VMO - Invesco Municipal Opportunity Trust

What this means for you

RiverNorth owned more than 5% of this fund and has since sold down below that level, so it no longer has to report its holding.

Nothing is required of you. If a large investor buys in again, the notice appears here the day it is filed.

Email me if this changes

What happened, and when

1. May 15, 2026

   RiverNorth sold down below 5% and stopped reporting.

   Original document →

2. Sept 8, 2025

   JPMorgan Chase Bank, National Association now owns 100% of the fund's preferred shares, not the common shares most holders own.

   Original document →

3. July 31, 2025

   The fund said it will repay some borrowed money on Sept 4, 2025.

   Original document →

4. Feb 14, 2025

   RiverNorth now owns 6.3%, as a passive investor.

   Original document →

5. Dec 9, 2024

   Saba sold down below 5% and stopped reporting.

   Original document →

About this fund

• Run by Invesco Advisers, Inc. As of Feb 28, 2026, from the fund's yearly report. Original document →
• Size: about $650 million of holdings, as of Aug 31, 2026. As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 38% on top of its own money, as of Aug 31, 2026. Borrowed money makes gains and losses bigger. About 64% of that is money the fund has borrowed by selling preferred shares. As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →
• Costs: 0.9% a year in management fees; 3.2% a year in total, including interest on borrowed money. Fiscal year ended Feb 28, 2026. As of Feb 28, 2026, from the fund's yearly report. Original document →
  Among the 76 funds we follow that invest in tax-free municipal bonds, 60 charge a lower management fee and 43 charge less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts.
• Payouts: last fiscal year (ended Feb 28, 2026) the fund paid $0.75 a share. $0.46 of that was income; $0.29 was your own money back, not income. Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. As of Feb 28, 2026, from the fund's annual report. Original document →
• Value of holdings per share at the last fiscal year end (Feb 28, 2026): $10.23. The shares traded at $9.99, about 2.4% below that. As of Feb 28, 2026, from the fund's yearly report. Original document →
• How the holdings did: down 1.8% over the last three months we have (June-Aug 2026), before the share price is taken into account. As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 1994.

How this has changed

• Payouts per share: $0.75 in the fiscal year ended Feb 28, 2026; $0.68 in the year ended Feb 28, 2025; $0.43 in the year ended Feb 29, 2024.As of Feb 28, 2026, from the fund's annual report. Original document →
• Of that, your own money back rather than income: $0.29 in the year ended Feb 28, 2026; $0.27 in the year ended Feb 28, 2025; $0.01 in the year ended Feb 29, 2024.As of Feb 28, 2026, from the fund's annual report. Original document →
• Costs, including interest on borrowed money: 3.26% a year in the fiscal year ended Feb 28, 2026; 3.44% a year in the year ended Feb 28, 2025; 3.68% a year in the year ended Feb 29, 2024.As of Feb 28, 2026, from the fund's annual report. Original document →
• Size of the holdings: about $690 million at Feb 28, 2026; $721 million at Feb 28, 2025; $744 million at Feb 29, 2024. From the fund's quarterly holdings reports. Original documents: Feb 28, 2026 →, Feb 28, 2025 →, Feb 29, 2024 →.
• Borrowing: about 36% on top of its own money at Feb 28, 2026; 35% at Feb 28, 2025; 37% at Feb 29, 2024. From the fund's quarterly holdings reports. Original documents: Feb 28, 2026 →, Feb 28, 2025 →, Feb 29, 2024 →.
• The fund had about 67.5 million shares at Feb 28, 2026, about the same as at Feb 29, 2024.As of Feb 28, 2026, from the fund's annual report. Original document →

What these lines mean: a payout that is your own money back, what a fund costs, borrowing.

What a holder made

• The year ended Feb 28, 2026: the shares returned +8.9%, counting payouts; the holdings +3.5%. The holdings figure is what the fund's investments earned, before the share price is taken into account. As of Feb 28, 2026, from the fund's annual report. Original document →
• The year ended Feb 28, 2025: the shares returned +10.6%, counting payouts; the holdings +3.9%. As of Feb 28, 2025, from the fund's annual report. Original document →
• The year ended Feb 29, 2024: the shares returned +6.5%, counting payouts; the holdings +8.8%. As of Feb 29, 2024, from the fund's annual report. Original document →
• The year ended Feb 28, 2023: the shares returned -16.1%, counting payouts; the holdings -12.7%. As of Feb 28, 2023, from the fund's annual report. Original document →
• The year ended Feb 28, 2022: the shares returned -4.3%, counting payouts; the holdings -0.3%. As of Feb 28, 2022, from the fund's annual report. Original document →
• Those five years together: the shares returned +2.9%. $10,000 of shares bought at the start (March 1, 2021) would have become about $10,300 by Feb 28, 2026, with every payout counted, before tax. As of Feb 28, 2026, from the fund's annual report. Original document →
• The holdings over the last twelve months we have, to Aug 31, 2026: +7.8%. The quarterly reports carry no share price, so this is the holdings alone. As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →
• Of the 65 funds that invest in tax-free municipal bonds with a fiscal year ending within six months of this one, 22 reported a higher share return for that year and 42 a lower one. As of Feb 28, 2026, from the fund's annual report. Original document →
• A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.

Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.

What the fund holds

Almost all tax-free municipal bonds (99%). All of it issued in the U.S.

0.5% of holdings are in default.

1. California (State of) Enterprise Development Authority (Riverside County-Mead Valley Wellness Village), Series 2024, RB - 1.3%
2. Buckeye Tobacco Settlement Financing Authority, Series 2020 B-2, Ref. RB - 1.2%
3. New York (State of) Dormitory Authority, Series 2018, RB - 1.1%
4. New York Liberty Development Corp. (3 World Trade Center), Series 2014-1, Ref. RB - 1.1%
5. Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022, RB - 1%
6. Regents of the University of California Medical Center, Series 2022 P, RB - 1%
7. Kansas City (City of), MO Industrial Development Authority (Kansas City International Airport), Series 2019 B, RB - 0.9%
8. Massachusetts (Commonwealth of) (Rail Enhancement Program) (Green Bonds), Series 2023, RB - 0.9%
9. New York (State of) Thruway Authority, Series 2019 B, RB - 0.9%
10. California (State of) Health Facilities Financing Authority (Cedars-Sinai Health System), Series 2021 A, Ref. RB - 0.9%

As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →