
    Kentucky (Commonwealth of) Economic Development Finance Authority (Next Generation Kentucky Information Highway);
              
    Series 2015 A, RB
       5.00%   07/01/2037      1,410        1,418,210  
     
     
    Series 2015 A, RB
       5.00%   07/01/2040      2,520        2,524,870  
     
     
    Series 2015 A, RB
       5.00%   01/01/2045      425        418,096  
     
     
    Kentucky (Commonwealth of) Economic Development Finance Authority (Owensboro Health, Inc.);
              
    Series 2017 A, Ref. RB
       5.25%   06/01/2041      1,600        1,618,890  
     
     
    Series 2017 A, Ref. RB
       5.00%   06/01/2045      1,285        1,203,588  
     
     
    Kentucky (Commonwealth of) Municipal Power Agency (Prairie State); Series 2019 A, Ref. RB
       5.00%   09/01/2037      1,190        1,234,781  
     
     
    Kentucky Bond Development Corp.; Series 2020, RB (INS - BAM)(g)(j)(l)
       5.00%   09/01/2044      4,855        5,086,818  
     
     
                 15,871,636  
     
     
    Louisiana-1.13%
         
    Jefferson (Parish of), LA Sales Tax District; Series 2019 B, RB (INS- AGM)(g)
       4.00%   12/01/2042      1,000        962,685  
     
     
    Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (St. James Parish Gomesa); Series 2019, RB(f)
       3.90%   11/01/2044      1,120        961,531  
     
     
    Louisiana (State of) Public Facilities Authority (Ochsner Clinic Foundation); Series 2002 B, RB(b)(c)
       5.50%   05/15/2026      2,000        2,115,029  
     
     
    New Orleans (City of), LA Aviation Board; Series 2015 A, RB
       5.00%   01/01/2045      3,395        3,411,768  
     
     
    New Orleans (City of), LA Aviation Board (Parking Facilities Corp. Consolidated Garage System); Series 2018 A, RB (INS - AGM)(g)
       5.00%   10/01/2043      565        583,650  
     
     
                 8,034,663  
     
     
     
    See accompanying Notes to Financial Statements which are an integral part of the financial statements.
     
    10   Invesco Municipal Opportunity Trust

         Interest
    Rate
      Maturity
    Date
       Principal
    Amount
    (000)
         Value  
     
     
    Maryland-0.58%
         
    Brunswick (City of), MD (Brunswick Crossing); Series 2019, RB
       5.00%   07/01/2036    $    479      $       482,094  
     
     
    Maryland (State of) Health & Higher Educational Facilities Authority (Stevenson University); Series 2021, Ref. RB
       4.00%   06/01/2055      1,000        840,207  
     
     
    Maryland Economic Development Corp. (Green Bonds); Series 2022, RB(i)
       5.25%   06/30/2052      1,185        1,190,091  
     
     
    Maryland Economic Development Corp. (Purple Line) (Green Bonds); Series 2022 A, RB(i)
       5.00%   11/12/2028      500        510,626  
     
     
    Prince George’s (County of), MD (Collington Episcopal Life Care Community, Inc.); Series 2017, Ref. RB
       5.00%   04/01/2029      1,145        1,091,910  
     
     
                 4,114,928  
     
     
    Massachusetts-2.10%
         
    Massachusetts (Commonwealth of) (Rail Enhancement Program) (Sustainability Bonds); Series 2022, RB
       5.00%   06/01/2050      4,485        4,749,603  
     
     
    Massachusetts (Commonwealth of) Bay Transportation Authority (Sustainability Bonds); Subseries 2023 A‑1, RB
       5.25%   07/01/2053      4,275        4,665,207  
     
     
    Massachusetts (Commonwealth of) Development Finance Agency; Series 2019 A, Ref. RB
       4.00%   07/01/2044      1,000        837,992  
     
     
    Massachusetts (Commonwealth of) Development Finance Agency (Atrius Health); Series 2015, Ref. RB
       5.00%   01/01/2041      1,535        1,521,160  
     
     
    Massachusetts (Commonwealth of) Development Finance Agency (Boston Medical Center) (Sustainability Bopnds); Series 2023, Ref. RB
       5.25%   07/01/2052      1,495        1,530,898  
     
     
    Massachusetts (Commonwealth of) Development Finance Agency (Milford Regional Medical Center); Series 2020, Ref. RB(f)
       5.00%   07/15/2034      275        259,179  
     
     
    Massachusetts (Commonwealth of) Port Authority; Series 2021 E, RB(i)
       5.00%   07/01/2046      1,345        1,390,373  
     
     
                 14,954,412  
     
     
    Michigan-3.89%
         
    Academy of Warren; Series 2020 A, RB(f)
       5.50%   05/01/2050      250        217,655  
     
     
    Detroit (City of), MI; Series 2018, GO Bonds
       5.00%   04/01/2035      830        851,204  
     
     
    Detroit (City of), MI Downtown Development Authority (Catalyst Development); Series 2018 A, Ref. RB (INS - AGM)(g)
       5.00%   07/01/2043      2,650        2,655,386  
     
     
    Michigan (State of) Building Authority (Facilities Program); Series 2016 I, RB(j)
       5.00%   04/15/2041      3,650        3,751,789  
     
     
    Michigan (State of) Finance Authority (Detroit Water & Sewerage Department);
              
    Series 2014 C-3, RB (INS - AGM)(g)
       5.00%   07/01/2033      2,000        2,021,465  
     
     
    Series 2014 C-6, Ref. RB
       5.00%   07/01/2033      790        797,774  
     
     
    Series 2014 D-2, Ref. RB (INS - AGM)(g)
       5.00%   07/01/2028      2,000        2,020,330  
     
     
    Series 2014 D-4, Ref. RB
       5.00%   07/01/2029      790        797,710  
     
     
    Michigan (State of) Finance Authority (Henry Ford Health System); Series 2019 A, RB
       5.00%   11/15/2048      1,830        1,861,551  
     
     
    Michigan (State of) Finance Authority (Landmark Academy);
              
    Series 2020, Ref. RB
       5.00%   06/01/2035      210        193,799  
     
     
    Series 2020, Ref. RB
       5.00%   06/01/2045      620        532,423  
     
     
    Michigan (State of) Finance Authority (Trinity Health Credit Group);
              
    Series 2017 MI, RB(b)(j)(l)
       5.00%   12/01/2046      4,935        5,009,945  
     
     
    Series 2017, Ref. RB
       4.00%   12/01/2040      1,090        1,050,365  
     
     
    Michigan (State of) Housing Development Authority; Series 2023 A, RB
       5.10%   10/01/2053      2,480        2,524,908  
     
     
    Michigan (State of) Strategic Fund (Green Bonds); Series 2021, RB(c)(i)
       4.00%   10/01/2026      2,455        2,432,558  
     
     
    Michigan (State of) Strategic Fund (I-75 Improvement Project); Series 2018, RB(i)
       5.00%   06/30/2030      910        950,503  
     
     
                 27,669,365  
     
     
    Minnesota-0.33%
         
    Bethel (City of), MN (Spectrum High School);
              
    Series 2017 A, Ref. RB
       4.25%   07/01/2047      385        297,715  
     
     
    Series 2017 A, Ref. RB
       4.38%   07/01/2052      500        380,287  
     
     
    Duluth (City of), MN Economic Development Authority (Essentia Health Obligated Group); Series 2018, Ref. RB
       5.00%   02/15/2048      760        761,547  
     
     
    St. Paul (City of), MN Housing & Redevelopment Authority (Higher Ground Academy); Series 2023, Ref. RB
       5.50%   12/01/2057      500        487,171  
     
     
    St. Paul (City of), MN Housing & Redevelopment Authority (Hope Community Academy); Series 2020, RB
       5.00%   12/01/2045      505        425,832  
     
     
                 2,352,552  
     
     
    Mississippi-0.21%
         
    Mississippi Business Finance Corp. (System Energy Resources, Inc.); Series 2021, RB
       2.38%   06/01/2044      2,405        1,485,690  
     
     
     
    See accompanying Notes to Financial Statements which are an integral part of the financial statements.
     
    11   Invesco Municipal Opportunity Trust

         Interest
    Rate
      Maturity
    Date
       Principal
    Amount
    (000)
         Value  
     
     
    Missouri-2.13%
         
    Kansas City (City of), MO Industrial Development Authority (Downtown Redevelopment District);
              
    Series 2011 A, Ref. RB
       5.50%   09/01/2027    $  1,375      $     1,377,400  
     
     
    Series 2011 A, Ref. RB
       5.50%   09/01/2028      2,380        2,384,155  
     
     
    Kansas City (City of), MO Industrial Development Authority (Kansas City International Airport);
              
    Series 2019 B, RB(i)
       5.00%   03/01/2046      5,985        6,084,557  
     
     
    Series 2019 B, RB (INS - AGM)(g)(i)
       5.00%   03/01/2049      1,270        1,288,434  
     
     
    Kirkwood (City of), MO Industrial Development Authority (Aberdeen Heights); Series 2017 A, Ref. RB
       5.25%   05/15/2050      645        482,674  
     
     
    Missouri (State of) Health & Educational Facilities Authority (Lutheran Senior Services); Series 2019, Ref. RB
       5.00%   02/01/2048      420        386,668  
     
     
    St. Louis (County of), MO Industrial Development Authority (Friendship Village West County); Series 2018 A, RB
       5.00%   09/01/2038      2,335        2,165,059  
     
     
    Taney (County of), MO Industrial Development Authority (Big Cedar Infrastructure); Series 2023, RB(f)
       6.00%   10/01/2049      975        946,220  
     
     
                 15,115,167  
     
     
    Nebraska-2.31%
         
    Central Plains Energy Project (No. 3);
              
    Series 2017 A, Ref. RB
       5.00%   09/01/2034      260        275,259  
     
     
    Series 2017 A, Ref. RB
       5.00%   09/01/2042      4,765        4,853,072  
     
     
    Omaha (City of), NE Public Power District;
              
    Series 2021 A, RB (INS - AGM)(g)
       4.00%   02/01/2051      2,605        2,480,847  
     
     
    Series 2022 A, RB
       5.25%   02/01/2052      5,525        5,960,245  
     
     
    Series 2022, RB(j)(l)
       5.25%   02/01/2052      2,640        2,847,972  
     
     
                 16,417,395  
     
     
    Nevada-1.22%
         
    Clark (County of), NV Water Reclamation District; Series 2023, GO Bonds
       5.00%   07/01/2053      6,745        7,175,030  
     
     
    Las Vegas Valley Water District; Series 2022 A, GO Bonds
       4.00%   06/01/2044      1,530        1,472,729  
     
     
                 8,647,759  
     
     
    New Hampshire-0.53%
         
    New Hampshire (State of) Business Finance Authority; Series 2020‑1A, RB
       4.13%   01/20/2034      385        371,406  
     
     
    New Hampshire (State of) Business Finance Authority (Social Bonds); Series 2022‑1A, RB
       4.38%   09/20/2036      2,094        2,027,203  
     
     
    New Hampshire (State of) Health and Education Facilities Authority; Series 2020 A, RB
       5.00%   08/01/2059      1,395        1,399,489  
     
     
                 3,798,098  
     
     
    New Jersey-4.25%
         
    New Jersey (State of) Economic Development Authority (Continental Airlines, Inc.);
              
    Series 1999, RB(i)
       5.13%   09/15/2023      300        300,009  
     
     
    Series 2012, RB(i)
       5.75%   09/15/2027      450        450,411  
     
     
    New Jersey (State of) Economic Development Authority (Port Newark Container Terminal LLC); Series 2017, Ref. RB(i)
       5.00%   10/01/2047      1,215        1,222,509  
     
     
    New Jersey (State of) Economic Development Authority (Social Bonds);
              
    Series 2021, RB
       4.00%   06/15/2036      750        758,991  
     
     
    Series 2021, RB
       4.00%   06/15/2040      1,000        981,040  
     
     
    New Jersey (State of) Economic Development Authority (The Goethals Bridge Replacement);
              
    Series 2013, RB(i)
       5.50%   01/01/2027      1,200        1,205,576  
     
     
    Series 2013, RB(i)
       5.00%   01/01/2028      1,000        1,003,199  
     
     
    Series 2013, RB(i)
       5.38%   01/01/2043      1,320        1,321,784  
     
     
    New Jersey (State of) Health Care Facilities Financing Authority (Inspira Health Obligated Group); Series 2017, RB
       4.00%   07/01/2047      4,865        4,371,218  
     
     
    New Jersey (State of) Transportation Trust Fund Authority;
              
    Series 2009 C, RB
       5.25%   06/15/2032      1,875        1,907,721  
     
     
    Series 2014, RB
       5.00%   06/15/2030      1,570        1,686,727  
     
     
    Series 2018 A, RN(j)(l)
       5.00%   06/15/2029      2,015        2,100,051  
     
     
    Series 2018 A, RN(j)(l)
       5.00%   06/15/2030      940        978,328  
     
     
    Series 2018 A, RN(j)(l)
       5.00%   06/15/2031      955        992,887  
     
     
    Series 2021 A, Ref. RB
       5.00%   06/15/2033      630        694,195  
     
     
    Series 2022, RB
       5.25%   06/15/2046      1,815        1,948,320  
     
     
     
    See accompanying Notes to Financial Statements which are an integral part of the financial statements.
     
