Invesco Oppenheimer Rochester® High Yield Municipal Fund

Fixed Income | US Fixed Income

Objective & Strategy

The Fund seeks tax-free income. The strategy typically seeks high-yield as well as investment-grade municipal bonds the income of which is exempt from federal personal income taxes.

as of 09/30/2019

Morningstar Rating

Overall Rating - High Yield Muni Category

As of 09/30/2019 the Fund had an overall rating of 5 stars out of 155 funds and was rated 5 stars out of 155 funds, 5 stars out of 136 funds and 5 stars out of 87 funds for the 3-, 5- and 10- year periods, respectively.

Morningstar details

Source: Morningstar Inc. Ratings are based on a risk-adjusted return measure that accounts for variation in a fund's monthly performance, placing more emphasis on downward variations and rewarding consistent performance. Open-end mutual funds and exchange-traded funds are considered a single population for comparison purposes. Ratings are calculated for funds with at least a three year history. The overall rating is derived from a weighted average of three-, five- and 10-year rating metrics, as applicable, excluding sales charges and including fees and expenses. ©2019 Morningstar Inc. All rights reserved. The information contained herein is proprietary to Morningstar and/or its content providers. It may not be copied or distributed and is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance does not guarantee future results. The top 10% of funds in a category receive five stars, the next 22.5% four stars, the next 35% three stars, the next 22.5% two stars and the bottom 10% one star. Ratings are subject to change monthly. Had fees not been waived and/or expenses reimbursed currently or in the past, the Morningstar rating would have been lower. Ratings for other share classes may differ due to different performance characteristics.

Management team

as of 09/30/2019

Top Fixed-Income Holdings | View all

Holding Name Coupon % Bond Maturity Date % of Total Assets
Children's Trust Fund 5.630 05/15/2043 1.29
Buckeye Tobacco Settlement Financing Authority 5.880 06/01/2047 1.14
California County Tobacco Securitization Agency 0.000 06/01/2050 1.06
Michigan Tobacco Settlement Finance Authority 0.000 06/01/2058 1.02
Public Finance Authority 6.750 08/01/2031 0.99
Buckeye Tobacco Settlement Financing Authority 6.500 06/01/2047 0.92
Buckeye Tobacco Settlement Financing Authority 6.250 06/01/2037 0.84
County of Jefferson AL Sewer Revenue 6.500 10/01/2053 0.82
District of Columbia Tobacco Settlement Financing Corp 0.000 06/15/2055 0.80
Puerto Rico Sales Tax Financing Corp Sales Tax Revenue 5.000 07/01/2058 0.79

May not equal 100% due to rounding.

Holdings are subject to change and are not buy/sell recommendations.

as of 09/30/2019 09/30/2019

Average Annual Returns (%)

  Incept.
Date
Max
Load (%)
Since
Incept. (%)
YTD (%) 1Y (%) 3Y (%) 5Y (%) 10Y (%)
NAV 10/01/1993 N/A 5.06 12.81 11.99 7.67 8.05 7.49
Load 10/01/1993 4.25 4.88 8.05 7.22 6.12 7.11 7.02
Performance quoted is past performance and cannot guarantee comparable future results; current performance may be lower or higher. Investment return and principal value will vary so that you may have a gain or a loss when you sell shares.

Performance shown at NAV does not include applicable front-end or CDSC sales charges, which would have reduced the performance.

Performance figures reflect reinvested distributions and changes in net asset value (NAV) and the effect of the maximum sales charge unless otherwise stated.

Had fees not been waived and/or expenses reimbursed currently or in the past, returns would have been lower.

