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Name

As of 12/19/2024

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 AMT-Free Municipal Income Fund

OPTAX | Fund

$6.80

$2.44 B

3.81%

$0.26

0.93%

Vitals

YTD Return

1.0%

1 yr return

1.2%

3 Yr Avg Return

-1.5%

5 Yr Avg Return

1.4%

Net Assets

$2.44 B

Holdings in Top 10

9.1%

52 WEEK LOW AND HIGH

$6.9
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.93%

SALES FEES

Front Load 4.25%

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A

Min Investment

Standard (Taxable)

$1,000

IRA

$250

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 12/19/2024

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 AMT-Free Municipal Income Fund

OPTAX | Fund

$6.80

$2.44 B

3.81%

$0.26

0.93%

OPTAX - Profile

Distributions

  • YTD Total Return 1.0%
  • 3 Yr Annualized Total Return -1.5%
  • 5 Yr Annualized Total Return 1.4%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 2.42%
DIVIDENDS
  • Dividend Yield 3.8%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Invesco AMT-Free Municipal Income Fund
  • Fund Family Name
    OppenheimerFunds
  • Inception Date
    Oct 27, 1976
  • Shares Outstanding
    N/A
  • Share Class
    A
  • 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. These 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. 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 this 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.
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 may also include securities issued by U.S. territories, commonwealths and possessions, or by their agencies, instrumentalities and authorities, if the interest on such securities is not subject to federal income tax.
The Fund will not invest in municipal securities the interest on which would be subject to the federal “alternative minimum tax” (AMT).
Most of the securities the Fund buys are “investment-grade,” although it can invest as much as 25% of its total assets in below-investment-grade securities (commonly called “junk bonds”), and may acquire securities that are in default. Credit rating downgrades of a single issuer or related similar issuers whose securities the Fund holds in significant amounts could substantially and unexpectedly increase the Fund’s exposure to below-investment-grade securities and the risks associated with them, especially liquidity and default risk.
If the Fund has more than 25% of its total assets invested in below-investment-grade securities, Invesco Advisers, Inc.(Invesco or the Adviser) will not purchase additional below-investment-grade securities until the level of holdings in those securities no longer exceeds the restriction. 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 Adviserhas 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. 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 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 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 does not limit its investments to securities in a particular maturity range, but it currently focuses on securities with maturities between 5 and 30 years when issued. The Fund may invest in obligations that pay interest at fixed or variable rates. 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 also engage in reverse repurchase agreements, which also create leverage.
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.
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

OPTAX - Performance

Return Ranking - Trailing

Period OPTAX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.0% -3.1% 12.1% 86.57%
1 Yr 1.2% -2.2% 12.7% 87.56%
3 Yr -1.5%* -9.0% 3.6% 52.04%
5 Yr 1.4%* -5.1% 3.5% 20.00%
10 Yr 5.0%* -0.7% 155.3% 3.15%

* Annualized

Return Ranking - Calendar

Period OPTAX Return Category Return Low Category Return High Rank in Category (%)
2023 3.4% -6.2% 7.5% 35.15%
2022 -14.6% -26.9% -3.5% 20.10%
2021 0.6% -1.9% 5.6% 85.79%
2020 3.4% -4.0% 4.2% 5.61%
2019 8.1% -0.7% 9.1% 3.16%

Total Return Ranking - Trailing

Period OPTAX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.0% -3.1% 12.1% 86.57%
1 Yr 1.2% -2.2% 12.7% 87.56%
3 Yr -1.5%* -9.0% 3.6% 52.04%
5 Yr 1.4%* -5.1% 3.5% 20.00%
10 Yr 5.0%* -0.7% 155.3% 3.15%

* Annualized

Total Return Ranking - Calendar

Period OPTAX Return Category Return Low Category Return High Rank in Category (%)
2023 7.6% -4.1% 10.9% 37.62%
2022 -11.5% -26.9% 4.3% 20.60%
2021 4.4% -1.9% 10.0% 73.10%
2020 7.8% -2.6% 8.2% 1.53%
2019 12.4% -0.7% 1028633.9% 4.74%

NAV & Total Return History

OPTAX - Holdings

Concentration Analysis

OPTAX Category Low Category High OPTAX % Rank
Net Assets 2.44 B 3.1 M 15.6 B 35.50%
Number of Holdings 635 20 3325 39.20%
Net Assets in Top 10 226 M -102 M 1.96 B 43.72%
Weighting of Top 10 9.11% 4.6% 98.9% 87.44%