    12   Invesco Municipal Opportunity Trust

         Interest
    Rate
      Maturity
    Date
       Principal
    Amount
    (000)
         Value  
     
     
    New Jersey-(continued)
         
    Tobacco Settlement Financing Corp.;
              
    Series 2018 A, Ref. RB
       5.00%   06/01/2046    $  3,720      $     3,787,207  
     
     
    Series 2018 A, Ref. RB
       5.25%   06/01/2046      2,120        2,189,766  
     
     
    Series 2018 B, Ref. RB
       5.00%   06/01/2046      2,350        2,312,184  
     
     
                 30,212,123  
     
     
    New Mexico-0.06%
         
    Santa Fe (City of), NM (El Castillo Retirement); Series 2019 A, RB
       5.00%   05/15/2049      500        405,276  
     
     
    New York-23.54%
         
    Build NYC Resource Corp. (Brooklyn Navy Yard); Series 2019, Ref. RB(f)(i)
       5.25%   12/31/2033      520        475,279  
     
     
    Erie Tobacco Asset Securitization Corp.; Series 2005 A, RB
       5.00%   06/01/2045      3,450        3,195,407  
     
     
    Hudson Yards Infrastructure Corp.; Series 2017 A, Ref. RB
       4.00%   02/15/2044      3,190        2,974,884  
     
     
    Metropolitan Transportation Authority;
              
    Series 2012 C, RB
       4.25%   11/15/2042      255        241,978  
     
     
    Series 2013 B, RB
       5.00%   11/15/2038      2,325        2,325,008  
     
     
    Metropolitan Transportation Authority (Green Bonds);
              
    Series 2016 A‑1, RB
       5.00%   11/15/2041      2,510        2,531,821  
     
     
    Series 2020 A‑1, RB (INS - AGM)(g)
       4.00%   11/15/2041      2,540        2,457,394  
     
     
    Series 2020 A‑1, RB (INS - BAM)(g)
       4.00%   11/15/2053      500        458,882  
     
     
    Series 2020 C-1, RB
       5.25%   11/15/2055      1,695        1,743,942  
     
     
    Nassau (County of), NY Industrial Development Agency (Amsterdam at Harborside);
              
    Series 2021, RB (Acquired 12/14/2007; Cost $3,297,304)(e)
       5.00%   01/01/2058      2,730        816,795  
     
     
    Series 2021, Ref. RB (Acquired 09/07/2021; Cost $1,345,000)(d)(e)(f)
       9.00%   01/01/2041      1,345        1,277,750  
     
     
    New York & New Jersey (States of) Port Authority; Series 2020 221, RB(i)
       4.00%   07/15/2055      2,975        2,651,144  
     
     
    Two Hundred Fifth Series 2017, Ref. RB
       5.25%   11/15/2057      2,080        2,163,029  
     
     
    New York (City of), NY;
              
    Series 2020 C, GO Bonds
       5.00%   08/01/2043      3,125        3,299,199  
     
     
    Series 2021 A‑1, GO Bonds
       5.00%   08/01/2047      1,000        1,053,498  
     
     
    Subseries 2022 B-1, GO Bonds
       5.25%   10/01/2047      1,915        2,076,277  
     
     
    Subseries 2022 D-1, GO Bonds(j)
       5.25%   05/01/2039      4,680        5,161,812  
     
     
    New York (City of), NY Industrial Development Agency (Queens Baseball Stadium); Series 2021 A, Ref. RB (INS - AGM)(g)
       3.00%   01/01/2046      3,190        2,358,097  
     
     
    New York (City of), NY Municipal Water Finance Authority;
              
    Series 2020 BB-1, RB
       4.00%   06/15/2050      2,125        2,011,609  
     
     
    Series 2020 BB-1, RB
       5.00%   06/15/2050      4,115        4,313,660  
     
     
    Series 2020, Ref. RB
       5.00%   06/15/2050      2,075        2,175,175  
     
     
    Series 2021, VRD RB(m)
       2.95%   06/15/2045      4,295        4,295,000  
     
     
    New York (City of), NY Transitional Finance Authority;
              
    Series 2019 A‑3, RB
       4.00%   05/01/2041      1,455        1,431,713  
     
     
    Series 2019 B-1, RB
       4.00%   11/01/2045      1,850        1,776,193  
     
     
    Series 2023 F-1, RB
       4.00%   02/01/2051      3,230        3,036,404  
     
     
    Series 2024 B, RB
       4.38%   05/01/2053      2,790        2,734,788  
     
     
    New York (State of) Dormitory Authority;
              
    Series 2014 C, RB
       5.00%   03/15/2040      6,985        7,024,980  
     
     
    Series 2018 A, Ref. RB
       5.25%   03/15/2039      1,570        1,685,166  
     
     
    Series 2018 E, RB(j)
       5.00%   03/15/2045      7,240        7,551,442  
     
     
    New York (State of) Dormitory Authority (City of New York);
              
    Series 2005 A, RB (INS - AMBAC)(g)
       5.50%   05/15/2028      600        659,613  
     
     
    Series 2005 A, RB (INS - AMBAC)(g)
       5.50%   05/15/2029      505        565,406  
     
     
    New York (State of) Dormitory Authority (Memorial Sloan Kettering Cancer); Series 2022 1-B, RB
       4.00%   07/01/2051      4,625        4,285,322  
     
     
    New York (State of) Power Authority; Series 2020 A, RB(j)
       4.00%   11/15/2045      4,640        4,486,237  
     
     
    New York (State of) Power Authority (Green Bonds); Series 2020, RB(j)
       4.00%   11/15/2055      5,315        5,002,522  
     
     
    New York (State of) Thruway Authority;
              
    Series 2019 B, RB
       4.00%   01/01/2050      6,835        6,259,507  
     
     
    Series 2019 B, RB (INS - AGM)(g)(j)(l)
       4.00%   01/01/2050      3,300        3,123,935  
     
     
    New York (State of) Thruway Authority (Group 3); Series 2021 A‑1, Ref. RB
       4.00%   03/15/2046      3,145        2,966,114  
     
     
    New York City Housing Development Corp. (Sustainable Development Bonds); Series 2023, RB
       4.80%   02/01/2053      1,610        1,615,928  
     
     
    New York Counties Tobacco Trust IV; Series 2005 A, RB
       5.00%   06/01/2045      360        330,888  
     
     
     
    See accompanying Notes to Financial Statements which are an integral part of the financial statements.
     
    13   Invesco Municipal Opportunity Trust

         Interest
    Rate
      Maturity
    Date
       Principal
    Amount
    (000)
         Value  
     
     
    New York-(continued)
         
    New York Counties Tobacco Trust VI; Series 2016 A‑1, Ref. RB
       5.75%   06/01/2043    $  4,010      $     4,105,833  
     
     
    New York Liberty Development Corp. (3 World Trade Center); Series 2014, Class 1, Ref. RB(f)
       5.00%   11/15/2044      7,280        6,967,610  
     
     
    New York State Urban Development Corp. (Bidding Group 3); Series 2021 A, Ref. RB
       4.00%   03/15/2045      4,240        4,067,925  
     
     
    New York State Urban Development Corp. (Bidding Group 4); Series 2020 E, Ref. RB
       4.00%   03/15/2038      1,800        1,800,531  
     
     
    New York Transportation Development Corp. (American Airlines, Inc. John F. Kennedy International Airport);
              
    Series 2020, Ref. RB(i)
       5.25%   08/01/2031      655        677,304  
     
     
    Series 2020, Ref. RB(i)
       5.38%   08/01/2036      1,205        1,228,222  
     
     
    New York Transportation Development Corp. (American Airlines, Inc.);
              
    Series 2016, Ref. RB(i)
       5.00%   08/01/2026      1,345        1,347,971  
     
     
    Series 2016, Ref. RB(i)
       5.00%   08/01/2031      1,690        1,694,210  
     
     
    New York Transportation Development Corp. (Delta Air Lines, Inc. LaGuardia Airport Terminals C&D Redevelopment);
              
    Series 2018, RB(i)
       5.00%   01/01/2033      2,670        2,749,278  
     
     
    Series 2018, RB(i)
       5.00%   01/01/2034      2,180        2,241,781  
     
     
    Series 2018, RB(i)
       5.00%   01/01/2036      990        1,009,453  
     
     
    Series 2020, RB(i)
       5.00%   10/01/2040      2,535        2,562,300  
     
     
    Series 2020, RB(i)
       4.38%   10/01/2045      1,485        1,400,475  
     
     
    New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment);
              
    Series 2016 A, RB(i)
       5.00%   07/01/2046      5,075        5,058,908  
     
     
    Series 2016 A, RB(i)
       5.25%   01/01/2050      3,250        3,249,965  
     
     
    New York Transportation Development Corp. (Terminal 4 JFK International Airport);
              
    Series 2022, RB(i)
       5.00%   12/01/2036      1,255        1,319,044  
     
     
    Series 2022, RB(i)
       5.00%   12/01/2038      1,040        1,078,482  
     
     
    Onondaga (County of), NY Trust for Cultural Resources (Syracuse University); Series 2019, Ref. RB
       4.00%   12/01/2047      1,110        1,050,043  
     
     
    Rockland Tobacco Asset Securitization Corp.; Series 2001, RB
       5.75%   08/15/2043      2,195        2,227,374  
     
     
    Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels);
              
    Series 2020 A, RB
       5.00%   11/15/2049      960        1,005,576  
     
     
    Series 2021 A, RB
       5.00%   11/15/2056      1,690        1,765,528  
     
     
    Series 2022 C, RB
       5.00%   05/15/2047      3,750        3,981,222  
     
     
    Series 2022, RB(j)
       5.00%   05/15/2051      7,225        7,598,573  
     
     
    TSASC, Inc.; Series 2016 B, Ref. RB
       5.00%   06/01/2045      2,625        2,446,909  
     
     
                 167,228,315  
     
     
    North Carolina-0.27%
         
    Raleigh (City of), NC Combined Enterprise System; Series 2023, Ref. RB
       4.00%   09/01/2053      1,970        1,893,278  
     
     
    North Dakota-0.56%
         
    Ward (County of), ND (Trinity Obligated Group);
              
    Series 2017 C, RB
       5.00%   06/01/2048      2,975        2,320,163  
     
     
    Series 2017 C, RB
       5.00%   06/01/2053      2,215        1,672,458  
     
     
                 3,992,621  
     
     
    Ohio-4.42%
         
    Akron, Bath & Copley Joint Township Hospital District (Summa Health Obligated Group); Series 2016, Ref. RB
       5.25%   11/15/2046      1,075        1,079,835  
     
     
    Buckeye Tobacco Settlement Financing Authority;
              
    Series 2020 A‑2, Ref. RB
       4.00%   06/01/2048      6,540        5,795,417  
     
     
    Series 2020 B-2, Ref. RB
       5.00%   06/01/2055      10,000        9,154,760  
     
     
    Series 2020 B-3, Ref. RB(h)
       0.00%   06/01/2057      10,895        1,258,759  
     
     
    Cleveland (City of) & Cuyahoga (County of), OH Port Authority (Constellation Schools); Series 2014 A, Ref. RB(f)
       6.50%   01/01/2034      1,410        1,410,656  
     
     
    Cleveland (City of), OH (Continental Airlines, Inc.); Series 1998, RB(i)
       5.38%   09/15/2027      1,020        1,022,796  
     
     
    Columbus (City of) & Franklin (County of), OH Finance Authority (Easton); Series 2020, RB(f)
       5.00%   06/01/2028      815        812,120  
     
     
    Cuyahoga (County of), OH (MetroHealth System); Series 2017, Ref. RB
       5.50%   02/15/2052      1,070        1,078,038  
     
     
    Hamilton (County of), OH (Cincinnati Children’s Hospital); Series 2019 CC, RB
       5.00%   11/15/2049      2,095        2,232,694  
     
     
    Hamilton (County of), OH (Life Enriching Communities); Series 2016, Ref. RB
       5.00%   01/01/2046      1,885        1,686,567  
     
     
    Montgomery (County of), OH (Trousdale Foundation Properties); Series 2018 A, RB (Acquired 08/29/2018; Cost $1,774,228)(d)(e)(f)
       6.00%   04/01/2038      1,810        398,200  
     
     
    Muskingum (County of), OH (Genesis Healthcare System); Series 2013, RB
       5.00%   02/15/2044      1,170        1,059,656  
     
     
     
    See accompanying Notes to Financial Statements which are an integral part of the financial statements.
     
    14   Invesco Municipal Opportunity Trust

         Interest
    Rate
      Maturity
    Date
       Principal
    Amount
    (000)
         Value  
     
     
    Ohio-(continued)
         
    Ohio (State of) (University Hospitals Health System, Inc.); Series 2020 A, Ref. RB
       4.00%   01/15/2050    $  3,180      $     2,809,291  
     
     
    Ohio (State of) Air Quality Development Authority (Ohio Valley Electric Corp.); Series 2014, RB(c)(i)
       2.60%   10/01/2029      1,000        865,985  
     
     
    Ohio (State of) Air Quality Development Authority (Pratt Paper LLC); Series 2017, RB(f)(i)
       4.25%   01/15/2038      745        720,823  
     
     
                 31,385,597  
     
     
    Oklahoma-2.92%
         
    Edmond Public Works Authority;
              
    Series 2017, RB(j)
       5.00%   07/01/2042      3,450        3,613,149  
     
     
    Series 2017, RB(j)
       5.00%   07/01/2047      3,375        3,518,671  
     
     
    McAlester (City of), OK Public Works Authority;
              
    Series 2002, RB (INS - AGM)(g)(h)
       0.00%   02/01/2031      1,000        753,889  
     
     
    Series 2002, RB (INS - AGM)(g)(h)
       0.00%   02/01/2034      3,970        2,643,315  
     
     
    Oklahoma (State of) Development Finance Authority (OU Medicine);
              
    Series 2018 B, RB
       5.50%   08/15/2052      4,800        4,594,079  
     
     
    Series 2018 B, RB
       5.50%   08/15/2057      1,560        1,477,510  
     
     
    Oklahoma (State of) Development Finance Authority (Provident Oklahoma Education Resources, Inc.-Cross Village Student Housing); Series 2017, RB(d)
       5.00%   08/01/2052      2,470        2,470  
     
     
    Oklahoma (State of) Water Resources Board; Series 2022 B, RB
       5.00%   10/01/2047      2,010        2,177,659  
     
     
    Oklahoma (State of) Water Resources Board (2019 Master Trust);
              
    Series 2023, RB
       4.00%   04/01/2048      915        884,308  
     
     
    Series 2023, RB
       4.13%   04/01/2053      1,135        1,106,529  
     
     
                 20,771,579  
     
     
    Ontario-0.14%
         
    Affordable Housing Tax-Exempt Bond Pass-Thru Trust; Series 2023‑1, RB(f)
       6.00%   10/05/2040      1,064        1,017,236  
     
     
    Oregon-1.28%
         
    Clackamas (County of), OR Hospital Facility Authority (Rose Villa); Series 2020 A, Ref. RB
       5.38%   11/15/2055      635        578,655  
     
     
    Oregon (State of); Series 2019, GO Bonds(j)(l)
       5.00%   08/01/2044      4,240        4,492,980  
     
     
    Portland (Port of), OR (Green Bonds); Twenty Ninth Series 2023, RB(i)
       5.50%   07/01/2048      1,815        1,950,258  
     
     
    Portland (Port of), OR (Portland International Airport); Series 2022 28, RB(i)
       5.00%   07/01/2052      2,040        2,084,006  
     
     
                 9,105,899  
     
     
    Pennsylvania-3.82%
         
    Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated Group Issue); Series 2018 A, Ref. RB
       4.00%   04/01/2044      1,060        917,673  
     
     
    Berks (County of), PA Industrial Development Authority (Highlands at Wyomissing (The)); Series 2017 C, RB
       5.00%   05/15/2037      1,000        967,191  
     
     
    Coatesville School District; Series 2020 A, GO Bonds (INS - BAM)(g)(h)
       0.00%   10/01/2036      850        448,851  
     
     
    Lancaster (County of), PA Hospital Authority (Penn State Health);
              
    Series 2021, RB
       5.00%   11/01/2046      650        665,964  
     
     
    Series 2021, RB
       5.00%   11/01/2051      865        882,963  
     
     
    Pennsylvania (Commonwealth of) Economic Development Financing Authority (Penndot Major Bridges);
              
    Series 2022, RB(i)
       5.25%   06/30/2053      2,565        2,607,558  
     
     
    Series 2022, RB (INS - AGM)(g)(i)
       5.00%   12/31/2057      1,285        1,300,921  
     
     
    Pennsylvania (Commonwealth of) Economic Development Financing Authority (UPMC);
              
    Series 2021 A, Ref. RB
       4.00%   10/15/2039      665        630,222  
     
     
    Series 2023 A‑2, RB
       4.00%   05/15/2048      695        628,725  
     
     
    Pennsylvania (Commonwealth of) Turnpike Commission;
              
    Series 2014 A, RB
       4.75%   12/01/2037      1,260        1,289,659  
     
     
    Series 2014 A‑2, RB(k)
       5.13%   12/01/2039      2,500        2,495,069  
     
     
    Series 2019 A, RB
       5.00%   12/01/2049      275        286,326  
     
     
    Series 2020 B, RB
       5.00%   12/01/2050      760        791,059  
     
     
    Series 2021 A, RB
       4.00%   12/01/2050      1,575        1,436,383  
     
     
    Pennsylvania Higher Education Assistance Agency (Senior Bonds);
              
    Series 2023 A, RB(i)
       5.00%   06/01/2029      635        664,412  
     
     
    Series 2023 A, RB(i)
       5.00%   06/01/2030      870        918,699  
     
     
    Series 2023 A, RB(i)
       5.00%   06/01/2031      950        1,006,391  
     
     
    Series 2023 A, RB(i)
       5.00%   06/01/2032      1,110        1,178,751  
     
     
     
    See accompanying Notes to Financial Statements which are an integral part of the financial statements.
     