As the result of a reorganization on May 24, 2019, the returns of the fund for periods on or prior to May 24, 2019 reflect performance of the Oppenheimer predecessor fund. Share class returns will differ from the predecessor fund due to a change in expenses and sales charges.

as of 09/30/2019 09/30/2019

Annualized Benchmark Returns


Index Name 1 Mo (%) 3 Mo (%) 1Y (%) 3Y (%) 5Y (%) 10Y (%)
Bloomberg Barclays Municipal Bond Index -0.80 1.58 8.55 3.19 3.66 4.16
Bloomberg Barclays Municipal Bond Index -0.80 1.58 8.55 3.19 3.66 4.16
Bloomberg Barclays Municipal Bond Index -0.80 1.58 8.55 3.19 3.66 4.16
Bloomberg Barclays Municipal Bond Index -0.80 1.58 8.55 3.19 3.66 4.16

Source: FactSet Research Systems Inc.

Source: FactSet Research Systems Inc.

An investment cannot be made directly in an index.

Expense Ratio per Prospectus

Management Fee 0.37
12b-1 Fee 0.25
Other Expenses 0.17
Interest/Dividend Exp 0.23
Total Other Expenses 0.40
Acquired Fund Fees and Expenses (Underlying Fund Fees & Expenses) N/A
Total Annual Fund Operating Expenses 1.02
Contractual Waivers/Reimbursements N/A
Net Expenses - PER PROSPECTUS 1.02
Additional Waivers/Reimbursements N/A
Net Expenses - With Additional Fee Reduction 1.02
This information is updated per the most recent prospectus.

Historical Prices

From   to
No history records found for this date range

Distributions

From   to
    Capital Gains Reinvestment
Price ($)
Ex-Date Income Short Term Long Term
09/24/2019 0.0280 N/A N/A 7.942
08/27/2019 0.0280 N/A N/A 7.976
07/23/2019 0.0280 N/A N/A 7.80
06/25/2019 0.0284 N/A N/A 7.771
05/28/2019 0.0276 N/A N/A 7.712
04/23/2019 0.0280 N/A N/A 7.574
03/26/2019 0.0280 N/A N/A 7.547
02/19/2019 0.0280 N/A N/A 7.35
01/22/2019 0.0280 N/A N/A 7.263
12/31/2018 0.0270 N/A N/A 7.274
11/27/2018 0.0270 N/A N/A 7.225
10/23/2018 0.0270 N/A N/A 7.273
09/25/2018 0.0270 N/A N/A 7.382
08/28/2018 0.0300 N/A N/A 7.464
07/24/2018 0.0300 N/A N/A 7.323
06/26/2018 0.0300 N/A N/A 7.322
05/22/2018 0.0300 N/A N/A 7.208
04/24/2018 0.0300 N/A N/A 7.201
03/27/2018 0.0300 N/A N/A 7.126
02/20/2018 0.0300 N/A N/A 6.981
01/23/2018 0.0310 N/A N/A 7.00
12/29/2017 0.0310 N/A N/A 6.987
11/21/2017 0.0310 N/A N/A 6.982
10/24/2017 0.0330 N/A N/A 7.017
09/26/2017 0.0330 N/A N/A 7.199
08/22/2017 0.0330 N/A N/A 7.26
07/25/2017 0.0330 N/A N/A 7.323
06/27/2017 0.0350 N/A N/A 7.341
05/23/2017 0.0350 N/A N/A 7.354
04/25/2017 0.0350 N/A N/A 7.322
03/28/2017 0.0350 N/A N/A 7.247
02/21/2017 0.0350 N/A N/A 7.062
01/24/2017 0.0350 N/A N/A 6.982
12/30/2016 0.0350 N/A N/A 6.919
11/22/2016 0.0350 N/A N/A 7.014
10/25/2016 0.0370 N/A N/A 7.303
09/27/2016 0.0370 N/A N/A 7.381
08/23/2016 0.0370 N/A N/A 7.372
07/26/2016 0.0390 N/A N/A 7.376
06/21/2016 0.0390 N/A N/A 7.301
05/24/2016 0.0390 N/A N/A 7.18
04/26/2016 0.0390 N/A N/A 7.116
03/22/2016 0.0390 N/A N/A 7.05
02/23/2016 0.0390 N/A N/A 7.026
01/26/2016 0.0390 N/A N/A 7.005
12/31/2015 0.0390 N/A N/A 7.02
11/24/2015 0.0390 N/A N/A 6.99
10/27/2015 0.0390 N/A N/A 7.006
09/22/2015 0.0390 N/A N/A 6.915
08/25/2015 0.0390 N/A N/A 6.857
07/28/2015 0.0390 N/A N/A 6.861
06/23/2015 0.0390 N/A N/A 7.015
05/26/2015 0.0390 N/A N/A 7.061
04/21/2015 0.0390 N/A N/A 7.128
03/24/2015 0.0390 N/A N/A 7.144
02/24/2015 0.0390 N/A N/A 7.184
01/27/2015 0.0390 N/A N/A 7.254
12/31/2014 0.0410 N/A N/A 7.158
11/25/2014 0.0410 N/A N/A 7.133
10/28/2014 0.0410 N/A N/A 7.122
09/23/2014 0.0410 N/A N/A 7.177
08/26/2014 0.0410 N/A N/A 7.127
07/22/2014 0.0410 N/A N/A 6.987
06/24/2014 0.0410 N/A N/A 7.092
05/27/2014 0.0410 N/A N/A 7.141
04/22/2014 0.0410 N/A N/A 6.95
03/25/2014 0.0410 N/A N/A 6.94
02/25/2014 0.0410 N/A N/A 6.904
01/28/2014 0.0410 N/A N/A 6.806
12/30/2013 0.0410 N/A N/A 6.612
11/26/2013 0.0410 N/A N/A 6.71
10/22/2013 0.0410 N/A N/A 6.698
09/24/2013 0.0410 N/A N/A 6.744
08/27/2013 0.0410 N/A N/A 6.608
07/23/2013 0.0410 N/A N/A 6.896
06/25/2013 0.0410 N/A N/A 6.887
05/28/2013 0.0410 N/A N/A 7.713
04/23/2013 0.0410 N/A N/A 7.706
03/26/2013 0.0410 N/A N/A 7.645
02/19/2013 0.0410 N/A N/A 7.684
01/22/2013 0.0410 N/A N/A 7.727
12/28/2012 0.0410 N/A N/A 7.63
11/27/2012 0.0410 N/A N/A 7.732
10/23/2012 0.0410 N/A N/A 7.57
09/25/2012 0.0410 N/A N/A 7.504
08/28/2012 0.0410 N/A N/A 7.508
07/24/2012 0.0420 N/A N/A 7.494
06/26/2012 0.0420 N/A N/A 7.352
05/22/2012 0.0420 N/A N/A 7.338
04/24/2012 0.0430 N/A N/A 7.277
03/27/2012 0.0430 N/A N/A 7.205
02/21/2012 0.0430 N/A N/A 7.151
01/24/2012 0.0430 N/A N/A 7.043
12/29/2011 0.0430 N/A N/A 6.868
11/22/2011 0.0430 N/A N/A 6.784
10/25/2011 0.0460 N/A N/A 6.822
09/27/2011 0.0460 N/A N/A 6.959
08/23/2011 0.0460 N/A N/A 6.857
07/26/2011 0.0460 N/A N/A 6.901
06/21/2011 0.0460 N/A N/A 6.776
05/24/2011 0.0460 N/A N/A 6.709
04/26/2011 0.0460 N/A N/A 6.524
03/22/2011 0.0460 N/A N/A 6.486
02/22/2011 0.0460 N/A N/A 6.528
01/25/2011 0.0460 N/A N/A 6.348
12/30/2010 0.0460 N/A N/A 6.67
11/23/2010 0.0460 N/A N/A 6.883
10/26/2010 0.0460 N/A N/A 7.364
09/21/2010 0.0460 N/A N/A 7.29
08/24/2010 0.0460 N/A N/A 7.323
07/27/2010 0.0460 N/A N/A 7.163
06/22/2010 0.0460 N/A N/A 7.088
05/25/2010 0.0460 N/A N/A 7.213
04/27/2010 0.0460 N/A N/A 7.282
03/23/2010 0.0460 N/A N/A 7.153
02/23/2010 0.0460 N/A N/A 7.156
01/26/2010 0.0460 N/A N/A 7.149
12/30/2009 0.0460 N/A N/A 7.078
11/24/2009 0.0460 N/A N/A 6.871
10/27/2009 0.0460 N/A N/A 7.061
09/22/2009 0.0460 N/A N/A 7.10
08/25/2009 0.0460 N/A N/A 6.252
07/28/2009 0.0460 N/A N/A 5.884
06/23/2009 0.0460 N/A N/A 5.938
05/26/2009 0.0460 N/A N/A 6.195
04/21/2009 0.0460 N/A N/A 5.382
03/24/2009 0.0460 N/A N/A 5.281
02/24/2009 0.0570 N/A N/A 5.504
01/27/2009 0.0570 N/A N/A 5.478
12/30/2008 0.0570 N/A N/A 5.164
11/25/2008 0.0570 N/A N/A 6.048
10/28/2008 0.0570 N/A N/A 6.353
09/23/2008 0.0570 N/A N/A 8.389
08/26/2008 0.0570 N/A N/A 9.044
07/22/2008 0.0570 N/A N/A 8.861
06/24/2008 0.0570 N/A N/A 9.243
05/27/2008 0.0570 N/A N/A 9.635
04/22/2008 0.0560 N/A N/A 9.563
03/25/2008 0.0560 N/A N/A 9.454
02/26/2008 0.0560 N/A N/A 10.062
01/22/2008 0.0560 N/A N/A 11.085
12/28/2007 0.0560 N/A N/A 10.916
11/27/2007 0.0550 N/A N/A 11.17
10/23/2007 0.0550 N/A N/A 11.70
09/25/2007 0.0550 N/A N/A 11.664
08/28/2007 0.0550 N/A N/A 11.438
07/24/2007 0.0550 N/A N/A 12.491
06/26/2007 0.0550 N/A N/A 12.544
05/22/2007 0.0570 N/A N/A 12.748
04/24/2007 0.0570 N/A N/A 12.821
03/27/2007 0.0570 N/A N/A 12.815
02/20/2007 0.0570 N/A N/A 12.881
01/23/2007 0.0570 N/A N/A 12.845
12/28/2006 0.0563 0.0055 N/A 12.875
