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Name

As of 11/21/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Invesco Rochester New York Municipals Fund

IORUX | Fund

$15.30

$4.57 B

4.44%

$0.68

0.98%

Vitals

YTD Return

3.0%

1 yr return

8.9%

3 Yr Avg Return

-0.8%

5 Yr Avg Return

2.0%

Net Assets

$4.57 B

Holdings in Top 10

14.3%

52 WEEK LOW AND HIGH

$15.3
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.98%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 17.00%

Redemption Fee N/A

Min Investment

Standard (Taxable)

$0

IRA

N/A

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 11/21/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Invesco Rochester New York Municipals Fund

IORUX | Fund

$15.30

$4.57 B

4.44%

$0.68

0.98%

IORUX - Profile

Distributions

  • YTD Total Return 3.0%
  • 3 Yr Annualized Total Return -0.8%
  • 5 Yr Annualized Total Return 2.0%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 2.72%
DIVIDENDS
  • Dividend Yield 4.4%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Invesco Rochester New York Municipals Fund
  • Fund Family Name
    Invesco
  • Inception Date
    May 24, 2019
  • Shares Outstanding
    N/A
  • Share Class
    R6
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Mark Paris

Fund Description

Under normal market conditions, and as a fundamental policy, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in securities the income from which, in the opinion of counsel to the issuer of each security, is exempt from regular federal individual and, as applicable, the Fund’s state income tax. Additionally, under normal market conditions, and as a fundamental policy, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in New York municipal securities. The policies stated in the foregoing sentences may not be changed without shareholder approval of a majority of the Fund’s outstanding voting securities, as defined in the Investment Company Act of 1940, as amended (1940 Act). In complying with the 80% investment requirements, the Fund may invest in derivatives and other instruments that have economic characteristics similar to the Fund’s direct investments that are counted toward the 80% investment requirements.
As a fundamental policy, the Fund may invest up to 20% of its net assets in securities subject to the federal alternative minimum tax (AMT). The Fund invests mainly in New York municipal securities that pay interest that, in the opinion of counsel to the issuer of each security, is exempt from federal and New York personal income taxes. Municipal securities are generally issued by the state and its political subdivisions (such as cities, towns, counties, agencies and authorities) and primarily include municipal bonds (long-term (generally more than one-year) obligations), municipal notes (short-term obligations), interests in municipal leases and tax-exempt commercial paper. Municipal securities generally are classified as general or revenue obligations. General obligations are secured by the issuer’s pledge of its full faith, credit and taxing power for the payment of principal and interest. Revenue obligations are bonds whose interest is payable only from the revenues derived from a particular facility or class of facilities, or a specific excise tax or other revenue source. The securities in which the Fund invests as part of its 80% policy related to New York municipal securities may also include those issuers located outside of New York, such as U.S. territories, commonwealths and possessions or by their agencies, instrumentalities and authorities, if the interest on such securities is not subject to New York and federal income tax. These securities are “New York municipal securities” for purposes of this prospectus.
The Fund can invest up to 25% of its total assets in below-investment-grade securities (commonly called “junk bonds”). This restriction is applied at the time of purchase and the Fund may continue to hold a security whose credit rating has been downgraded or, in the case of an unrated security, after the Fund’s Adviser, Invesco Advisers, Inc. (Invesco or the Adviser), has changed its assessment of the security’s credit quality. As a result, credit rating downgrades or other market fluctuations may cause the Fund’s holdings of below-investment grade securities to exceed, at times significantly, this restriction for an extended period of time. If the Fund has more than 25% of its total assets invested in
below-investment-grade securities, the Adviser will not purchase additional below-investment-grade securities until the level of holdings in those securities no longer exceeds the restriction. Investment-grade securities are:(i)securities rated BBB-or higher by S&P Global Ratings (S&P) or Baa3 or higher by Moody's Investors Service, Inc.(Moody's)or an equivalent rating by another nationally recognized statistical rating organization (NRSRO), (ii)securities with comparable short-term NRSRO ratings, or (iii) unrated securities determined by the Adviser to be of comparable quality,each at the time of purchase. While securities rated BBB+, BBB or BBB-by S&PorBaa1, Baa2 or Baa3by Moody's are considered investment-grade, they have some speculative characteristics. If two or more nationally recognized statistical rating organizations have assigned different ratings to a security, the Adviser uses the highest rating assigned. The Fund may also invest in unrated securities, in which case the Adviser internally assigns ratings to those securities, after assessing their credit quality and other factors, in investment-grade or below-investment grade categories similar to those of nationally recognized statistical rating organizations.