    15   Invesco Municipal Opportunity Trust

         Interest
    Rate
        Maturity
    Date
         Principal
    Amount
    (000)
         Value  
     
     
    Pennsylvania-(continued)
     
         
    Philadelphia (City of), PA;
              
    Series 2017 B, Ref. RB(i)
         5.00%       07/01/2042      $  3,955      $     4,005,482  
     
     
    Series 2017 B, Ref. RB(i)
         5.00%       07/01/2047        1,310        1,319,999  
     
     
    Philadelphia (City of), PA Authority for Industrial Development (St. Joseph’s University); Series 2022, RB
         5.50%       11/01/2060        2,130        2,239,212  
     
     
    Philadelphia (City of), PA Authority for Industrial Development (String Theory Charter School); Series 2020, Ref. RB(f)
         5.00%       06/15/2050        500        467,790  
     
     
                 27,149,300  
     
     
    Puerto Rico-6.37%
     
         
    Children’s Trust Fund;
              
    Series 2002, RB
         5.50%       05/15/2039        3,835        3,835,448  
     
     
    Series 2002, RB
         5.63%       05/15/2043        1,890        1,899,489  
     
     
    Series 2005 A, RB(h)
         0.00%       05/15/2050        7,500        1,359,818  
     
     
    Series 2005 B, RB(h)
         0.00%       05/15/2055        3,240        339,069  
     
     
    Series 2008 A, RB(h)
         0.00%       05/15/2057        19,060        1,325,615  
     
     
    Series 2008 B, RB(h)
         0.00%       05/15/2057        31,765        1,747,609  
     
     
    Puerto Rico (Commonwealth of);
              
    Series 2021 A‑1, GO Bonds
         5.63%       07/01/2027        1,490        1,554,002  
     
     
    Series 2021 A‑1, GO Bonds
         4.00%       07/01/2035        1,605        1,475,089  
     
     
    Series 2021 A‑1, GO Bonds
         4.00%       07/01/2037        1,250        1,124,631  
     
     
    Series 2021 A‑1, GO Bonds
         4.00%       07/01/2041        770        665,863  
     
     
    Subseries 2022, RN
         0.00 %      11/01/2043        1,014        523,805  
     
     
    Subseries 2022, RN
         0.00 %      11/01/2051        1,858        961,417  
     
     
    Puerto Rico (Commonwealth of) Electric Power Authority;
              
    Series 2007 VV, Ref. RB (INS - NATL)(g)
         5.25%       07/01/2032        570        559,180  
     
     
    Series 2007 VV, Ref. RB (INS - NATL)(g)
         5.25%       07/01/2033        930        915,018  
     
     
    Series 2007 VV, Ref. RB (INS - NATL)(g)
         5.25%       07/01/2035        3,045        2,963,751  
     
     
    Puerto Rico (Commonwealth of) Highway & Transportation Authority; Series 2022 A, RB
         5.00%       07/01/2062        2,135        2,105,644  
     
     
    Puerto Rico Sales Tax Financing Corp.;
              
    Series 2018 A‑1, RB(h)
         0.00%       07/01/2027        570        487,912  
     
     
    Series 2018 A‑1, RB(h)
         0.00%       07/01/2029        1,890        1,478,687  
     
     
    Series 2018 A‑1, RB(h)
         0.00%       07/01/2033        2,685        1,737,594  
     
     
    Series 2018 A‑1, RB(h)
         0.00%       07/01/2046        10,495        2,923,153  
     
     
    Series 2018 A‑1, RB(h)
         0.00%       07/01/2051        13,770        2,846,087  
     
     
    Series 2018 A‑1, RB
         4.75%       07/01/2053        2,315        2,170,265  
     
     
    Series 2018 A‑1, RB
         5.00%       07/01/2058        8,210        7,967,029  
     
     
    Series 2019 A‑2, RB
         4.33%       07/01/2040        2,450        2,326,534  
     
     
                 45,292,709  
     
     
    Rhode Island-0.50%
     
         
    Tobacco Settlement Financing Corp.;
              
    Series 2015 A, Ref. RB
         5.00%       06/01/2035        1,000        1,012,212  
     
     
    Series 2015 B, Ref. RB
         5.00%       06/01/2050        2,635        2,557,646  
     
     
                 3,569,858  
     
     
    South Carolina-0.89%
     
         
    South Carolina (State of) Jobs-Economic Development Authority (Lutheran Homes); Series 2013, RB
         5.00%       05/01/2028        1,000        957,085  
     
     
    South Carolina (State of) Ports Authority;
              
    Series 2015, RB(b)(c)(i)
         5.25%       07/01/2025        2,365        2,424,642  
     
     
    Series 2015, RB(b)(c)(i)
         5.25%       07/01/2025        1,420        1,455,811  
     
     
    South Carolina (State of) Public Service Authority; Series 2014 C, Ref. RB
         5.00%       12/01/2046        1,510        1,510,548  
     
     
                 6,348,086  
     
     
    South Dakota-0.39%
     
         
    South Dakota (State of) Health & Educational Facilities Authority (Sanford Obligated Group); Series 2014 B, RB
         5.00%       11/01/2044        2,780        2,780,175  
     
     
    Tennessee-3.89%
     
         
    Chattanooga (City of), TN Health, Educational & Housing Facility Board (CommonSpirit Health); Series 2019 A‑2, Ref. RB
         5.00%       08/01/2049        1,585        1,601,433  
     
     
     
    See accompanying Notes to Financial Statements which are an integral part of the financial statements.
     
    16   Invesco Municipal Opportunity Trust

         Interest
    Rate
      Maturity
    Date
       Principal
    Amount
    (000)
         Value  
     
     
    Tennessee-(continued)
         
    Clarksville (City of), TN; Series 2021 A, RB
       4.00%   02/01/2051    $  1,250      $     1,186,932  
     
     
    Greeneville (Town of), TN Health & Educational Facilities Board (Ballad Health Obligated Group); Series 2018 A, Ref. RB
       5.00%   07/01/2037      2,280        2,334,670  
     
     
    Kingsport (City of), TN; Series 2023, GO Bonds
       4.13%   03/01/2053      2,650        2,509,146  
     
     
    Knox (County of), TN & Knoxville (City of), TN Sports Authority (Multi-Use Stadium); Series 2023 A, RB
       6.00%   12/01/2054      2,655        3,013,576  
     
     
    Knoxville (City of), TN; Series 2022 OO, RB
       4.00%   07/01/2052      4,040        3,823,021  
     
     
    Memphis (City of) & Shelby (County of), TN Airport Authority; Series 2018, RB(i)
       5.00%   07/01/2043      1,560        1,582,879  
     
     
    Metropolitan Nashville Airport Authority (The); Series 2019 B, RB(i)
       5.00%   07/01/2054      725        733,286  
     
     
    Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Lipscomb University); Series 2019 A, Ref. RB
       5.00%   10/01/2038      1,585        1,548,049  
     
     
    Shelby (County of), TN Health, Educational & Housing Facilities Board (Methodist Le Bonheur Healthcare); Series 2008, VRD RB (INS - AGM)(g)(m)
       0.02%   06/01/2042      6,000        6,000,000  
     
     
    Tennessee Energy Acquisition Corp.; Series 2021 A, RB(c)
       5.00%   11/01/2031      3,190        3,300,426  
     
     
                 27,633,418  
     
     
    Texas-16.86%
         
    Austin (City of), TX;
              
    Series 2023, Ref. RB
       5.00%   11/15/2037      1,950        2,164,746  
     
     
    Series 2023, Ref. RB
       5.25%   11/15/2053      2,780        2,998,240  
     
     
    Bay Area Toll Authority (San Francisco Bay Area); Series 2023, VRD RB (LOC - Barclays Bank PLC)(f)(m)(q)
       3.66%   06/01/2063      1,066        1,066,000  
     
     
    Caddo Mills Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School Fund)
       4.25%   02/15/2053      1,440        1,396,749  
     
     
    Central Texas Regional Mobility Authority; Series 2021 B, RB
       5.00%   01/01/2046      1,280        1,323,263  
     
     
    Clifton Higher Education Finance Corp. (Idea Public Schools); Series 2021 T, RB (CEP - Texas Permanent School Fund)
       4.00%   08/15/2047      1,530        1,376,149  
     
     
    Clifton Higher Education Finance Corp. (International Leadership of Texas); Series 2018 D, RB
       5.75%   08/15/2033      2,125        2,146,727  
     
     
    Coppell Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School Fund)
       4.13%   08/15/2048      1,285        1,254,830  
     
     
    Crowley Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School Fund)
       4.25%   02/01/2053      2,145        2,091,115  
     
     
    Denton (County of), TX; Series 2023, Ref. GO Bonds
       4.00%   07/15/2048      5,405        5,043,483  
     
     
    El Paso (City of), TX; Series 2022 A, RB
       4.00%   03/01/2048      3,890        3,598,444  
     
     
    Forney Independent School District; Series 2022 B, GO Bonds (CEP - Texas Permanent School Fund)
       4.00%   08/15/2052      2,830        2,667,153  
     
     
    Greater Texoma Utility Authority (City of Sherman);
              
    Series 2023 A, RB (INS - BAM)(g)
       4.38%   10/01/2053      1,700        1,608,750  
     
     
    Series 2023, RB (INS - AGM)(g)
       4.25%   10/01/2053      1,815        1,681,291  
     
     
    Harris (County of), TX Toll Road Authority (The); Series 2021, Ref. RB
       4.00%   08/15/2050      1,635        1,477,133  
     
     
    Harris County Industrial Development Corp. (Energy Transfer L.P.); Series 2023, Ref. RB(c)
       4.05%   06/01/2033      1,710        1,681,316  
     
     
    Houston (City of), TX;
              
    Series 2021 A, RB(i)
       4.00%   07/01/2036      1,250        1,236,968  
     
     
    Series 2023 A, Ref. RB (INS - AGM)(g)(i)
       5.25%   07/01/2048      1,490        1,568,180  
     
     
    Series 2023 A, Ref. RB (INS - AGM)(g)(i)
       5.25%   07/01/2053      1,495        1,564,938  
     
     
    Houston (City of), TX Airport System (United Airlines, Inc. Terminal E);
              
    Series 2014, Ref. RB(i)
       4.75%   07/01/2024      1,150        1,151,121  
     
     
    Series 2021 A, RB(i)
       4.00%   07/01/2041      740        654,873  
     
     
    Houston (City of), TX Airport System (United Airlines, Inc.); Series 2018, RB(i)
       5.00%   07/15/2028      625        633,124  
     
     
    La Vernia Higher Education Finance Corp. (Meridian World School); Series 2015 A, RB(b)(c)(f)
       5.50%   08/15/2024      1,690        1,713,314  
     
     
    Lamar Consolidated Independent School District; Series 2023, GO Bonds
       4.00%   02/15/2053      2,360        2,167,187  
     
     
    Lockhart Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School Fund)
       4.13%   08/01/2048      1,500        1,464,998  
     
     
    Lower Colorado River Authority (LCRA Transmission Services Corp.); Series 2022, Ref. RB
       5.50%   05/15/2047      1,485        1,605,180  
     
     
    Mission Economic Development Corp. (Natgasoline); Series 2018, Ref. RB(f)(i)
       4.63%   10/01/2031      3,925        3,835,717  
     
     
    Montgomery Independent School District;
              
    Series 2023, GO Bonds (CEP - Texas Permanent School Fund)
       4.00%   02/15/2048      1,125        1,057,891  
     
     
    Series 2023, GO Bonds (CEP - Texas Permanent School Fund)
       4.00%   02/15/2053      2,700        2,491,419  
     
     
    New Hope Cultural Education Facilities Finance Corp. (Buckingham Senior Living Community);
              
    Series 2021 A‑1, RB
       7.50%   11/15/2037      65        49,548  
     
     
    Series 2021, RB
       2.00%   11/15/2061      1,745        690,146  
     
     
    New Hope Cultural Education Facilities Finance Corp. (Carillon Lifecare Community);
              
    Series 2016, Ref. RB
       5.00%   07/01/2036      795        665,947  
     
     
    Series 2016, Ref. RB
       5.00%   07/01/2046      1,045        767,784  
     
     
     
    See accompanying Notes to Financial Statements which are an integral part of the financial statements.
     
    17   Invesco Municipal Opportunity Trust

         Interest
    Rate
      Maturity
    Date
       Principal
    Amount
    (000)
         Value  
     
     
    Texas-(continued)
         
    New Hope Cultural Education Facilities Finance Corp. (CHF-Collegiate Housing College Station I, LLC - Texas A&M University); Series 2014 A, RB (INS - AGM)(g)
       5.00%   04/01/2046    $  1,100      $     1,095,097  
     
     
    New Hope Cultural Education Facilities Finance Corp. (Jubilee Academic Center); Series 2021, Ref. RB(f)
       4.00%   08/15/2051      1,280        922,848  
     
     
    New Hope Cultural Education Facilities Finance Corp. (Longhorn Village);
              
    Series 2017, Ref. RB
       5.00%   01/01/2042      630        563,715  
     
     
    Series 2017, Ref. RB
       5.00%   01/01/2047      790        686,973  
     
     
    New Hope Cultural Education Facilities Finance Corp. (Presbyterian Village North);
              
    Series 2018, Ref. RB
       5.00%   10/01/2026      265        260,338  
     
     
    Series 2018, Ref. RB
       5.00%   10/01/2027      1,735        1,692,564  
     
     
    Series 2020, RB
       5.25%   10/01/2055      3,175        2,448,777  
     
     
    New Hope Fultural Education Facilities Finance Corp. (4‑K Housing, Inc.-Stoney Brook); Series 2017 A‑1, RB(d)
       5.00%   07/01/2047      1,000        670,000  
     
     
    North Texas Tollway Authority; Series 2008 D, Ref. RB (INS - AGC)(g)(h)
       0.00%   01/01/2028      4,100        3,511,135  
     
     
    San Antonio (City of), TX;
              
    Series 2023 A, Ref. RB
       5.25%   02/01/2046      2,240        2,437,811  
     
     
    Series 2023 A, Ref. RB
       5.50%   02/01/2050      1,660        1,828,868  
     
     
    San Jacinto River Authority (Groundwater Reduction Plan Division);
              
    Series 2011, RB (INS - AGM)(g)
       5.00%   10/01/2032      485        485,553  
     
     
    Series 2011, RB (INS - AGM)(g)
       5.00%   10/01/2037      525        525,501  
     
     
    Tarrant (County of), TX Hospital District;
              
    Series 2023, GO Bonds
       4.25%   08/15/2048      1,025        981,031  
     
     
    Series 2023, GO Bonds
       4.25%   08/15/2053      2,900        2,740,378  
     
     
    Tarrant County Cultural Education Facilities Finance Corp.; Series 2016 A, Ref. RB(j)
       5.00%   02/15/2047      4,385        4,440,588  
     
     
    Tarrant County Cultural Education Facilities Finance Corp. (Air Force Village Obligated Group);
              
    Series 2016, Ref. RB
       5.00%   05/15/2037      2,880        2,567,680  
     
     
    Series 2016, Ref. RB
       5.00%   05/15/2045      2,020        1,655,421  
     
     
    Tarrant County Cultural Education Facilities Finance Corp. (C.C. Young Memorial Home);
              
    Series 2007, RB (Acquired 12/19/2007; Cost $253,198)(d)(e)
       5.75%   02/15/2025      270        148,500  
     
     
    Series 2017 A, RB (Acquired 12/15/2016; Cost $2,483,129)(d)(e)
       6.38%   02/15/2048      2,460        1,353,000  
     
     
    Tarrant County Cultural Education Facilities Finance Corp. (MRC Stevenson Oaks);
              
    Series 2020, Ref. RB
       6.63%   11/15/2041      105        97,512  
     
     
    Series 2020, Ref. RB
       6.75%   11/15/2051      105        94,119  
     
     
    Series 2020, Ref. RB
       6.88%   11/15/2055      105        94,836  
     
     
    Texas (State of) Transportation Commission; Series 2019, RB(h)
       0.00%   08/01/2044      3,500        1,179,080  
     
     
    Texas (State of) Transportation Commission (Central Texas Turnpike System);
              
    Series 2015 B, Ref. RB(h)
       0.00%   08/15/2036      4,405        2,338,405  
     
     
    Series 2015 B, Ref. RB(h)
       0.00%   08/15/2037      1,490        744,197  
     
     
    Series 2015 C, Ref. RB
       5.00%   08/15/2042      6,955        6,955,000  
     
     
    Texas City Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School Fund)
       4.00%   08/15/2053      1,815        1,709,225  
     
     
    Texas Municipal Gas Acquisition & Supply Corp. I; Series 2008 D, RB
       6.25%   12/15/2026      4,025        4,168,199  
     
     
    Texas Private Activity Bond Surface Transportation Corp. (Blueridge Transportation Group, LLC SH 288 Toll Lanes); Series 2016, RB(i)
       5.00%   12/31/2055      1,450        1,431,487  
     
     
    Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners Segments 3 LLC Segments 3A and 3B Facility); Series 2013, RB(i)
       7.00%   12/31/2038      1,850        1,853,823  
     
     
    Texas Water Development Board; Series 2022, RB(j)
       5.00%   10/15/2047      4,260        4,538,842  
     
     
    Travis County Cultural Education Facilities Finance Corp. (Wayside Schools); Series 2012 A, RB
       5.25%   08/15/2042      10        9,527  
     
     
    Waco (City of), TX; Series 2023 A, Ctfs. Of Obligation
       4.00%   02/01/2053      3,150        2,840,813  
     
     
    Waller Consolidated Independent School District; Series 2023, GO Bonds (INS - BAM)(g)
       4.00%   02/15/2053      4,270        3,818,710  
     
     
                 119,783,277  
     
     
    Utah-1.59%
         
    Black Desert Public Infrastructure District; Series 2021 A, GO Bonds(f)
       4.00%   03/01/2051      500        368,290  
     
     
    Military Installation Development Authority; Series 2021 A‑2, RB
       4.00%   06/01/2052      500        362,700  
     
     
    Salt Lake City (City of), UT;
              
    Series 2018 A, RB(i)
       5.00%   07/01/2048      1,890        1,917,359  
     
     
    Series 2021 A, RB(i)
       5.00%   07/01/2046      1,055        1,081,489  
     
     
    Series 2021 A, RB(i)
       5.00%   07/01/2051      565        575,747  
     
     
    Series 2023 A, RB(i)
       5.25%   07/01/2048      2,050        2,157,563  
     
     
    Utah (County of), UT (IHC Health Services, Inc.); Series 2016 B, RB
       4.00%   05/15/2047      2,575        2,389,423  
     
     
     
    See accompanying Notes to Financial Statements which are an integral part of the financial statements.
     
    18   Invesco Municipal Opportunity Trust

         Interest
    Rate
      Maturity
    Date
       Principal
    Amount
    (000)
         Value  
     
     
    Utah-(continued)
         
    Utah (State of) Charter School Finance Authority (Ogden Preparatory Academy); Series 2022 A, Ref. RB
       5.00%   10/15/2047    $  1,000      $     1,015,514  
     
     
    Utah Telecommunication Open Infrastructure Agency; Series 2022, Ref. RB
       4.38%   06/01/2040      1,415        1,419,418  
     
     
                 11,287,503  
     
     
    Virginia-2.63%
         
    Chesapeake (City of), VA Expressway; Series 2012 A, RB
       5.00%   07/15/2047      3,230        3,230,328  
     
     
    Hampton (City of), VA Roads Transportation Accountability Commission; Series 2022 A, RB
       4.00%   07/01/2052      2,700        2,509,586  
     
     
    Peninsula Town Center Community Development Authority; Series 2018, Ref. RB(f)
       5.00%   09/01/2045      430        395,565  
     
     
    Roanoke (City of), VA Economic Development Authority (Richfield Living); Series 2020, RB (Acquired 01/23/2020; Cost $415,000)(d)(e)
       5.00%   09/01/2050      415        249,000  
     
     
    Virginia (Commonwealth of) Small Business Financing Authority (95 Express Lanes LLC);
              
    Series 2022, Ref. RB(i)
       5.00%   01/01/2037      1,025        1,063,443  
     
     
    Series 2022, Ref. RB(i)
       4.00%   07/01/2040      2,050        1,869,235  
     
     
    Virginia (Commonwealth of) Small Business Financing Authority (I-495 Hot Lanes);
              
    Series 2022, Ref. RB(i)
       5.00%   12/31/2052      675        679,073  
     
     
    Series 2022, Ref. RB(i)
       5.00%   12/31/2057      2,065        2,072,433  
     
     
    Virginia (Commonwealth of) Small Business Financing Authority (Transform 66 P3);
              
    Series 2017, RB(i)
       5.00%   12/31/2049      1,480        1,482,442  
     
     
    Series 2017, RB(i)
       5.00%   12/31/2056      5,170        5,119,923  
     
     
                 18,671,028  
     
     
    Washington-4.33%
         
    Bellevue (City of), WA Convention Center Authority (Compound Interest); Series 1994, Ref. RB(b)(h)
       0.00%   02/01/2025      9,850        9,383,659  
     
     
    Kalispel Tribe of Indians; Series 2018 A, RB(f)
       5.25%   01/01/2038      1,680        1,714,173  
     
     
    Seattle (City of), WA; Series 2023 A, Ref. RB
       5.00%   03/01/2053      3,165        3,361,368  
     
     
    Tacoma (City of), WA; Series 2023, RB(j)
       4.00%   12/01/2047      3,515        3,330,176  
     
     
    Washington (State of);
              
    Series 2004 F, GO Bonds (INS - AMBAC)(g)(h)
       0.00%   12/01/2029      2,120        1,689,726  
     
     
    Series 2019 A, GO Bonds(j)
       5.00%   08/01/2042      2,380        2,500,580  
     
     
    Washington (State of) Convention Center Public Facilities District; Series 2018, RB
       5.00%   07/01/2048      4,410        4,447,304  
     
     
    Washington (State of) Health Care Facilities Authority (Seattle Cancer Care Alliance); Series 2020, Ref. RB
       4.00%   09/01/2045      1,575        1,413,768  
     
     
    Washington (State of) Housing Finance Commission (Bayview Manor Homes);
              
    Series 2016 A, Ref. RB(f)
       5.00%   07/01/2046      550        429,127  
     
     
    Series 2016 A, Ref. RB(f)
       5.00%   07/01/2051      455        342,786  
     
     
    Washington (State of) Housing Finance Commission (Social Certificates); Series 2021‑1A, Revenue Ctfs.
       3.50%   12/20/2035      1,533        1,388,862  
     
     
    Washington (State of) Tobacco Settlement Authority; Series 2013, Ref. RB
       5.25%   06/01/2032      745        734,176  
     
     
                 30,735,705  
     
     
    West Virginia-0.46%
         
    Monongalia (County of), WV Commission Special District (University Town Centre Economic Opportunity Development District); Series 2020, Ref. RB(f)
       7.50%   06/01/2043      1,060        1,150,318  
     
     
    West Virginia (State of) Hospital Finance Authority (West Virginia University Health System Obligated Group); Series 2023, RB
       4.25%   06/01/2047      2,275        2,125,879  
     
     
                 3,276,197  
     
     
    Wisconsin-5.14%
         
    University of Wisconsin Hospitals & Clinics; Series 2018 B, Ref. VRD RB(m)
       2.95%   04/01/2048      2,145        2,145,000  
     
     
    Wisconsin (State of) Center District;
              
    Series 2020 D, RB (INS - AGM)(g)(h)
       0.00%   12/15/2050      8,300        2,250,860  
     
     
    Series 2020 D, RB (INS - AGM)(g)(h)
       0.00%   12/15/2060      37,270        6,043,006  
     
     
    Series 2022, RB(f)
       5.25%   12/15/2061      2,170        2,080,070  
     
     
    Wisconsin (State of) Health & Educational Facilities Authority (Aspirus, Inc. Obligated Group);
              
    Series 2021, RB
       3.00%   08/15/2051      1,060        727,340  
     
     
    Series 2021, RB
       4.00%   08/15/2051      3,545        3,173,807  
     
     
    Wisconsin (State of) Health & Educational Facilities Authority (Froedtert Health); Series 2022 A, Ref. RB
       4.00%   04/01/2042      3,190        2,921,750  
     
     
    Wisconsin (State of) Health & Educational Facilities Authority (Gundersen Health system); Series 2021 A, Ref. RB
       3.00%   10/15/2038      2,140        1,725,910  
     
     
     
    See accompanying Notes to Financial Statements which are an integral part of the financial statements.
     
    19   Invesco Municipal Opportunity Trust

         Interest
    Rate
      Maturity
    Date
       Principal
    Amount
    (000)
         Value  
     
     
    Wisconsin-(continued)
         
    Wisconsin (State of) Health & Educational Facilities Authority (Medical College of Wisconsin); Series 2022, Ref. RB
       4.00%   12/01/2051    $  1,960      $ 1,793,758  
     
     
    Wisconsin (State of) Health & Educational Facilities Authority (Mercy Alliance); Series 2012, RB
       5.00%   06/01/2039      3,000        2,861,816  
     
     
    Wisconsin (State of) Public Finance Authority (American Dream at Meadowlands);
              
    Series 2017, RB(d)(f)
       6.75%   08/01/2031      1,155        808,500  
     
     
    Series 2017, RB(f)
       6.75%   12/01/2042      2,695        2,441,784  
     
     
    Wisconsin (State of) Public Finance Authority (Explore Academy);
              
    Series 2020 A, RB(f)
       6.13%   02/01/2050      530        453,124  
     
     
    Series 2022 A, RB(f)
       6.13%   02/01/2050      575        491,597  
     
     
    Wisconsin (State of) Public Finance Authority (Mallard Creek STEM Academy); Series 2019 A, RB(f)
       5.13%   06/15/2039      790        747,788  
     
     
    Wisconsin (State of) Public Finance Authority (Maryland Proton Treatment Center); Series 2018 A‑1, RB(f)
       6.38%   01/01/2048      835        513,525  
     
     
    Wisconsin (State of) Public Finance Authority (Prime Healthcare Foundation, Inc.);
              
    Series 2018 A, RB
       5.20%   12/01/2037      2,120        2,130,508  
     
     
    Series 2018 A, RB
       5.35%   12/01/2045      2,120        2,059,284  
     
     
    Wisconsin (State of) Public Finance Authority (Roseman University of Health Sciences); Series 2015, Ref. RB
       5.75%   04/01/2035      1,110        1,125,908  
     
     
                 36,495,335  
     
     
    Wyoming-0.18%
         
    University of Wyoming; Series 2021 C, RB (INS - AGM)(g)
       4.00%   06/01/2044      1,350        1,270,235  
     
     
    Total Municipal Obligations (Cost $1,176,961,283)
                 1,141,518,567  
     
     
                  Shares         
    Exchange-Traded Funds-0.09%
         
    Invesco Municipal Strategic Income ETF
    (Cost $627,488)(r)
              12,316        612,384  
     
     
    TOTAL INVESTMENTS IN SECURITIES(s)-160.76% (Cost $1,177,588,771)
                 1,142,130,951  
     
     
    FLOATING RATE NOTE OBLIGATIONS-(10.71)%
              
    Notes with interest and fee rates ranging from 4.58% to 4.63% at 08/31/2023 and contractual maturities of collateral ranging from 06/15/2029 to 11/15/2055 (See Note 1J)(t)
                 (76,095,000 ) 
     
     
    VARIABLE RATE MUNI TERM PREFERRED SHARES-(51.74)%
                 (367,587,246 ) 
     
     
    OTHER ASSETS LESS LIABILITIES-1.69%
                 12,009,943  
     
     
    NET ASSETS APPLICABLE TO COMMON SHARES-100.00%
               $ 710,458,648  
     
     
     
    Investment Abbreviations:
    AGC    - Assured Guaranty Corp.
    AGM    - Assured Guaranty Municipal Corp.
    AMBAC    - American Municipal Bond Assurance Corp.
    BAM    - Build America Mutual Assurance Co.
    CEP    - Credit Enhancement Provider
    COP    - Certificates of Participation
    Ctfs.    - Certificates
    ETF    - Exchange-Traded Fund
    FHLMC    - Federal Home Loan Mortgage Corp.
    GO    - General Obligation
    IDR    - Industrial Development Revenue Bonds
    INS    - Insurer
    LOC    - Letter of Credit
    NATL    - National Public Finance Guarantee Corp.
    PCR    - Pollution Control Revenue Bonds
    RAC    - Revenue Anticipation Certificates
    RB    - Revenue Bonds
    Ref.    - Refunding
    RN    - Revenue Notes
    SIFMA    - Securities Industry and Financial Markets Association
    VRD    - Variable Rate Demand
     
    See accompanying Notes to Financial Statements which are an integral part of the financial statements.
     
    20   Invesco Municipal Opportunity Trust

    Notes to Schedule of Investments:
     
    (a) 
    Calculated as a percentage of net assets. Amounts in excess of 100% are due to the Trust’s use of leverage.
    (b) 
    Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.
    (c) 
    Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.
     
    (d) 
    Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at August 31, 2023 was $5,935,094, which represented less than 1% of the Trust’s Net Assets.
     
    (e) 
    Restricted security. The aggregate value of these securities at August 31, 2023 was $5,270,917, which represented less than 1% of the Trust’s Net Assets.
     
