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Name

As of 11/04/2024

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 Municipal Opportunities Fund

IORYX | Fund

$6.89

$9.27 B

5.50%

$0.38

1.14%

Vitals

YTD Return

5.0%

1 yr return

14.6%

3 Yr Avg Return

-0.3%

5 Yr Avg Return

2.4%

Net Assets

$9.27 B

Holdings in Top 10

9.9%

52 WEEK LOW AND HIGH

$6.9
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.14%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A

Min Investment

Standard (Taxable)

$0

IRA

N/A

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 11/04/2024

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 Municipal Opportunities Fund

IORYX | Fund

$6.89

$9.27 B

5.50%

$0.38

1.14%

IORYX - Profile

Distributions

  • YTD Total Return 5.0%
  • 3 Yr Annualized Total Return -0.3%
  • 5 Yr Annualized Total Return 2.4%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 3.52%
DIVIDENDS
  • Dividend Yield 5.5%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Invesco Rochester Municipal Opportunities Fund
  • Fund Family Name
    Invesco
  • Inception Date
    May 24, 2019
  • Shares Outstanding
    N/A
  • Share Class
    R6
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Scott Cottier

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. The policy stated in the foregoing sentence 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 requirement, 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 requirement.
The Fund invests in municipal securities issued by the governments of states, their political subdivisions (such as cities, towns, counties, agencies and authorities) and the District of Columbia, U.S. territories, common­wealths and possessions or by their agencies, instrumentalities and authorities. These primarily include municipal bonds (long-term (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 Fund selects investments without regard to the federal alternative minimum tax (AMT).
Up to 100% of the securities the Fund buys may be high-yield, lower-grade fixed income securities, including those below investment-grade (commonly called “junk bonds”). Under normal market conditions, however, the Fund intends to invest approximately 50% to 70% of its total assets in these types of securities. Below-investment grade securities are:(i)securities rated below BBB- by S&P Global Ratings (S&P)orBaa3 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 Fund’s Adviser, Invesco Advisers, Inc. (Invesco or the Adviser) to be of comparable quality,each at the time of purchase. The Fund may invest in distressed debt securities and defaulted securities. The Fund also invests 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 NRSROs. Since the Fund may invest in lower-rated and below-investment-grade securities without limit, the Fund’s investments should be considered speculative.
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 does not limit its investments to securities of a particular maturity range, and may hold both short-and long-term secu­rities. However, the Fund currently expects to focus on longer-term secu­rities to seek higher yields. This portfolio strategy is subject to change.
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 35% 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% policy described above.
The Fund can invest in derivative instruments, including futures 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 borrow money to purchase additional securities, 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 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,which make payments only from a state’s interest in the Master Settlement Agreement (MSA), and up to 25% of its total assets in tobacco bonds subject to a state’s appropriation pledge,which make payments fromboth MSA revenue and a state’s appropriation pledge.
The Fund may invest in illiquid or thinly traded investments. The Fund may also invest in securities that are subject to resale restrictions and/or exempt from registration under the Securities Act of 1933, as amended (Securities Act), such as those contained in Rule 144A promulgated under the Securities Act. 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. The Fund can invest without limit in zero coupon 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.
Read More

IORYX - Performance

Return Ranking - Trailing

Period IORYX Return Category Return Low Category Return High Rank in Category (%)
YTD 5.0% -2.2% 11.2% 68.63%
1 Yr 14.6% 1.9% 21.3% 37.25%
3 Yr -0.3%* -8.6% 2.8% 31.66%
5 Yr 2.4%* -5.1% 3.7% 6.12%
10 Yr N/A* -0.5% 155.4% 2.50%

* Annualized

Return Ranking - Calendar

Period IORYX Return Category Return Low Category Return High Rank in Category (%)
2023 3.0% -6.2% 7.5% 50.00%
2022 -17.9% -26.9% -3.5% 61.69%
2021 2.3% -1.9% 5.6% 40.91%
2020 0.6% -4.0% 4.2% 45.69%
2019 N/A -0.7% 9.1% N/A

Total Return Ranking - Trailing

Period IORYX Return Category Return Low Category Return High Rank in Category (%)
YTD 5.0% -2.2% 11.2% 68.63%
1 Yr 14.6% 1.9% 21.3% 37.25%
3 Yr -0.3%* -8.6% 2.8% 31.66%
5 Yr 2.4%* -5.1% 3.7% 6.12%
10 Yr N/A* -0.5% 155.4% 2.50%

* Annualized

Total Return Ranking - Calendar

Period IORYX Return Category Return Low Category Return High Rank in Category (%)
2023 9.2% -4.1% 10.9% 9.80%
2022 -13.4% -26.9% 4.3% 38.31%
2021 7.5% -1.9% 10.0% 10.10%
2020 6.3% -2.6% 8.2% 8.63%
2019 N/A -0.7% 1028633.9% N/A

NAV & Total Return History

IORYX - Holdings

Concentration Analysis

IORYX Category Low Category High IORYX % Rank
Net Assets 9.27 B 9.79 K 16.6 B 8.42%
Number of Holdings 1474 1 3325 17.41%
Net Assets in Top 10 970 M -102 M 3.51 B 7.96%
Weighting of Top 10 9.92% 4.6% 98.8% 78.00%

Top 10 Holdings

  1. Buckeye Tobacco Settlement Financing Authority, Series 2020 B-2, Ref. RB 1.58%
  2. Patriots Energy Group Financing Agency, Series 2023, RB 1.14%
  3. Children's Trust Fund, Series 2002, RB 1.12%
  4. California (State of) County Tobacco Securitization Agency, Series 2006 A, RB 1.11%
  5. San Francisco (City County of), CA Airport Commission (San Francisco International Airport), Series 2019 A, RB 0.95%
  6. Commonwealth of Massachusetts, Series 2024, GO Bonds 0.92%
  7. District of Columbia Tobacco Settlement Financing Corp., Series 2006 C, RB 0.91%
  8. MTA Hudson Rail Yards Trust Obligations, Series 2016 A, RB 0.79%
  9. Triborough Bridge Tunnel Authority (MTA Bridges Tunnels), Series 2023 A, RB 0.74%
  10. Puerto Rico (Commonwealth of), Series 2021 A-1, GO Bonds 0.66%

Asset Allocation

Weighting Return Low Return High IORYX % Rank
Bonds 		109.66% 0.00% 146.69% 3.92%
Stocks 		0.01% 0.00% 99.62% 24.51%
Preferred Stocks 		0.00% -47.61% 0.00% 5.47%
Other 		0.00% -5.59% 5.07% 36.32%
Convertible Bonds 		0.00% 0.00% 0.00% 16.92%
Cash 		0.00% -0.64% 100.00% 78.11%

Stock Sector Breakdown

Weighting Return Low Return High IORYX % Rank
Utilities 		0.00% 0.00% 0.00% 17.39%
Technology 		0.00% 0.00% 0.00% 17.39%
Real Estate 		0.00% 0.00% 0.00% 17.39%
Industrials 		0.00% 0.00% 4.78% 47.83%
Healthcare 		0.00% 0.00% 0.00% 17.39%
Financial Services 		0.00% 0.00% 0.00% 17.39%
Energy 		0.00% 0.00% 0.00% 17.39%
Communication Services 		0.00% 0.00% 0.00% 17.39%
Consumer Defense 		0.00% 0.00% 0.00% 17.39%
Consumer Cyclical 		0.00% 0.00% 77.65% 17.39%
Basic Materials 		0.00% 17.58% 100.00% 78.26%

Stock Geographic Breakdown

Weighting Return Low Return High IORYX % Rank
US 		0.01% 0.00% 99.62% 24.88%
Non US 		0.00% 0.00% 0.00% 16.92%

Bond Sector Breakdown

Weighting Return Low Return High IORYX % Rank
Municipal 		99.17% 0.00% 100.00% 33.83%
Corporate 		0.44% 0.00% 2.83% 31.34%
Derivative 		0.00% -7.53% 2.16% 28.36%
Cash & Equivalents 		0.00% 0.00% 100.00% 53.73%
Securitized 		0.00% 0.00% 22.44% 22.39%
Government 		0.00% 0.00% 0.09% 21.39%

Bond Geographic Breakdown

Weighting Return Low Return High IORYX % Rank
US 		109.66% 0.00% 139.84% 3.98%
Non US 		0.00% 0.00% 13.35% 24.88%

IORYX - Expenses

Operational Fees

IORYX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.14% 0.22% 3.44% 37.44%
Management Fee 0.35% 0.00% 1.41% 5.88%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.02% 0.35% N/A

Sales Fees

IORYX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 1.00% 4.50% N/A
Deferred Load N/A 1.00% 4.00% N/A

Trading Fees

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

IORYX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 2.00% 121.00% 58.82%

IORYX - Distributions

Dividend Yield Analysis

IORYX Category Low Category High IORYX % Rank
Dividend Yield 5.50% 0.00% 5.94% 2.45%

Dividend Distribution Analysis

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

Net Income Ratio Analysis

IORYX Category Low Category High IORYX % Rank
Net Income Ratio 3.52% 1.11% 5.44% 28.43%

Capital Gain Distribution Analysis

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

Distributions History

View More +

IORYX - Fund Manager Analysis

Managers

Scott Cottier

Start Date

Tenure

Tenure Rank

Sep 30, 2002

19.68

19.7%

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 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.

Michael Camarella

Start Date

Tenure

Tenure Rank

Nov 22, 2019

2.52

2.5%

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

Nov 22, 2019

2.52

2.5%

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.

Tim O'Reilly

Start Date

Tenure

Tenure Rank

Nov 22, 2019

2.52

2.5%

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."

Mark DeMitry

Start Date

Tenure

Tenure Rank

Nov 22, 2019

2.52

2.5%

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.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.25 21.43 7.55 2.52

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