11/21/2006 0.0570 N/A N/A 12.86
10/24/2006 0.0570 N/A N/A 12.687
09/26/2006 0.0570 N/A N/A 12.722
08/22/2006 0.0570 N/A N/A 12.577
07/25/2006 0.0570 N/A N/A 12.45
06/27/2006 0.0570 N/A N/A 12.355
05/23/2006 0.0570 N/A N/A 12.38
04/25/2006 0.0560 N/A N/A 12.34
03/28/2006 0.0560 N/A N/A 12.47
02/21/2006 0.0560 N/A N/A 12.421
01/24/2006 0.0540 N/A N/A 12.344
12/29/2005 0.0441 0.0096 N/A 12.297
11/22/2005 0.0540 N/A N/A 12.077
10/25/2005 0.0540 N/A N/A 12.127
09/27/2005 0.0600 N/A N/A 12.236
08/23/2005 0.0600 N/A N/A 12.602
07/26/2005 0.0600 N/A N/A 12.673
06/21/2005 0.0640 N/A N/A 12.522
05/24/2005 0.0640 N/A N/A 12.44
04/26/2005 0.0680 N/A N/A 12.255
03/22/2005 0.0680 N/A N/A 12.118
02/22/2005 0.0680 N/A N/A 12.187
01/25/2005 0.0680 N/A N/A 11.983
12/30/2004 0.0680 N/A N/A 11.859
11/23/2004 0.0710 N/A N/A 11.705
10/26/2004 0.0710 N/A N/A 11.553
09/21/2004 0.0710 N/A N/A 11.379
08/24/2004 0.0710 N/A N/A 11.237
07/27/2004 0.0710 N/A N/A 11.101
06/22/2004 0.0710 N/A N/A 10.945
05/25/2004 0.0710 N/A N/A 10.952
04/27/2004 0.0710 N/A N/A 11.342
03/23/2004 0.0710 N/A N/A 11.834
02/24/2004 0.0710 N/A N/A 11.795
01/27/2004 0.0710 N/A N/A 11.796
12/30/2003 0.0710 N/A N/A 11.573
11/25/2003 0.0710 N/A N/A 11.475
10/28/2003 0.0730 N/A N/A 11.224
09/23/2003 0.0730 N/A N/A 10.918
08/26/2003 0.0730 N/A N/A 10.59
07/22/2003 0.0730 N/A N/A 10.763
06/24/2003 0.0730 N/A N/A 10.93
05/27/2003 0.0730 N/A N/A 10.612
04/22/2003 0.0730 N/A N/A 9.961
03/25/2003 0.0730 N/A N/A 9.599
02/25/2003 0.0378 N/A N/A 10.157
02/10/2003 0.0730 N/A N/A 10.214
01/10/2003 0.0710 N/A N/A 10.83
12/10/2002 0.0710 N/A N/A 10.754
11/08/2002 0.0690 N/A N/A 10.781
10/10/2002 0.0690 N/A N/A 10.96
09/10/2002 0.0690 N/A N/A 11.196
08/09/2002 0.0690 N/A N/A 11.311
07/10/2002 0.0690 N/A N/A 11.319
06/10/2002 0.0690 N/A N/A 11.248
05/10/2002 0.0660 N/A N/A 11.209
04/10/2002 0.0640 N/A N/A 11.172
03/08/2002 0.0620 N/A N/A 11.14
02/08/2002 0.0620 N/A N/A 11.198
01/10/2002 0.0620 N/A N/A 11.152
12/10/2001 0.0570 N/A N/A 11.061
11/09/2001 0.0525 N/A N/A 11.445
10/10/2001 0.0473 N/A N/A 11.357
09/10/2001 0.0473 N/A N/A 11.362
08/10/2001 0.0473 N/A N/A 11.288
07/10/2001 0.0473 N/A N/A 11.14
06/08/2001 0.0473 N/A N/A 11.14
05/10/2001 0.0473 N/A N/A 11.085
04/10/2001 0.0473 N/A N/A 11.152
03/09/2001 0.0473 N/A N/A 11.196
02/09/2001 0.0473 N/A N/A 11.20
01/10/2001 0.0473 N/A N/A 11.282
12/08/2000 0.0473 N/A N/A 10.978
11/09/2000 0.0473 N/A N/A 10.818
10/10/2000 0.0473 N/A N/A 10.793
09/07/2000 0.0473 N/A N/A 10.916
08/10/2000 0.0473 N/A N/A 10.82
07/10/2000 0.0473 N/A N/A 10.678
06/09/2000 0.0473 N/A N/A 10.538
05/10/2000 0.0473 N/A N/A 10.412
04/10/2000 0.0473 N/A N/A 10.67
03/10/2000 0.0473 N/A N/A 10.472
02/10/2000 0.0473 N/A N/A 10.449
01/10/2000 0.0473 N/A N/A 10.544
12/10/1999 0.0473 N/A 0.0358 10.701
11/10/1999 0.0473 N/A N/A 10.811
10/08/1999 0.0473 N/A N/A 10.918
09/10/1999 0.0473 N/A N/A 11.059
08/10/1999 0.0473 N/A N/A 11.073
07/09/1999 0.0473 N/A N/A 11.285
06/10/1999 0.0473 N/A N/A 11.393
05/10/1999 0.0473 N/A N/A 11.617
04/09/1999 0.0445 N/A N/A 11.678
03/10/1999 0.0445 N/A N/A 11.699
02/10/1999 0.0445 N/A N/A 11.783
01/08/1999 0.0445 N/A N/A 11.708
12/10/1998 0.0445 N/A N/A 11.80
11/10/1998 0.0445 N/A N/A 11.70
10/09/1998 0.0445 N/A N/A 11.736
09/10/1998 0.0445 N/A N/A 11.726
08/10/1998 0.0473 N/A N/A 11.635
07/10/1998 0.0473 N/A N/A 11.638
06/10/1998 0.0473 N/A N/A 11.63
05/08/1998 0.0473 N/A N/A 11.543
04/09/1998 0.0473 N/A N/A 11.613
03/10/1998 0.0473 N/A N/A 11.579
02/10/1998 0.0473 N/A N/A 11.667
01/09/1998 0.0473 N/A N/A 11.715
12/10/1997 0.0473 N/A N/A 11.50
11/10/1997 0.0506 N/A N/A 11.434
10/10/1997 0.0506 N/A N/A 11.38
09/10/1997 0.0506 N/A N/A 11.356
08/08/1997 0.0506 N/A N/A 11.352
07/10/1997 0.0506 N/A N/A 11.352
06/10/1997 0.0506 N/A N/A 11.248
05/09/1997 0.0506 N/A N/A 11.105
04/10/1997 0.0506 N/A N/A 11.05
03/10/1997 0.0506 N/A N/A 11.209
02/10/1997 0.0506 N/A N/A 11.247
01/10/1997 0.0506 N/A N/A 11.131
12/10/1996 0.0506 N/A N/A 11.228
11/08/1996 0.0506 N/A N/A 11.216
10/10/1996 0.0506 N/A N/A 11.122
09/10/1996 0.0506 N/A N/A 10.993
08/09/1996 0.0506 N/A N/A 11.214
07/10/1996 0.0506 N/A N/A 10.928
06/10/1996 0.0506 N/A N/A 10.873
05/10/1996 0.0506 N/A N/A 10.976
04/10/1996 0.0506 N/A N/A 10.978
03/08/1996 0.0506 N/A N/A 11.09
02/09/1996 0.0506 N/A N/A 11.40
01/10/1996 0.0506 N/A N/A 11.34
12/08/1995 0.0506 N/A N/A 11.42
11/10/1995 0.0506 N/A N/A 11.23
10/10/1995 0.0506 N/A N/A 11.14
09/08/1995 0.0530 N/A N/A 11.05
08/10/1995 0.0530 N/A N/A 10.90
07/10/1995 0.0530 N/A N/A 11.06
06/09/1995 0.0530 N/A N/A 11.16
05/10/1995 0.0530 N/A N/A 11.01
04/10/1995 0.0530 N/A N/A 10.93
03/10/1995 0.0530 N/A N/A 10.79
02/10/1995 0.0530 N/A N/A 10.75
01/10/1995 0.0530 N/A N/A 10.32
12/09/1994 0.0530 N/A N/A 10.14
11/10/1994 0.0530 N/A N/A 9.93
10/10/1994 0.0530 N/A N/A 10.44
09/09/1994 0.0530 N/A N/A 10.71
08/10/1994 0.0530 N/A N/A 10.75
07/08/1994 0.0530 N/A N/A 10.62
06/10/1994 0.0530 N/A N/A 11.04
05/10/1994 0.0530 N/A N/A 10.67
04/08/1994 0.0530 N/A N/A 10.73
03/10/1994 0.0530 N/A N/A 11.14
02/10/1994 0.0530 N/A N/A 11.75
01/10/1994 0.0530 N/A N/A 11.79
as of 09/30/2019