    (f)
    Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2023 was $64,088,864, which represented 9.02% of the Trust’s Net Assets.
     
    (g) 
    Principal and/or interest payments are secured by the bond insurance company listed.
     
    (h) 
    Zero coupon bond issued at a discount.
     
    (i) 
    Security subject to the alternative minimum tax.
     
    (j) 
    Underlying security related to TOB Trusts entered into by the Trust. See Note 1J.
     
    (k) 
    Convertible capital appreciation bond. The interest rate shown represents the coupon rate at which the bond will accrue at a specified future date.
     
    (l) 
    Security is subject to a reimbursement agreement which may require the Trust to pay amounts to a counterparty in the event of a significant decline in the market value of the security underlying the TOB Trusts. In case of a shortfall, the maximum potential amount of payments the Trust could ultimately be required to make under the agreement is $26,590,000. However, such shortfall payment would be reduced by the proceeds from the sale of the security underlying the TOB Trusts.
     
    (m) 
    Demand security payable upon demand by the Trust at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on August 31, 2023.
     
    (n) 
    Security valued using significant unobservable inputs (Level 3). See Note 3.
     
    (o) 
    The issuer is paying less than stated interest, but is not in default on principal because scheduled principal payments have not yet begun.
     
    (p) 
    Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2023.
     
    (q)
    Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary.
     
    (r) 
    Affiliated issuer. The issuer and/or the Trust is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Trust’s transactions in, and earnings from, its investments in affiliates for the six months ended August 31, 2023.
     
             Value
    February 28, 2023
       Purchases
    at Cost
       Proceeds
    from Sales
       Change in
    Unrealized
    Appreciation
    (Depreciation)
      Realized
    Gain
       Value
    August 31, 2023
       Dividend Income
     
     
      
      Invesco Municipal Strategic Income ETF    $613,281    $-     $-     $(897)   $-     $612,384    $12,627
     
     
     
    (s) 
    This table provides a listing of those entities that have either issued, guaranteed, backed or otherwise enhanced the credit quality of more than 5% of the securities held in the portfolio. In instances where the entity has guaranteed, backed or otherwise enhanced the credit quality of a security, it is not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations.
        Entity    Percent  
     
     
     
      
     
    Assured Guaranty Municipal Corp.
         6.16 % 
     
     
     
     
    (t)
    Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at August 31, 2023. At August 31, 2023, the Trust’s investments with a value of $114,128,786 are held by TOB Trusts and serve as collateral for the $76,095,000 in the floating rate note obligations outstanding at that date.
     
    Portfolio Composition
    By credit sector, based on total investments
    As of August 31, 2023
     
    Revenue Bonds
         83.53%  
     
     
    General Obligation Bonds
         12.19     
     
     
    Pre‑Refunded Bonds
         2.91     
     
     
    Other
         1.37     
     
     
     
     
    See accompanying Notes to Financial Statements which are an integral part of the financial statements.
     
    21   Invesco Municipal Opportunity Trust

    Statement of Assets and Liabilities
    August 31, 2023
    (Unaudited)
     
    Assets:
      
    Investments in unaffiliated securities, at value
    (Cost $1,176,961,283)
       $ 1,141,518,567  
     
     
    Investments in affiliates, at value
    (Cost $627,488)
         612,384  
     
     
    Cash
         6,107,150  
     
     
    Receivable for:
      
    Investments sold
         22,148,232  
     
     
    Interest
         11,963,100  
     
     
    Investment for trustee deferred compensation and retirement plans
         31,525  
     
     
    Total assets
         1,182,380,958  
     
     
    Liabilities:
      
    Floating rate note obligations
         76,095,000  
     
     
    Variable rate muni term preferred shares ($0.01 par value, 3,676 shares issued with liquidation preference of $100,000 per share)
         367,587,246  
     
     
    Payable for:
      
    Investments purchased
         26,549,034  
     
     
    Dividends
         48,695  
     
     
    Accrued fees to affiliates
         55,134  
     
     
    Accrued interest expense
         1,426,372  
     
     
    Accrued trustees’ and officers’ fees and benefits
         1,430  
     
     
    Accrued other operating expenses
         85,047  
     
     
    Trustee deferred compensation and retirement plans
         74,352  
     
     
    Total liabilities
         471,922,310  
     
     
    Net assets applicable to common shares
       $ 710,458,648  
     
     
    Net assets applicable to common shares consist of:
      
    Shares of beneficial interest - common shares
       $  847,950,168  
     
     
    Distributable earnings (loss)
         (137,491,520 ) 
     
     
       $  710,458,648  
     
     
    Common shares outstanding, no par value, with an unlimited number of common shares authorized:
      
    Common shares outstanding
         67,440,685  
     
     
    Net asset value per common share
       $ 10.53  
     
     
    Market value per common share
       $ 9.04  
     
     
     
     
    See accompanying Notes to Financial Statements which are an integral part of the financial statements.
     
    22   Invesco Municipal Opportunity Trust

    Statement of Operations
    For the six months ended August 31, 2023
    (Unaudited)
     
    Investment income:
      
    Interest
       $ 27,401,846  
     
     
    Dividends from affiliates
         12,627  
     
     
    Total investment income
         27,414,473  
     
     
    Expenses:
      
    Advisory fees
         3,274,889  
     
     
    Administrative services fees
         53,879  
     
     
    Custodian fees
         5,096  
     
     
    Interest, facilities and maintenance fees
         9,822,118  
     
     
    Transfer agent fees
         17,114  
     
     
    Trustees’ and officers’ fees and benefits
         11,506  
     
     
    Registration and filing fees
         29,630  
     
     
    Reports to shareholders
         24,849  
     
     
    Professional services fees
         54,927  
     
     
    Other
         6,072  
     
     
    Total expenses
         13,300,080  
     
     
    Less: Fees waived
         (1,197 ) 
     
     
    Net expenses
         13,298,883  
     
     
    Net investment income
         14,115,590  
     
     
    Realized and unrealized gain (loss) from:
      
    Net realized gain (loss) from unaffiliated investment securities (includes net gains (losses) from securities sold to affiliates of $ (460,625))
         (4,245,690 ) 
     
     
    Change in net unrealized appreciation (depreciation) of:
      
    Unaffiliated investment securities
         189,200  
     
     
    Affiliated investment securities
         (897 ) 
     
     
         188,303  
     
     
    Net realized and unrealized gain (loss)
         (4,057,387 ) 
     
     
    Net increase in net assets resulting from operations applicable to common shares
       $ 10,058,203  
     
     
     
    See accompanying Notes to Financial Statements which are an integral part of the financial statements.
     
    23   Invesco Municipal Opportunity Trust

    Statement of Changes in Net Assets
    For the six months ended August 31, 2023 and the year ended February 28, 2023
    (Unaudited)
     
         August 31,
    2023
        February 28,
    2023
     
     
     
    Operations:
        
    Net investment income
       $ 14,115,590     $ 33,128,811  
     
     
    Net realized gain (loss)
         (4,245,690 )      (51,025,177 ) 
     
     
    Change in net unrealized appreciation (depreciation)
         188,303       (94,222,597 ) 
     
     
    Net increase (decrease) in net assets resulting from operations applicable to common shares
         10,058,203       (112,118,963 ) 
     
     
    Distributions to common shareholders from distributable earnings
         (14,607,652 )      (33,556,905 ) 
     
     
    Return of capital applicable to common shares
         –       (2,705,966 ) 
     
     
    Total distributions
         (14,607,652 )      (36,262,871 ) 
     
     
    Net increase (decrease) in net assets applicable to common shares
         (4,549,449 )      (148,381,834 ) 
     
     
    Net assets applicable to common shares:
        
    Beginning of period
         715,008,097       863,389,931  
     
     
    End of period
       $ 710,458,648     $ 715,008,097  
     
     
     
    See accompanying Notes to Financial Statements which are an integral part of the financial statements.
     
    24   Invesco Municipal Opportunity Trust

    Statement of Cash Flows
    For the six months ended August 31, 2023
    (Unaudited)
     
    Cash provided by operating activities:
      
    Net increase in net assets resulting from operations applicable to common shares
       $ 10,058,203  
     
     
    Adjustments to reconcile the change in net assets applicable to common shares from operations to net cash provided by operating activities:
      
    Purchases of investments
         (163,810,713 ) 
     
     
    Proceeds from sales of investments
         171,771,667  
     
     
    Proceeds from sales of short-term investments, net
         7,886,338  
     
     
    Amortization of premium on investment securities
         1,664,840  
     
     
    Accretion of discount on investment securities
         (2,136,851 ) 
     
     
    Net realized loss from investment securities
         4,245,690  
     
     
    Net change in unrealized appreciation on investment securities
         (188,303 ) 
     
     
    Change in operating assets and liabilities:
      
     
     
    Decrease in receivables and other assets
         183,393  
     
     
    Increase in accrued expenses and other payables
         110,377  
     
     
    Net cash provided by operating activities
         29,784,641  
     
     
    Cash provided by (used in) financing activities:
      
    Dividends paid to common shareholders from distributable earnings
         (14,616,527 ) 
     
     
    Proceeds of TOB Trusts
         1,165,000  
     
     
    Repayments of TOB Trusts
         (32,155,000 ) 
     
     
    Net cash provided by (used in) financing activities
         (45,606,527 ) 
     
     
    Net decrease in cash and cash equivalents
         (15,821,886 ) 
     
     
    Cash and cash equivalents at beginning of period
         21,929,036  
     
     
    Cash and cash equivalents at end of period
       $ 6,107,150  
     
     
    Supplemental disclosure of cash flow information:
      
    Cash paid during the period for taxes
       $ 21,496  
     
     
    Cash paid during the period for interest, facilities and maintenance fees
       $ 9,563,488  
     
     
     
    See accompanying Notes to Financial Statements which are an integral part of the financial statements.
     
    25   Invesco Municipal Opportunity Trust

    Financial Highlights
    (Unaudited)
    The following schedule presents financial highlights for a share of the Trust outstanding throughout the periods indicated.
     
         Six Months Ended     Years Ended     Year Ended     Year Ended  
         August 31,     February 28,     February 29,     February 28,  
         2023     2023     2022     2021     2020     2019  
     
     
    Net asset value per common share, beginning of period
         $  10.60       $  12.80       $  13.46       $  13.94       $  12.88       $  13.17  
     
     
    Net investment income(a)
         0.21       0.49       0.60       0.64       0.57       0.61  
     
     
    Net gains (losses) on securities (both realized and unrealized)
         (0.06 )      (2.15 )      (0.62 )      (0.51 )      1.09       (0.24 ) 
     
     
    Total from investment operations
         0.15       (1.66 )      (0.02 )      0.13       1.66       0.37  
     
     
    Less:
                
    Dividends paid to common shareholders from net investment income
         (0.22 )      (0.50 )      (0.64 )      (0.61 )      (0.58 )      (0.63 ) 
     
     
    Return of capital
         –       (0.04 )      –       –       (0.02 )      (0.03 ) 
     
     
    Total distributions
         (0.22 )      (0.54 )      (0.64 )      (0.61 )      (0.60 )      (0.66 ) 
     
     
    Net asset value per common share, end of period
         $  10.53       $  10.60       $  12.80       $  13.46       $  13.94       $  12.88  
     
     
    Market value per common share, end of period
         $   9.04       $   9.45       $  11.87       $  13.01       $  12.55       $  11.86  
     
     
    Total return at net asset value(b)
         1.34 %      (12.67 )%      (0.28 )%      1.44 %      13.55 %      3.55 % 
     
     
    Total return at market value(c)
         (2.13 )%      (16.05 )%      (4.33 )%      8.91 %      11.02 %      6.33 % 
     
     
    Net assets applicable to common shares, end of period (000’s omitted)
         $710,459       $715,008       $863,390       $907,693       $939,563       $868,429  
     
     
    Portfolio turnover rate(d)
         15 %      42 %      13 %      20 %      9 %      16 % 
     
     
    Ratios/supplemental data based on average net assets applicable to common shares outstanding:
     
    Ratio of expenses:
                
     
     
    With fee waivers and/or expense reimbursements
         3.64 %(e)       2.84 %      1.55 %      1.86 %      2.58 %      2.66 % 
     
     
    With fee waivers and/or expense reimbursements excluding interest, facilities and maintenance fees
         0.95 %(e)       0.99 %      0.93 %      0.99 %      0.97 %      1.03 % 
     
     
    Without fee waivers and/or expense reimbursements
         3.64 %(e)       2.84 %      1.55 %      1.86 %      2.58 %      2.66 % 
     
     
    Ratio of net investment income to average net assets
         3.85 %(e)       4.43 %      4.39 %      4.80 %      4.24 %      4.71 % 
     
     
    Senior securities:
                
    Total amount of preferred shares outstanding (000’s omitted)
         $367,600       $367,600       $367,600       $367,600       $367,600       $367,600  
     
     
    Asset coverage per preferred share(f)
         $293,269       $294,507       $334,872       $346,924       $355,594       $336,243  
     
     
    Liquidating preference per preferred share
         $100,000       $100,000       $100,000       $100,000       $100,000       $100,000  
     
     
     
    (a) 
    Calculated using average shares outstanding.
     
    (b) 
    Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Not annualized for periods less than one year, if applicable.
     
    (c) 
    Total return assumes an investment at the common share market price at the beginning of the period indicated, reinvestment of all distributions for the period in accordance with the Trust’s dividend reinvestment plan, and sale of all shares at the closing common share market price at the end of the period indicated. Not annualized for periods less than one year, if applicable.
     
    (d) 
    Portfolio turnover is not annualized for periods less than one year, if applicable.
     
    (e) 
    Annualized.
     
    (f) 
    Calculated by subtracting the Trust’s total liabilities (not including preferred shares, at liquidation value) from the Trust’s total assets and dividing this by the total number of preferred shares outstanding.
     
    See accompanying Notes to Financial Statements which are an integral part of the financial statements.
     