To the extent the Fund invests in pre-refunded municipal securities collateralized by U.S. government securities, the Fund may treat those securities as investment-grade (AAA) securities even if the issuer itself has a below-investment-grade rating.
The Fund’s investments have no maturity limitations and can include municipal bonds, municipal notes, and interests in municipal leases and tax-exempt commercial paper. At times, the Fund may focus on longer-term securities to seek higher yields. This portfolio strategy is subject to change. The Fund can buy general obligation bonds and revenue bonds, including “private activity” municipal securities that pay income subject to alternative minimum taxation. The Fund may invest a substantial percentage of its assets in “callable” securities, which may be redeemed by the issuer before their maturity date.
The Fund can invest in inverse floating rate interests (Inverse Floaters) issued in connection with municipal tender option bond (TOB) financing transactions to generate leverage for the Fund. The Fund can expose up to 20% of its total assets to the effects of leverage from its investments in Inverse Floaters. The Fund's investments in Inverse Floaters are included for purposes of the 80% policies described above.
The Fund can invest in derivative instruments, including futures contracts and swap contracts.
The Fund can use futures contracts, including interest rate futures, to reduce exposure to interest rate changes and to manage duration.
The Fund can use swap contracts, including interest rate swaps, to hedge its exposure to interest rates. The Fund may not enter into interest rate swaps with respect to more than 25% of its total assets.
The Fund can borrow money to purchase additional securities, which is another form of leverage. Although the amount of borrowing will vary from time to time, the amount of leveraging from borrowings will not exceed one-third of the Fund’s total assets. The Fund may also borrow to meet redemption obligations or for temporary and emergency purposes.
The Fund can invest up to 20% of its net assets (plus borrowings for investment purposes) in investments that generate income subject to income taxes. Taxable investments include many of the types of securities the Fund would buy for temporary defensive purposes. The Fund does not anticipate investing substantial amounts of its assets in taxable investments under normal market conditions or as part of its normal trading strategies and policies.
The Fund may invest more than 25% of its net assets in a segment of the municipal securities market with similar characteristics if the Adviser determines that the yields available from obligations in a particular segment justify the additional risks of a larger investment in such segment. The Fund may not, however, invest more than 25% of its net assets in industrial development revenue bonds issued for companies in the same industry.
The Fund can invest up to 25% of its total assets in tobacco settlement revenue bonds and up to 25% of its total assets in tobacco-related bonds
without an appropriation pledge that make payments only from a state’s interest in the Master Settlement Agreement (MSA).
The Fund can invest in reverse repurchase agreements.
The Fund may invest in securities that are subject to resale restrictions such as those contained in Rule 144A promulgated under the Securities Act of 1933, as amended. The Fund’s investments may include securities that do not produce immediate cash income, such as zero coupon securities and payment-in-kind securities. Zero coupon securities are debt securities that do not entitle the holder to any periodic payment of interest prior to maturity or a specified date when the securities begin paying current interest. Payment-in-kind securities are debt securities that pay interest through the issuance of additional securities.
Decisions to purchase or sell securities are determined by the relative value considerations of the portfolio managers that factor in economic and credit-related fundamentals, market supply and demand, market dislocations and situation-specific opportunities. The purchase or sale of securities may be related to a decision to alter the Fund's macro risk exposure (such as duration, yield curve positioning and sector exposure), a need to limit or reduce the Fund's exposure to a particular security or issuer, degradation of an issuer's credit quality, or general liquidity needs of the Fund. The potential for realization of capital gains or losses resulting from possible changes in interest rates will not be a major consideration and frequency of portfolio turnover generally will not be a limiting factor if the Adviser considers it advantageous to purchase or sell securities.
These factors may change over time and may vary in particular cases. The portfolio managers may consider selling a security if any of these factors no longer applies to a security purchased for the Fund, but are not required to do so.
Read More

IORUX - Performance

Return Ranking - Trailing

Period IORUX Return Category Return Low Category Return High Rank in Category (%)
YTD 3.0% -4.6% 33.0% 18.79%
1 Yr 8.9% -0.1% 38.0% 4.86%
3 Yr -0.8%* -10.8% 3.4% 64.68%
5 Yr 2.0%* -6.7% 1104.0% 4.05%
10 Yr N/A* -0.9% 248.8% 4.89%

* Annualized

Return Ranking - Calendar

Period IORUX Return Category Return Low Category Return High Rank in Category (%)
2023 5.6% -1.4% 41.0% 1.60%
2022 -17.6% -39.7% 0.3% 94.31%
2021 3.4% -5.6% 6.9% 1.57%
2020 2.3% -2.6% 310.0% 21.40%
2019 N/A 0.0% 26.0% N/A

Total Return Ranking - Trailing

Period IORUX Return Category Return Low Category Return High Rank in Category (%)
YTD 3.0% -4.6% 33.0% 18.79%
1 Yr 8.9% -0.1% 38.0% 4.86%
3 Yr -0.8%* -10.8% 3.4% 64.68%
5 Yr 2.0%* -6.7% 1104.0% 4.05%
10 Yr N/A* -0.9% 248.8% 4.11%

* Annualized

Total Return Ranking - Calendar

Period IORUX Return Category Return Low Category Return High Rank in Category (%)
2023 10.5% -1.3% 41.0% 0.67%
2022 -14.2% -39.7% 1.1% 93.43%
2021 7.5% -4.8% 23761504.0% 0.75%
2020 6.2% -1.5% 17057.9% 5.28%
2019 N/A 0.2% 3514.6% N/A

NAV & Total Return History

IORUX - Holdings

Concentration Analysis

IORUX Category Low Category High IORUX % Rank
Net Assets 4.57 B 3.22 M 71.9 B 7.80%
Number of Holdings 676 4 13418 17.19%
Net Assets in Top 10 653 M -317 M 3.09 B 2.27%
Weighting of Top 10 14.33% 1.8% 100.3% 66.67%

Top 10 Holdings

  1. New York (City of), NY Transitional Finance Authority, Series 2023, RB 2.36%
  2. MTA Hudson Rail Yards Trust Obligations, Series 2016 A, RB 1.76%
  3. New York (City of), NY Transitional Finance Authority, Series 2023, RB 1.58%
  4. City of New York NY, Series 2024, GO Bonds 1.45%
  5. University of Puerto Rico, Series 2006 Q, RB 1.41%
  6. New York Liberty Development Corp. (Goldman Sachs Headquarters), Series 2005, Ref. RB 1.36%
  7. Triborough Bridge Tunnel Authority Sales Tax Revenue, Series 2024, RB 1.21%
  8. Triborough Bridge Tunnel Authority, Series 2021 A-1, Ref. RB 1.11%
  9. Triborough Bridge Tunnel Authority (MTA Bridges Tunnels), Series 2023 A, RB 1.10%
  10. New York (State of) Dormitory Authority, Series 2022, RB 1.00%

Asset Allocation

Weighting Return Low Return High IORUX % Rank
Bonds 		109.65% 0.00% 150.86% 1.00%
Stocks 		0.00% 0.00% 99.78% 27.16%
Preferred Stocks 		0.00% 0.00% 0.07% 13.72%
Other 		0.00% -3.69% 51.88% 25.18%
Convertible Bonds 		0.00% 0.00% 0.93% 12.31%
Cash 		0.00% -50.86% 44.62% 85.61%

Bond Sector Breakdown

Weighting Return Low Return High IORUX % Rank
Municipal 		99.92% 44.39% 100.00% 16.05%
Government 		0.01% 0.00% 52.02% 6.76%
Derivative 		0.00% -3.69% 51.88% 28.91%
Cash & Equivalents 		0.00% 0.00% 44.41% 67.75%
Securitized 		0.00% 0.00% 5.93% 22.61%
Corporate 		0.00% 0.00% 9.41% 34.98%

Bond Geographic Breakdown

Weighting Return Low Return High IORUX % Rank
US 		109.65% 0.00% 142.23% 1.00%
Non US 		0.00% 0.00% 23.89% 18.25%

IORUX - Expenses

Operational Fees

IORUX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.98% 0.01% 8.02% 29.60%
Management Fee 0.44% 0.00% 1.20% 51.66%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.44% N/A

Sales Fees

IORUX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.50% 4.75% N/A
Deferred Load N/A 0.25% 5.00% N/A

Trading Fees

IORUX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 1.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

IORUX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 17.00% 0.00% 283.00% 48.15%

IORUX - Distributions

Dividend Yield Analysis

IORUX Category Low Category High IORUX % Rank
Dividend Yield 4.44% 0.00% 14.51% 0.93%

Dividend Distribution Analysis

IORUX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Monthly Monthly Monthly

Net Income Ratio Analysis

IORUX Category Low Category High IORUX % Rank
Net Income Ratio 2.72% -0.53% 5.33% 11.94%

Capital Gain Distribution Analysis

IORUX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually

Distributions History

View More +

IORUX - Fund Manager Analysis

Managers

Mark Paris

Start Date

Tenure

Tenure Rank

Jun 21, 2019

2.95

3.0%

Mark Paris is Chief Investment Officer and Head of Municipal Strategies for Invesco Fixed Income. In this capacity, he is responsible for the oversight and implementationof all municipal bond strategies. Mr. Paris entered the financial industry in 1990 and joined Invesco in 2010 when the firm combined with Van Kampen investments. Prior to joining the firm, Mr. Paris was a trader and then a portfolio manager on the muncipal fixed income team at Morgan Stanley/Van Kampen, which he joing in 2002. He also was previously a trader and portfolio manager at Oppenheimer Funds, head underwriter at Chase Manhattan Bank, and a trader and underwriter at NatWest Bank. Mr. Paris earned a BBA in finance from Baruch College of the City University of New York.

Scott Cottier

Start Date

Tenure

Tenure Rank

Apr 30, 2020

2.08

2.1%

Mr. Cottier has been a Senior Vice President of OppenheimerFunds, Inc. since January 2017 and a Senior Portfolio Manager of OppenheimerFunds, Inc. since September 2002. He was Vice President of OppenheimerFunds, Inc. from September 2002 to December 2016. Mr. Cottier is a co-team leader, a portfolio manager, an officer, and a trader for the Fund and other Oppenheimer funds. Cottier has been a vice president and a senior portfolio manager with OppenheimerFunds, Inc. He has been a vice president of OppenheimerFunds, Inc. since 2002. Prior to joining it in 2002, Cottier was a portfolio manager and trader at Victory Capital Management from 1999 to 2002.

Mark DeMitry

Start Date

Tenure

Tenure Rank

Apr 30, 2020

2.08

2.1%

Mr. DeMitry has been a Vice President and Senior Portfolio Manager of OppenheimerFunds Inc since July 2009. He was an Associate Portfolio Manager with OppenheimerFunds Inc from September 2006 to June 2009. DeMitry has been an associate portfolio manager with OppenheimerFunds since September 2006 and has been a research analyst of OppenheimerFunds, Inc. since June 2003; a credit analyst of OppenheimerFunds, Inc. from July 2001 to May 2003; an associate regional sales representative of OppenheimerFunds, Inc. from December 2000 to June 2001.

Tim O'Reilly

Start Date

Tenure

Tenure Rank

Apr 30, 2020

2.08

2.1%

Mr. O'Reilly joined Invesco in 2010 when the firm combined with Van Kampen, where he served as a senior unit trust fixed income portfolio manager, with responsibilities that included fixed income trading, risk management and credit analysis. He has a diverse knowledge base, with trading experience in municipals, corporates and equities. He joined Van Kampen in 2001. Mr. O'Reilly earned a BS degree in finance from Eastern Illinois University and an MBA in finance from the University of Illinois at Chicago. He holds the Series 7, 63 and 79 registrations."

Michael Camarella

Start Date

Tenure

Tenure Rank

Apr 30, 2020

2.08

2.1%

Mr. Camarella has been a Vice President and Senior Portfolio Manager of the OppenheimerFunds Inc since January 2011. He was an Assistant Vice President of OppenheimerFunds Inc from July 2009 to December 2010 and an Associate Portfolio Manager with OppenheimerFunds Inc from January 2008 to December 2010. Camarella has been a research analyst of OppenheimerFunds since February 2006. Camarella was a credit analyst of the manager from June 2003 to January 2006. Prior to joining the firm, he was employed as an investment banking analyst for Wachovia Securities in Charlotte, North Carolina.

Julius Williams

Start Date

Tenure

Tenure Rank

Apr 30, 2020

2.08

2.1%

Julius Williams is a Senior Portfolio Manager for Invesco municipal strategies. Mr. Williams entered the industry in 2000. Prior to joining Invesco, he was a portfolio manager and trader for municipal funds at Van Kampen. He joined Invesco in 2010 when the firm combined with Van Kampen. Mr. Williams earned a BA degree in economics and sociology, and a Master of Education degree in educational psychology from the University of Virginia.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 35.05 7.35 1.58

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