Top 10 Holdings

  1. Los Angeles (City of), CA Department of Water Power, Series 2022, RB 1.13%
  2. Washington (State of) Metropolitan Area Transit Authority, Series 2020 A, RB 1.02%
  3. Buckeye Tobacco Settlement Financing Authority, Series 2020 B-2, Ref. RB 0.99%
  4. California (State of) County Tobacco Securitization Agency, Series 2006 B, RB 0.96%
  5. Inland Empire Tobacco Securitization Corp., Series 2007 F, RB 0.93%
  6. Illinois (State of) Toll Highway Authority, Series 2020 A, RB 0.90%
  7. Massachusetts (Commonwealth of), Series 2016 I, GO Bonds 0.84%
  8. Wisconsin (State of) Health Educational Facilities Authority (American Baptist Homes of the Midwest Obligated Group), Series 2016, RB 0.81%
  9. Illinois (State of) Regional Transportation Authority, Series 2018 B, RB 0.81%
  10. Texas (State of) Water Development Board (Master Trust), Series 2022, RB 0.72%

Asset Allocation

Weighting Return Low Return High OPTAX % Rank
Bonds 		103.32% 0.00% 146.69% 18.32%
Stocks 		0.00% 0.00% 99.72% 76.24%
Preferred Stocks 		0.00% -47.61% 0.00% 70.35%
Other 		0.00% -5.67% 5.07% 70.35%
Convertible Bonds 		0.00% 0.00% 0.00% 68.84%
Cash 		0.00% -0.64% 10.86% 87.94%

Bond Sector Breakdown

Weighting Return Low Return High OPTAX % Rank
Municipal 		97.12% 50.68% 100.00% 69.85%
Derivative 		0.00% -7.70% 2.16% 65.83%
Cash & Equivalents 		0.00% 0.00% 10.86% 79.40%
Securitized 		0.00% 0.00% 22.44% 70.35%
Corporate 		0.00% 0.00% 2.83% 82.91%
Government 		0.00% 0.00% 0.09% 69.35%

Bond Geographic Breakdown

Weighting Return Low Return High OPTAX % Rank
US 		103.32% 0.00% 139.84% 18.59%
Non US 		0.00% 0.00% 13.35% 72.36%

OPTAX - Expenses

Operational Fees

OPTAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.93% 0.22% 3.44% 50.50%
Management Fee 0.39% 0.00% 1.41% 14.36%
12b-1 Fee 0.24% 0.00% 1.00% 31.78%
Administrative Fee N/A 0.02% 0.35% N/A

Sales Fees

OPTAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load 4.25% 1.00% 4.50% 34.88%
Deferred Load N/A 1.00% 4.00% N/A

Trading Fees

OPTAX 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.

OPTAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 2.00% 121.00% 12.22%

OPTAX - Distributions

Dividend Yield Analysis

OPTAX Category Low Category High OPTAX % Rank
Dividend Yield 3.81% 0.00% 5.94% 63.37%

Dividend Distribution Analysis

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

Net Income Ratio Analysis

OPTAX Category Low Category High OPTAX % Rank
Net Income Ratio 2.42% 1.11% 5.44% 80.69%

Capital Gain Distribution Analysis

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

Distributions History

View More +

OPTAX - 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.

Elizabeth Mossow

Start Date

Tenure

Tenure Rank

Nov 22, 2019

2.52

2.5%

Mrs. Mossow has been a Senior Portfolio Manager of OppenheimerFunds, Inc since January 2017 and a Vice President of OppenheimerFunds, Inc since January 2016. She was a Portfolio Manager of OppenheimerFunds, Inc from January 2016 to January 2017. Mrs. Mossow has been an Assistant Vice President of Oppenheimer since January 2011 and an Associate Portfolio Manager of the firm since June 2013. She was a Portfolio Research Analyst of the Sub-Adviser from June 2011 to June 2013 and was a Credit Analyst of the Sub-Adviser from May 2007 to May 2011. She was a Risk Management Analyst at Manning & Napier Associates from September 2006 to May 2007 and was an Analyst/Trading Assistant at The Baupost Group from August 2000 to March 2006. Mrs. Mossow is a portfolio manager and a trader for the Fund and other Oppenheimer funds.

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."

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.

Joshua Cooney

Start Date

Tenure

Tenure Rank

Nov 22, 2019

2.52

2.5%

Joshua Cooney has been associated with Invesco and/or its affiliates since 1999.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.25 21.43 7.58 2.52

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