    26   Invesco Municipal Opportunity Trust

    Notes to Financial Statements
    August 31, 2023
    (Unaudited)
    NOTE 1–Significant Accounting Policies
    Invesco Municipal Opportunity Trust (the “Trust”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as a closed‑end management investment company.
    The Trust’s investment objective is to provide common shareholders with a high level of current income exempt from federal income tax, consistent with preservation of capital.
     The Trust is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.
     The following is a summary of the significant accounting policies followed by the Trust in the preparation of its financial statements.
    A.
    Security Valuations - Securities, including restricted securities, are valued according to the following policy.
    Securities generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution‑size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a trust may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
    Securities for which market quotations are not readily available are fair valued by Invesco Advisers, Inc. (the “Adviser” or “Invesco”) in accordance with Board-approved policies and related Adviser procedures (“Valuation Procedures”). If a fair value price provided by a pricing service is not representative of market value in the Adviser’s judgment (“unreliable”), the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.
    The Trust may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Trust investments.
    Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
    The price the Trust could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Trust securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Trust could realize a greater or lesser than expected gain or loss upon the sale of the investment.
    B.
    Securities Transactions and Investment Income - Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay‑in‑kind interest income and non‑cash dividend income received in the form of securities in‑lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex‑dividend date.
    The Trust may periodically participate in litigation related to Trust investments. As such, the Trust may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
    Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Trust’s net asset value and, accordingly, they reduce the Trust’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Trust and the investment adviser.
    C.
    Country Determination - For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.
    D.
    Distributions - The Trust declares and pays monthly dividends from net investment income to common shareholders. Distributions from net realized capital gain, if any, are generally declared and paid annually and are distributed on a pro rata basis to common and preferred shareholders.
    E.
    Federal Income Taxes - The Trust intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Trust’s taxable earnings to shareholders. As such, the Trust will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.
    The Trust recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Trust’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
     
    27   Invesco Municipal Opportunity Trust

    In addition, the Trust intends to invest in such municipal securities to allow it to qualify to pay shareholders “exempt dividends”, as defined in the Internal Revenue Code.
    The Trust files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Trust is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
    F.
    Interest, Facilities and Maintenance Fees - Interest, Facilities and Maintenance Fees include interest and related borrowing costs such as commitment fees, rating and bank agent fees, administrative expenses and other expenses associated with establishing and maintaining the line of credit and Variable Rate Muni Term Preferred Shares (“VMTP Shares”). In addition, interest and administrative expenses related to establishing and maintaining floating rate note obligations, if any, are included.
    G.
    Accounting Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Trust monitors for material events or transactions that may occur or become known after the period‑end date and before the date the financial statements are released to print.
    H.
    Indemnifications - Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into contracts, including the Trust’s servicing agreements, that contain a variety of indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.
    I.
    Cash and Cash Equivalents - For the purposes of the Statement of Cash Flows, the Trust defines Cash and Cash Equivalents as cash (including foreign currency), money market funds and other investments held in lieu of cash and excludes investments made with cash collateral received.
    J.
    Floating Rate Note Obligations - The Trust invests in inverse floating rate securities, such as Tender Option Bonds (“TOBs”), for investment purposes and to enhance the yield of the Trust. Such securities may be purchased in the secondary market without first owning an underlying bond but generally are created through the sale of fixed rate bonds by the Trust to special purpose trusts established by a broker dealer or by the Trust (“TOB Trusts”) in exchange for cash and residual interests in the TOB Trusts’ assets and cash flows, which are in the form of inverse floating rate securities. The TOB Trusts finance the purchases of the fixed rate bonds by issuing floating rate notes to third parties and allowing the Trust to retain residual interests in the bonds. The floating rate notes issued by the TOB Trusts have interest rates that reset weekly and the floating rate note holders have the option to tender their notes to the TOB Trusts for redemption at par at each reset date. The residual interests held by the Trust (inverse floating rate securities) include the right of the Trust (1) to cause the holders of the floating rate notes to tender their notes at par at the next interest rate reset date, and (2) to transfer the municipal bond from the TOB Trust to the Trust, thereby collapsing the TOB Trust. Inverse floating rate securities tend to underperform the market for fixed rate bonds in a rising interest rate environment, but tend to outperform the market for fixed rate bonds when interest rates decline or remain relatively stable.
    The Trust generally invests in inverse floating rate securities that include embedded leverage, thus exposing the Trust to greater risks and increased costs. The primary risks associated with inverse floating rate securities are varying degrees of liquidity and decreases in the value of such securities in response to changes in interest rates to a greater extent than fixed rate securities having similar credit quality, redemption provisions and maturity, which may cause the Trust’s net asset value to be more volatile than if it had not invested in inverse floating rate securities. In certain instances, the short-term floating rate notes created by the TOB Trust may not be able to be sold to third parties or, in the case of holders tendering (or putting) such notes for repayment of principal, may not be able to be remarketed to third parties. In such cases, the TOB Trust holding the fixed rate bonds may be collapsed with the entity that contributed the fixed rate bonds to the TOB Trust. In the case where a TOB Trust is collapsed with the Trust, the Trust will be required to repay the principal amount of the tendered securities, which may require the Trust to sell other portfolio holdings to raise cash to meet that obligation. The Trust could therefore be required to sell other portfolio holdings at a disadvantageous time or price to raise cash to meet this obligation, which risk will be heightened during times of market volatility, illiquidity or uncertainty. The embedded leverage in the TOB Trust could cause the Trust to lose more money than the value of the asset it has contributed to the TOB Trust and greater levels of leverage create the potential for greater losses. In addition, a Trust may enter into reimbursement agreements with the liquidity provider of certain TOB transactions in connection with certain residuals held by the Trust. These agreements commit a Trust to reimburse the liquidity provider to the extent that the liquidity provider must provide cash to a TOB Trust, including following the termination of a TOB Trust resulting from a mandatory tender event (“liquidity shortfall”). The reimbursement agreement will effectively make the Trust liable for the amount of the negative difference, if any, between the liquidation value of the underlying security and the purchase price of the floating rate notes issued by the TOB Trust.
    The Trust accounts for the transfer of fixed rate bonds to the TOB Trusts as secured borrowings, with the securities transferred remaining in the Trust’s investment assets, and the related floating rate notes reflected as Trust liabilities under the caption Floating rate note obligations on the Statement of Assets and Liabilities. The carrying amount of the Trust’s floating rate note obligations as reported on the Statement of Assets and Liabilities approximates its fair value. The Trust records the interest income from the fixed rate bonds under the caption Interest and records the expenses related to floating rate obligations and any administrative expenses of the TOB Trusts as a component of Interest, facilities and maintenance fees on the Statement of Operations.
    Final rules implementing section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Volcker Rule”) prohibit banking entities from engaging in proprietary trading of certain instruments and limit such entities’ investments in, and relationships with, “covered funds”, as defined in the rules. These rules preclude banking entities and their affiliates from sponsoring and/or providing services for existing TOB Trusts. A new TOB structure is being utilized by the Trust wherein the Trust, as holder of the residuals, will perform certain duties previously performed by banking entities as “sponsors” of TOB Trusts. These duties may be performed by a third-party service provider. The Trust’s expanded role under the new TOB structure may increase its operational and regulatory risk. The new structure is substantially similar to the previous structure; however, pursuant to the Volcker Rule, the remarketing agent would not be able to repurchase tendered floaters for its own account upon a failed remarketing. In the event of a failed remarketing, a banking entity serving as liquidity provider may loan the necessary funds to the TOB Trust to purchase the tendered floaters. The TOB Trust, not the Trust, would be the borrower and the loan from the liquidity provider will be secured by the purchased floaters now held by the TOB Trust. However, as previously described, the Trust would bear the risk of loss with respect to any liquidity shortfall to the extent it entered into a reimbursement agreement with the liquidity provider.
    Further, the SEC and various banking agencies have adopted rules implementing credit risk retention requirements for asset-backed securities (the “Risk Retention Rules”). The Risk Retention Rules require the sponsor of a TOB Trust to retain at least 5% of the credit risk of the underlying assets supporting the TOB Trust’s municipal bonds. The Trust has adopted policies intended to comply with the Risk Retention Rules. The Risk Retention Rules may adversely affect the Trust’s ability to engage in TOB Trust transactions or increase the costs of such transactions in certain circumstances.
    There can be no assurances that the new TOB structure will continue to be a viable form of leverage. Further, there can be no assurances that alternative forms of leverage will be available to the Trust in order to maintain current levels of leverage. Any alternative forms of leverage may be less advantageous to the Trust, and may adversely affect the Trust’s net asset value, distribution rate and ability to achieve its investment objective.
    TOBs are presently classified as private placement securities. Private placement securities are subject to restrictions on resale because they have not been registered under the Securities Act of 1933, as amended (the “1933 Act”), or are otherwise not readily marketable. As a result of the absence of a public trading market for these securities, they may be less liquid than publicly traded securities. Although atypical, these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by the Trust or less than what may be considered the fair value of such securities.
     
    28   Invesco Municipal Opportunity Trust

    K.
    Other Risks - The value of, payment of interest on, repayment of principal for and the ability to sell a municipal security may be affected by constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives and the economics of the regions in which the issuers are located. Since many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal securities market and the Trust’s investments in municipal securities. There is some risk that a portion or all of the interest received from certain tax‑free municipal securities could become taxable as a result of determinations by the Internal Revenue Service.
    Increases in the federal funds and equivalent foreign rates or other changes to monetary policy or regulatory actions may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. It is difficult to predict the impact of interest rate changes on various markets. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Trust’s investments and share price may decline. Changes in central bank policies could also result in higher than normal redemptions by shareholders, which could potentially increase the Trust’s portfolio turnover rate and transaction costs.
    Policy changes by the U.S. government or its regulatory agencies and political events within the U.S. and abroad may, among other things, affect investor and consumer confidence and increase volatility in the financial markets, perhaps suddenly and to a significant degree, which may adversely impact the Trust’s operations, universe of potential investment options, and return potential.
    NOTE 2–Advisory Fees and Other Fees Paid to Affiliates
    The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Trust accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of 0.55% of the Trust’s average daily managed assets. Managed assets for this purpose means the Trust’s net assets, plus assets attributable to outstanding preferred shares and the amount of any borrowings incurred for the purpose of leverage (whether or not such borrowed amounts are reflected in the Trust’s financial statements for purposes of GAAP).
     Under the terms of a master sub‑advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the “Affiliated Sub‑Advisers”) the Adviser, not the Trust, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub‑Adviser(s) that provide(s) discretionary investment management services to the Trust based on the percentage of assets allocated to such Affiliated Sub‑Adviser(s).
     The Adviser has contractually agreed, through at least June 30, 2025, to waive the advisory fee payable by the Trust in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Trust of uninvested cash in such affiliated money market funds.
     For the six months ended August 31, 2023, the Adviser waived advisory fees of $1,197.
     The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Trust has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Trust. For the six months ended August 31, 2023, expenses incurred under this agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub‑administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Trust. Pursuant to a custody agreement with the Trust, SSB also serves as the Trust’s custodian.
     Certain officers and trustees of the Trust are officers and directors of Invesco.
    NOTE 3–Additional Valuation Information
    GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
    Level 1 -   Prices are determined using quoted prices in an active market for identical assets.
    Level 2 -   Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
    Level 3 -   Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.
     The following is a summary of the tiered valuation input levels, as of August 31, 2023. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
     
         Level 1             Level 2             Level 3             Total  
     
     
    Investments in Securities
                                          
     
     
    Municipal Obligations
       $ –         $ 1,141,026,592         $ 491,975         $ 1,141,518,567  
     
     
    Exchange-Traded Funds
         612,384            –            –           612,384  
     
     
    Total Investments
       $ 612,384         $ 1,141,026,592         $ 491,975         $ 1,142,130,951  
     
     
    NOTE 4–Security Transactions with Affiliated Funds
    The Trust is permitted to purchase securities from or sell securities to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Trust from or to another fund that is or could be considered an “affiliated person” by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers is made in reliance on Rule 17a‑7 of the 1940 Act and, to the extent applicable, related SEC staff positions. Each such transaction is effected at the security’s “current market price”, as provided for in these procedures and Rule 17a‑7. Pursuant to these procedures, for the six months ended August 31, 2023, the Trust engaged in securities purchases of $20,789,265 and securities sales of $7,276,266, which resulted in net realized gains (losses) of $(460,625).
     
    29   Invesco Municipal Opportunity Trust

    NOTE 5–Trustees’ and Officers’ Fees and Benefits
    Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Trust to pay remuneration to certain Trustees and Officers of the Trust. Trustees have the option to defer compensation payable by the Trust, and “Trustees’ and Officers’ Fees and Benefits” includes amounts accrued by the Trust to fund such deferred compensation amounts.
    NOTE 6–Cash Balances and Borrowings
    The Trust is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period‑end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Trust may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.
     Inverse floating rate obligations resulting from the transfer of bonds to TOB Trusts are accounted for as secured borrowings. The average floating rate notes outstanding and average annual interest and fee rate related to inverse floating rate note obligations during the six months ended August 31, 2023 were $89,136,429 and 3.98%, respectively.
    NOTE 7–Tax Information
    The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Trust’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Trust’s fiscal year‑end.
     Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Trust to utilize. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
     The Trust had a capital loss carryforward as of February 28, 2023, as follows:
     
    Capital Loss Carryforward*
    Expiration    Short-Term           Long-Term           Total
     
    Not subject to expiration
       $53,316,967             $43,114,176             $96,431,143
     
     
    *
    Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.
    NOTE 8–Investment Transactions
    The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Trust during the six months ended August 31, 2023 was $171,724,826 and $184,624,677, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period‑end.
     
    Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
     
    Aggregate unrealized appreciation of investments
         $  15,506,110  
     
     
    Aggregate unrealized (depreciation) of investments
         (51,753,340 ) 
     
     
    Net unrealized appreciation (depreciation) of investments
         $(36,247,230 ) 
     
     
     Cost of investments for tax purposes is $1,178,378,181.
    NOTE 9–Common Shares of Beneficial Interest
    Transactions in common shares of beneficial interest were as follows:
     
         Six Months Ended
    August 31,
         Year Ended
    February 28,
     
         2023      2023  
     
     
    Beginning shares
         67,440,685        67,440,685  
     
     
    Shares issued through dividend reinvestment
         –          –  
     
     
    Ending shares
         67,440,685        67,440,685  
     
     
     The Trust may, when appropriate, purchase shares in the open market or in privately negotiated transactions at a price not above market value or net asset value, whichever is lower at the time of purchase.
    NOTE 10–Variable Rate Muni Term Preferred Shares
    The Trust issued Series 2015/6‑VMO VMTP Shares, with a liquidation preference of $100,000 per share, pursuant to an offering exempt from registration under the 1933 Act. As of August 31, 2023, the VMTP Shares outstanding were as follows:
     
    Issue Date   Shares Issued   Term Redemption Date   Extension Date
     
    05/09/2012
      3,676   12/01/2024   06/01/2021
     
     VMTP Shares are a variable-rate form of preferred shares with a mandatory redemption date, unless earlier redeemed, repurchased or extended, and are considered debt for financial reporting purposes. VMTP Shares are subject to optional and mandatory redemption in certain circumstances. The redemption price per share is equal to the sum of the liquidation preference per share plus any accumulated but unpaid dividends and a redemption premium, if any. On or prior to the redemption date, the Trust will be required to segregate assets having a value equal to 110% of the redemption amount.
     The Trust incurs costs in connection with the issuance and/or the extension of the VMTP Shares. These costs are recorded as a deferred charge and are amortized over the term life of the VMTP Shares. Amortization of these costs is included in Interest, facilities and maintenance fees on the Statement of Operations, and the unamortized balance is included in the value of Variable rate muni term preferred shares on the Statement of Assets and Liabilities.
     
    30   Invesco Municipal Opportunity Trust

     Dividends paid on the VMTP Shares (which are treated as interest expense for financial reporting purposes) are declared daily and paid monthly. The initial rate for dividends was equal to the sum of 1.10% per annum plus the Securities Industry and Financial Markets Association Municipal Swap Index (the “SIFMA” Index). As of August 31, 2023, the dividend rate is equal to the SIFMA Index plus a spread of 1.05%, which is based on the long term preferred share ratings assigned to the VMTP Shares by a ratings agency. The average aggregate liquidation preference outstanding and the average annualized dividend rate of the VMTP Shares during the six months ended August 31, 2023 were $367,600,000 and 4.33%, respectively.
     The Trust utilizes the VMTP Shares as leverage in order to enhance the yield of its common shareholders. The primary risk associated with VMTP Shares is exposing the net asset value of the common shares and total return to increased volatility if the value of the Trust decreases while the value of the VMTP Shares remains unchanged. Fluctuations in the dividend rates on the VMTP Shares can also impact the Trust’s yield or its distributions to common shareholders. The Trust is subject to certain restrictions relating to the VMTP Shares, such as maintaining certain asset coverage and leverage ratio requirements. Failure to comply with these restrictions could preclude the Trust from declaring any distributions to common shareholders or purchasing common shares and/or could trigger an increased rate which, if not cured, could cause the mandatory redemption of VMTP Shares at the liquidation preference plus any accumulated but unpaid dividends.
     The liquidation preference of VMTP Shares, which approximates fair value, is recorded as a liability under the caption Variable rate muni term preferred shares on the Statement of Assets and Liabilities. The fair value of VMTP Shares is expected to be approximately their liquidation preference so long as the credit rating on the VMTP Shares, and therefore the “spread” on the VMTP Shares (determined in accordance with the VMTP Shares’ governing document) remains unchanged. At period‑end, the Trust’s Adviser has determined that fair value of VMTP Shares is approximately their liquidation preference. Fair value could vary if market conditions change materially. Unpaid dividends on VMTP Shares are recognized as Accrued interest expense on the Statement of Assets and Liabilities. Dividends paid on VMTP Shares are recognized as a component of Interest, facilities and maintenance fees on the Statement of Operations.
    NOTE 11–Dividends
    The Trust declared the following dividends to common shareholders from net investment income subsequent to August 31, 2023:
     
    Declaration Date    Amount per Share    Record Date      Payable Date  
     
     
    September 1, 2023
       $0.0340      September 15, 2023        September 29, 2023  
     
     
    October 2, 2023
       $0.0340      October 16, 2023        October 31, 2023  
     
     
     
    31   Invesco Municipal Opportunity Trust

    Approval of Investment Advisory and Sub-Advisory Contracts
     
     
    At meetings held on June 13, 2023, the Board of Trustees (the Board or the Trustees) of Invesco Municipal Opportunity Trust (the Fund) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Fund’s Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub‑Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub‑Advisers and the sub‑advisory contracts) for another year, effective July 1, 2023. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub‑advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub‑Advisers is fair and reasonable.
    The Board’s Evaluation Process
    The Board has established an Investments Committee, which in turn has established Sub‑Committees, that meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub‑Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review information about investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the annual review process for the Invesco Funds’ investment advisory and sub‑advisory contracts. The Board took into account evaluations and reports that it received from its committees and sub‑committees, as well as the information provided to the Board and its committees and sub‑committees throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement and sub‑advisory contracts.
     As part of the contract renewal process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal
    process to ensure they are negotiated in a manner that is at arms’ length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 2, 2023 and June 13, 2023, the independent Trustees also discussed the continuance of the investment advisory agreement and sub‑advisory contracts in separate sessions with the Senior Officer and with independent legal counsel. Also, as part of the contract renewal process, the independent Trustees reviewed and considered information provided in response to follow‑up requests for information submitted by the independent Trustees to management. The independent Trustees met and discussed those follow‑up responses with legal counsel to the independent Trustees and the Senior Officer.
     The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub‑advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub‑advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 13, 2023.
    Factors and Conclusions and Summary of Independent Written Fee Evaluation
    A.
    Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub‑Advisers
    The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board considered recent senior management changes at Invesco and Invesco Advisers, including the appointment of new Co‑Heads of Investments, that had been presented to and discussed with the Board. The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco’s methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco’s ability to attract and retain talent. The Board considered the additional services provided to the Fund due to the fact that the Fund is a closed‑end fund, including, but not limited to, leverage management and monitoring, evaluating, and, where appropriate, making
    recommendations with respect to the Fund’s trading discount, share repurchase program, and distribution rates, as well as shareholder relations activities. The Board received a description of, and reports related to, Invesco Advisers’ global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non‑advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers’ systems preparedness and ongoing investment enabled Invesco Advisers to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.
     The Board reviewed the services that may be provided to the Fund by the Affiliated Sub‑Advisers under the sub‑advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub‑Advisers who provide these services. The Board noted the Affiliated Sub‑Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub‑Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub‑Advisers can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. The Board concluded that the sub‑advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub‑Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub‑Advisers are appropriate and satisfactory.
    B.
    Fund Investment Performance
    The Board considered Fund investment performance as a relevant factor 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‑advisory contracts for the Fund, as no Affiliated Sub‑Adviser currently manages assets of the Fund.
     The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2022 to the performance of funds in the Broadridge performance universe and against the S&P Municipal Bond 5+ Year Investment Grade Index (Index). The Board noted that the Fund’s performance was in the fourth quintile of its performance universe for the one and five year periods and the third quintile for the three year period (the first quintile
     
     
    32   Invesco Municipal Opportunity Trust

    being the best performing funds and the fifth quintile being the worst performing funds). 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 lower exposure to credit and longer duration positioning had detracted from Fund performance relative to peers. The Board further considered the Fund’s performance in light of the income component of the Fund’s investment objective. 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 and Sub‑Advisory Fees and Fund Expenses
    The Board 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 fee rate for shares of the Fund was the below the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non‑portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund‑by‑fund basis 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 breakpoints) as reported in the most recent audited annual reports for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.
     The Board noted that Invesco Advisers and the Affiliated Sub‑Advisers do not manage other similarly managed mutual funds or client accounts.
     The Board also considered the services that may be provided by the Affiliated Sub‑Advisers pursuant to the sub‑advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub‑Advisers pursuant to the sub‑advisory contracts.
    D.
    Economies of Scale and Breakpoints
    The Board noted that most closed‑end funds do not have fund level breakpoints because closed‑end funds generally do not experience substantial asset growth after the initial public offering. The Board acknowledged the difficulty in calculating and measuring economies of scale at the individual fund level; noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board noted that the Fund does not benefit from economies of scale through contractual breakpoints, but does share in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment in its business, including investments in business infrastructure, technology and cybersecurity.
    E.
    Profitability and Financial Resources
    The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund‑by‑fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers’ support for and commitment to an Invesco Fund are not, however, solely dependent on the profits realized as to that Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub‑Advisers are financially sound and have the resources necessary to perform their obligations under the sub‑advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.
    F.
    Collateral Benefits to Invesco Advisers and its Affiliates
    The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund. The Board considered the organizational structure employed to provide these services.
     The Board considered that the Fund’s uninvested cash may be invested in registered money market funds advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund’s investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash.
     
     
    33   Invesco Municipal Opportunity Trust

     
     
     
     
    Proxy Results
    A Joint Annual Meeting (“Meeting”) of Shareholders of Invesco Municipal Opportunity Trust (the “Fund”) was held on August 3, 2023. The Meeting was held for the following purpose:
    (1). Election of Trustees by Common Shareholders and Preferred Shareholders voting together as a single class.
    (2). Election of Trustees by Preferred Shareholders voting as a separate class.
    The results of the voting on the above matters were as follows:
     
         Matters    Votes For     
    Votes
    Withheld
     
     
     
    (1).
       Beth Ann Brown      50,567,352.95        4,408,438.22  
       Joel W. Motley      50,426,172.92        4,549,618.25  
       Teresa M. Ressel      50,134,331.92        4,841,459.26  
    (2).
       Anthony J. LaCava, Jr.      3,676.00        0.00  
     
    34   Invesco Municipal Opportunity Trust

     
     
    (This page intentionally left blank)
     
     
     
     
     

     
     
     
     
     
    Correspondence information
    Send general correspondence to Computershare Trust Company, N.A., P.O. Box 505000, Louisville, KY 40233-5000.
     
     
    Trust holdings and proxy voting information
    The Trust provides a complete list of its portfolio holdings four times each fiscal year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Trust’s semiannual and annual reports to shareholders. For the first and third quarters, the Trust files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N‑PORT. The most recent list of portfolio holdings is available at invesco.com/us. Shareholders can also look up the Trust’s Form N‑PORT filings on the SEC website at sec.gov. The SEC file number for the Trust is shown below.
     A description of the policies and procedures that the Trust uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 341 2929 or at invesco.com/ corporate/about‑us/esg. The information is also available on the SEC website, sec.gov.
     Information regarding how the Trust voted proxies related to its portfolio securities during the most recent 12‑month period ended June 30 is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov.
     
    LOGO
     
    SEC file number(s): 811‑06567      VK‑CE‑MOPP‑SAR‑1          


    (b) Not applicable.

     

    ITEM 2.

    CODE OF ETHICS.

    Not applicable for a semi-annual report.

     

    ITEM 3.

    AUDIT COMMITTEE FINANCIAL EXPERT.

    Not applicable.

     

    ITEM 4.

    PRINCIPAL ACCOUNTANT FEES AND SERVICES.

    Not applicable.

     

    ITEM 5.

    AUDIT COMMITTEE OF LISTED REGISTRANTS.

    Not applicable.

     

    ITEM 6.

    SCHEDULE OF INVESTMENTS.

    Investments in securities of unaffiliated issuers is included as part of the reports to stockholders filed under Item 1 of this Form.

     

    ITEM 7.

    DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

    Not applicable.

     

    ITEM 8.

    PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

    As of August 31, 2023, the following individuals are jointly and primarily responsible for the day-to-day management of the Trust:

     

      •  

    Mark Paris, Portfolio Manager, who has been responsible for the Trust since 2015 and has been associated with Invesco and/or its affiliates since 2010.

     

      •  

    Jack Connelly, Portfolio Manager, who has been responsible for the Trust since 2016 and has been associated with Invesco and/or its affiliates since 2016.

     

      •  

    Joshua Cooney, Portfolio Manager, who has been responsible for the Trust since 2021 and has been associated with Invesco and/or its affiliates since 1999.

     

      •  

    Tim O’Reilly, Portfolio Manager, who has been responsible for the Trust since 2016 and has been associated with Invesco and/or its affiliates since 2010.

     

      •  

    John Schorle, Portfolio Manager, who has been responsible for the Trust since 2018 and has been associated with Invesco and/or its affiliates since 2010.

     

      •  

    Rebecca Setcavage, Portfolio Manager, who has been responsible for the Trust since 2021 and has been associated with Invesco and/or its affiliates since 2019. Ms. Setcavage was associated with OppenheimerFunds, a global asset management firm, since 2017.

     

      •  

    Julius Williams, Portfolio Manager, who has been responsible for the Trust since 2015 and has been associated with Invesco and/or its affiliates since 2010.


    Portfolio Manager Fund Holdings and Information on Other Managed Accounts

    Invesco’s portfolio managers develop investment models which are used in connection with the management of certain Invesco Funds as well as other mutual funds for which Invesco or an affiliate acts as sub-adviser, other pooled investment vehicles that are not registered mutual funds, and other accounts managed for organizations and individuals. The ‘Investments’ chart reflects the portfolio managers’ investments in the Fund(s) that they manage and includes investments in the Fund’s shares beneficially owned by a portfolio manager, as determined in accordance with Rule 16a-1(a)(2) under the Securities Exchange Act of 1934, as amended (beneficial ownership includes ownership by a portfolio manager’s immediate family members sharing the same household). The ‘Assets Managed’ chart reflects information regarding accounts other than the Funds for which each portfolio manager has day-to-day management responsibilities. Accounts are grouped into three categories: (i) other registered investment companies; (ii) other pooled investment vehicles; and (iii) other accounts. To the extent that any of these accounts pay advisory fees that are based on account performance (performance-based fees), information on those accounts is specifically noted. In addition, any assets denominated in foreign currencies have been converted into U.S. dollars using the exchange rates as of the applicable date.

    Investments

    The following information is as of August 31, 2023 (unless otherwise noted):

     

    Portfolio Managers

      

    Dollar Range

    of Investments

    in the Fund

          
    Invesco Municipal Opportunity Trust

    Mark Paris

       None

    Jack Connelly

       None

    Joshua Cooney

       None

    Tim O’Reilly

       None

    John Schorle

       None

    Rebecca Setcavage

       None

    Julius Williams

       None


    Assets Managed

    The following information is as of August 31, 2023 (unless otherwise noted):

     

    Portfolio Managers

       Other Registered
    Investment Companies
    Managed
         Other Pooled Investment
    Vehicles Managed
         Other
    Accounts
    Managed
     
         Number of
    Accounts
         Assets
    (in millions)
         Number of
    Accounts
         Assets
    (in millions)
         Number of
    Accounts
        Assets
    (in millions)
     
    Invesco Municipal Opportunity Trust  

    Mark Paris

         26      $ 45,712.2        None        None         2 1    $ 224.1 1 

    Jack Connelly

         14      $ 22,812.9        None        None        2 1    $ 224.1 1 

    Joshua Cooney

         13      $ 16,077.8        None        None        None       None  

    Tim O’Reilly

         26      $ 45,731.6        None        None        2 1    $ 224.1 1 

    John Schorle

         16      $ 22,852.4        None        None        2 1    $ 224.1 1 

    Rebecca Setcavage

         8      $ 10,785.9        None        None        None       None  

    Julius Williams

         26      $ 45,731.6        None        None        2 1    $ 224.1 1 

    Potential Conflicts of Interest

    Actual or apparent conflicts of interest may arise when a portfolio manager has day-to-day management responsibilities with respect to more than one Fund or other account. More specifically, portfolio managers who manage multiple Funds and/or other accounts may be presented with one or more of the following potential conflicts:

     

      •  

    The management of multiple Funds and/or other accounts may result in a portfolio manager devoting unequal time and attention to the management of each Fund and/or other account. The Adviser and each Sub-Adviser seek to manage such competing interests for the time and attention of portfolio managers by having portfolio managers focus on a particular investment discipline. Most other accounts managed by a portfolio manager are managed using the same investment models that are used in connection with the management of the Funds.

     

      •  

    If a portfolio manager identifies a limited investment opportunity which may be suitable for more than one Fund or other account, a Fund may not be able to take full advantage of that opportunity due to an allocation of filled purchase or sale orders across all eligible Funds and other accounts. To deal with these situations, the Adviser, each Sub-Adviser and the Funds have adopted procedures for allocating portfolio transactions across multiple accounts.

     

      •  

    The Adviser and each Sub-Adviser determine which broker to use to execute each order for securities transactions for the Funds, consistent with its duty to seek best execution of the transaction. However, for certain other accounts (such as mutual funds for which Invesco or an affiliate acts as sub-adviser, other pooled investment vehicles that are not registered mutual funds, and other accounts managed for organizations and individuals), the Adviser and each Sub-Adviser may be limited by the client with respect to the selection of brokers or may be instructed to direct trades through a particular broker. In these cases, trades for a Fund in a particular security may be placed separately from, rather than aggregated with, such other accounts. Having separate transactions with respect to a security may temporarily affect the market price of the security or the execution of the transaction, or both, to the possible detriment of the Fund or other account(s) involved.

     

      •  

    The appearance of a conflict of interest may arise where the Adviser or Sub-Adviser has an incentive, such as a performance-based management fee, which relates to the management of one Fund or account but not all Funds and accounts for which a portfolio manager has day-to-day management responsibilities. None of the Invesco Fund accounts managed have a performance fee.

     

      •  

    In the case of a fund-of-funds arrangement, including where a portfolio manager manages both the investing Fund and an affiliated underlying fund in which the investing Fund invests or may invest, a conflict of interest may arise if the portfolio manager of the investing Fund receives material nonpublic information about the underlying fund. For example, such a conflict may restrict the ability of the portfolio manager to buy or sell securities of the underlying Fund, potentially for a prolonged period of time, which may adversely affect the Fund.

     

    1 

    These are accounts of individual investors for which Invesco provides investment advice. Invesco offers separately managed accounts that are managed according to the investment models developed by its portfolio managers and used in connection with the management of certain Invesco Funds. These accounts may be invested in accordance with one or more of those investment models and investments held in those accounts are traded in accordance with the applicable models.


    The Adviser, each Sub-Adviser, and the Funds have adopted certain compliance procedures which are designed to address these types of conflicts. However, there is no guarantee that such procedures will detect each and every situation in which a conflict arises.

    Description of Compensation Structure

    For the Adviser and each Sub-Adviser

    The Adviser and each Sub-Adviser seek to maintain a compensation program that is competitively positioned to attract and retain high-caliber investment professionals. Portfolio managers receive a base salary, an incentive cash bonus opportunity and a deferred compensation opportunity. Portfolio manager compensation is reviewed and may be modified each year as appropriate to reflect changes in the market, as well as to adjust the factors used to determine bonuses to promote competitive Fund performance. The Adviser and each Sub-Adviser evaluate competitive market compensation by reviewing compensation survey results conducted by an independent third party of investment industry compensation. Each portfolio manager’s compensation consists of the following three elements:

    Base Salary. Each portfolio manager is paid a base salary. In setting the base salary, the Adviser and each Sub-Adviser’s intention is to be competitive in light of the particular portfolio manager’s experience and responsibilities.

    Annual Bonus. The portfolio managers are eligible, along with other employees of the Adviser and each Sub-Adviser, to participate in a discretionary year-end bonus pool. The Compensation Committee of Invesco Ltd. reviews and approves the firm-wide bonus pool based upon progress against strategic objectives and annual operating plan, including investment performance and financial results. In addition, while having no direct impact on individual bonuses, assets under management are considered when determining the starting bonus funding levels. Each portfolio manager is eligible to receive an annual cash bonus which is based on quantitative (i.e. investment performance) and non-quantitative factors (which may include, but are not limited to, individual performance, risk management and teamwork).

    Each portfolio manager’s compensation is linked to the pre-tax investment performance of the Funds/accounts managed by the portfolio manager as described in Table 1 below.

    Table 1

     

    Sub-Adviser

      

    Performance time period2

    Invesco 3

    Invesco Canada3

    Invesco Deutschland3

    Invesco Hong Kong3

    Invesco Asset Management3

    Invesco India3

    Invesco Listed Real Assets Division3

       One-, Three- and Five-year performance against Fund peer group

    Invesco Senior Secured3, 4

    Invesco Capital3,5

       Not applicable
    Invesco Japan    One-, Three- and Five-year performance

    High investment performance (against applicable peer group and/or benchmarks) would deliver compensation generally associated with top pay in the industry (determined by reference to the third-party provided compensation survey information) and poor investment performance (versus applicable peer group) would result in low bonus compared to the applicable peer group or no bonus at all. These decisions are reviewed and approved collectively by senior leadership which has responsibility for executing the compensation approach across the organization.

     

    2 

    Rolling time periods based on calendar year-end.

    3 

    Portfolio Managers may be granted an annual deferral award that vests on a pro-rata basis over a four-year period.

    4 

    Invesco Senior Secured’s bonus is based on annual measures of equity return and standard tests of collateralization performance.

    5 

    Portfolio Managers for Invesco Capital base their bonus on Invesco results as well as overall performance of Invesco Capital.


    With respect to Invesco Capital, there is no policy regarding, or agreement with, the Portfolio Managers or any other senior executive of the Adviser to receive bonuses or any other compensation in connection with the performance of any of the accounts managed by the Portfolio Managers.

    Deferred / Long Term Compensation. Portfolio managers may be granted a deferred compensation award based on a firm-wide bonus pool approved by the Compensation Committee of Invesco Ltd. Deferred compensation awards may take the form of annual deferral awards or long-term equity awards. Annual deferral awards may be granted as an annual stock deferral award or an annual fund deferral award. Annual stock deferral awards are settled in Invesco Ltd. common shares. Annual fund deferral awards are notionally invested in certain Invesco Funds selected by the Portfolio Manager and are settled in cash. Long-term equity awards are settled in Invesco Ltd. common shares. Both annual deferral awards and long-term equity awards have a four-year ratable vesting schedule. The vesting period aligns the interests of the Portfolio Managers with the long-term interests of clients and shareholders and encourages retention.

    Retirement and health and welfare arrangements. Portfolio managers are eligible to participate in retirement and health and welfare plans and programs that are available generally to all employees.

     

    ITEM 9.

    PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

    Not applicable.

     

    ITEM 10.

    SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

    None.


    ITEM 11.

    CONTROLS AND PROCEDURES.

     

      (a)

    As of October 17, 2023, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the PEO and PFO, to assess the effectiveness of the Registrant’s disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of October 17, 2023, the Registrant’s disclosure controls and procedures were reasonably designed to ensure: (1) that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure.

     

      (b)

    There have been no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

     

    ITEM 12.

    DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

    Not applicable.

     

    ITEM 13.    EXHIBITS.
    13(a) (1)    Not applicable.
    13(a) (2)    Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002.
    13(a) (3)    Not applicable.
    13(a) (4)    Not applicable.
    13(b)    Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(b) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002.


    SIGNATURES

    Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

    Registrant: Invesco Municipal Opportunity Trust

     

    By:  

    /s/ Glenn Brightman

      Glenn Brightman
      Principal Executive Officer
    Date:   November 6, 2023

    Pursuant to the requirements of the Securities and Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

     

    By:  

    /s/ Glenn Brightman

      Glenn Brightman
      Principal Executive Officer
    Date:   November 6, 2023

     

    By:  

    /s/ Adrien Deberghes

      Adrien Deberghes
      Principal Financial Officer
    Date:   November 6, 2023
    Get the next $VMO alert in real time by email

    Chat with this insight

    Save time and jump to the most important pieces.

    Recent Analyst Ratings for
    $VMO

    DatePrice TargetRatingAnalyst
    More analyst ratings

    $VMO
    Insider Trading

    Insider transactions reveal critical sentiment about the company from key stakeholders. See them live in this feed.

    See more
    • New insider Perkin Edward J. claimed no ownership of stock in the company (SEC Form 3)

      3 - Invesco Municipal Opportunity Trust (0000884152) (Issuer)

      1/10/25 10:34:52 AM ET
      $VMO
      Trusts Except Educational Religious and Charitable
      Finance
    • Jpmorgan Chase Bank, N.A. disposed of 552 units of Variable Rate Muni Term Preferred Shares (SEC Form 4)

      4 - Invesco Municipal Opportunity Trust (0000884152) (Issuer)

      6/4/24 2:41:07 PM ET
      $VMO
      Trusts Except Educational Religious and Charitable
      Finance
    • New insider Liddy James P claimed no ownership of stock in the company (SEC Form 3)

      3 - Invesco Municipal Opportunity Trust (0000884152) (Issuer)

      1/29/24 3:54:52 PM ET
      $VMO
      Trusts Except Educational Religious and Charitable
      Finance

    $VMO
    Press Releases

    Fastest customizable press release news feed in the world

    See more
    • Invesco Closed-End Funds Declare Dividends

      ATLANTA, May 1, 2025 /PRNewswire/ -- The Board of Trustees of each of the Invesco closed-end funds listed below declared dividends. EX-DATE RECORD DATE REINVEST DATE PAYABLE DATE 5/16/2025 5/16/2025 5/30/2025 5/30/2025   Name of Closed-EndManagement Investment Company   Ticker Monthly Dividend Per Share Change From Prior Distribution % Change From Prior Distribution Invesco Advantage Municipal Income Trust II VKI $0.05591 - - Invesco Bond Fund VBF $0.0700 - - Invesco California Value Municipal Income Trust   VCV $0.0646 - - Invesco High Income Trust II VLT $0.09641 - - Inv

      5/1/25 12:00:00 PM ET
      $IIM
      $IQI
      $IVZ
      $OIA
      Investment Managers
      Finance
      Finance Companies
      Trusts Except Educational Religious and Charitable
    • Invesco Closed-End Funds Announce Unchanged Distribution Rates for Invesco Senior Income Trust (NYSE: VVR) and Invesco High Income Trust II (NYSE: VLT) and Declare Dividends

      ATLANTA, March 24, 2025 /PRNewswire/ -- The Board of Trustees authorized several Invesco closed-end funds to declare dividends.  Last week, Invesco Advisors, Inc., a subsidiary of Invesco Ltd. (NYSE:IVZ), announced that the Board of Trustees of each of two closed-end funds, Invesco Senior Income Trust (NYSE:VVR) and Invesco High Income Trust II (NYSE:VLT), removed the Managed Distribution Plans (MDP) with respect to each fund. The removal of the MDPs does not mean that the funds' monthly distributions are being eliminated, or that the monthly frequency and timing of distributi

      3/24/25 4:57:00 PM ET
      $IIM
      $IQI
      $IVZ
      $OIA
      Investment Managers
      Finance
      Finance Companies
      Trusts Except Educational Religious and Charitable
    • Invesco Closed-End Funds Declare Dividends

      ATLANTA, Feb. 3, 2025 /PRNewswire/ --  The Board of Trustees of each of the Invesco closed-end funds listed below declared dividends. EX-DATE RECORD DATE REINVEST DATE PAYABLE DATE 2/18/2025 2/18/2025 2/28/2025 2/28/2025   Name of Closed-EndManagement Investment Company   Ticker Monthly Dividend Per Share Change From Prior Distribution % Change From Prior Distribution Invesco Advantage Municipal Income Trust II VKI $0.05591 - - Invesco Bond Fund VBF $0.0700 - - Invesco California Value Municipal Income Trust   VCV $0.06461 - - Invesco Municipal Income Opportunities Trust  

      2/3/25 12:00:00 PM ET
      $IIM
      $IQI
      $IVZ
      $OIA
      Investment Managers
      Finance
      Finance Companies
      Trusts Except Educational Religious and Charitable

    $VMO
    Financials

    Live finance-specific insights

    See more
    • Invesco Closed-End Funds Declare Dividends

      ATLANTA, May 1, 2025 /PRNewswire/ -- The Board of Trustees of each of the Invesco closed-end funds listed below declared dividends. EX-DATE RECORD DATE REINVEST DATE PAYABLE DATE 5/16/2025 5/16/2025 5/30/2025 5/30/2025   Name of Closed-EndManagement Investment Company   Ticker Monthly Dividend Per Share Change From Prior Distribution % Change From Prior Distribution Invesco Advantage Municipal Income Trust II VKI $0.05591 - - Invesco Bond Fund VBF $0.0700 - - Invesco California Value Municipal Income Trust   VCV $0.0646 - - Invesco High Income Trust II VLT $0.09641 - - Inv

      5/1/25 12:00:00 PM ET
      $IIM
      $IQI
      $IVZ
      $OIA
      Investment Managers
      Finance
      Finance Companies
      Trusts Except Educational Religious and Charitable
    • Invesco Closed-End Funds Announce Unchanged Distribution Rates for Invesco Senior Income Trust (NYSE: VVR) and Invesco High Income Trust II (NYSE: VLT) and Declare Dividends

      ATLANTA, March 24, 2025 /PRNewswire/ -- The Board of Trustees authorized several Invesco closed-end funds to declare dividends.  Last week, Invesco Advisors, Inc., a subsidiary of Invesco Ltd. (NYSE:IVZ), announced that the Board of Trustees of each of two closed-end funds, Invesco Senior Income Trust (NYSE:VVR) and Invesco High Income Trust II (NYSE:VLT), removed the Managed Distribution Plans (MDP) with respect to each fund. The removal of the MDPs does not mean that the funds' monthly distributions are being eliminated, or that the monthly frequency and timing of distributi

      3/24/25 4:57:00 PM ET
      $IIM
      $IQI
      $IVZ
      $OIA
      Investment Managers
      Finance
      Finance Companies
      Trusts Except Educational Religious and Charitable
    • Invesco Closed-End Funds Declare Dividends

      ATLANTA, Feb. 3, 2025 /PRNewswire/ --  The Board of Trustees of each of the Invesco closed-end funds listed below declared dividends. EX-DATE RECORD DATE REINVEST DATE PAYABLE DATE 2/18/2025 2/18/2025 2/28/2025 2/28/2025   Name of Closed-EndManagement Investment Company   Ticker Monthly Dividend Per Share Change From Prior Distribution % Change From Prior Distribution Invesco Advantage Municipal Income Trust II VKI $0.05591 - - Invesco Bond Fund VBF $0.0700 - - Invesco California Value Municipal Income Trust   VCV $0.06461 - - Invesco Municipal Income Opportunities Trust  

      2/3/25 12:00:00 PM ET
      $IIM
      $IQI
      $IVZ
      $OIA
      Investment Managers
      Finance
      Finance Companies
      Trusts Except Educational Religious and Charitable

    $VMO
    Large Ownership Changes

    This live feed shows all institutional transactions in real time.

    See more
    • Amendment: SEC Form SC 13D/A filed by Invesco Municipal Opportunity Trust

      SC 13D/A - Invesco Municipal Opportunity Trust (0000884152) (Subject)

      12/9/24 4:26:15 PM ET
      $VMO
      Trusts Except Educational Religious and Charitable
      Finance
    • Amendment: SEC Form SC 13D/A filed by Invesco Municipal Opportunity Trust

      SC 13D/A - Invesco Municipal Opportunity Trust (0000884152) (Subject)

      12/4/24 3:34:08 PM ET
      $VMO
      Trusts Except Educational Religious and Charitable
      Finance
    • Amendment: SEC Form SC 13D/A filed by Invesco Municipal Opportunity Trust

      SC 13D/A - Invesco Municipal Opportunity Trust (0000884152) (Subject)

      11/18/24 4:35:26 PM ET
      $VMO
      Trusts Except Educational Religious and Charitable
      Finance

    $VMO
    SEC Filings

    See more
    • SEC Form N-CSR filed by Invesco Municipal Opportunity Trust

      N-CSR - Invesco Municipal Opportunity Trust (0000884152) (Filer)

      5/2/25 3:17:59 PM ET
      $VMO
      Trusts Except Educational Religious and Charitable
      Finance
    • SEC Form N-CSRS filed by Invesco Municipal Opportunity Trust

      N-CSRS - Invesco Municipal Opportunity Trust (0000884152) (Filer)

      11/1/24 1:41:33 PM ET
      $VMO
      Trusts Except Educational Religious and Charitable
      Finance
    • SEC Form N-PX filed by Invesco Municipal Opportunity Trust

      N-PX - Invesco Municipal Opportunity Trust (0000884152) (Filer)

      8/29/24 3:40:34 PM ET
      $VMO
      Trusts Except Educational Religious and Charitable
      Finance