Quality Breakdown

Ratings are based on S&P, Moody's or Fitch, as applicable. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. NR indicates the debtor was not rated, and should not be interpreted as indicating low quality. If securities are rated differently by the rating agencies, the higher rating is applied. Credit ratings are based largely on the rating agency's investment analysis at the time of rating and the rating assigned to any particular security is not necessarily a reflection of the issuer's current financial condition. The rating assigned to a security by a rating agency does not necessarily reflect its assessment of the volatility of a security's market value or of the liquidity of an investment in the security. For more information on the rating methodology, please visit the following NRSRO websites: www.standardandpoors.com and select 'Understanding Ratings' under Rating Resources on the homepage; www.moodys.com and select 'Rating Methodologies' under Research and Ratings on the homepage; www.fitchratings.com and select 'Ratings Definitions' on the homepage.

as of 09/30/2019

Fund Characteristics

3-Year Alpha 4.24%
3-Year Beta 1.11
3-Year R-Squared 0.55
3-Year Sharpe Ratio 1.16
3-Year Standard Deviation 5.30
Number of Securities 1,440
Total Assets $7,567,198,970.00

Source: FactSet Research Systems Inc., StyleADVISOR

Benchmark:  Bloomberg Barclays Municipal Bond Index

as of 09/30/2019

Top Fixed-Income Holdings | View all

Holding Name Coupon % Bond Maturity Date % of Total Assets
Children's Trust Fund 5.630 05/15/2043 1.29
Buckeye Tobacco Settlement Financing Authority 5.880 06/01/2047 1.14
California County Tobacco Securitization Agency 0.000 06/01/2050 1.06
Michigan Tobacco Settlement Finance Authority 0.000 06/01/2058 1.02
Public Finance Authority 6.750 08/01/2031 0.99
Buckeye Tobacco Settlement Financing Authority 6.500 06/01/2047 0.92
Buckeye Tobacco Settlement Financing Authority 6.250 06/01/2037 0.84
County of Jefferson AL Sewer Revenue 6.500 10/01/2053 0.82
District of Columbia Tobacco Settlement Financing Corp 0.000 06/15/2055 0.80
Puerto Rico Sales Tax Financing Corp Sales Tax Revenue 5.000 07/01/2058 0.79

May not equal 100% due to rounding.

Holdings are subject to change and are not buy/sell recommendations.

 About risk

As with any mutual fund investment, loss of money is a risk of investing. An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. The risks associated with an investment in the Fund can increase during times of significant market volatility. The principal risks of investing in the Fund are:

Risks of Investing in Municipal Securities. Municipal securities may be subject to interest rate risk, duration risk, credit risk, credit spread risk, extension risk, reinvestment risk and prepayment risk. Interest rate risk is the risk that when prevailing interest rates fall, the values of already-issued debt securities generally rise; and when prevailing interest rates rise, the values of already-issued debt securities generally fall, and therefore, those debt securities may be worth less than the amount the Fund paid for them or valued them. When interest rates change, the values of longer-term debt securities usually change more than the values of shorter-term debt securities. Risks associated with rising interest rates are heightened given that interest rates in the U.S. are near historic lows. Duration is a measure of the price sensitivity of a debt security or portfolio to interest rate changes. Duration risk is the risk that longer-duration debt securities will be more volatile and thus more likely to decline in price, and to a greater extent, in a rising interest rate environment than shorter-duration debt securities. Credit risk is the risk that the issuer of a security might not make interest and principal payments on the security as they become due. If an issuer fails to pay interest or repay principal, the Fund’s income or share value might be reduced. Adverse news about an issuer or a downgrade in an issuer’s credit rating, for any reason, can also reduce the market value of the issuer’s securities. “Credit spread” is the difference in yield between securities that is due to differences in their credit quality. There is a risk that credit spreads may increase when the market expects lower-grade bonds to default more frequently. Widening credit spreads may quickly reduce the market values of the Fund’s lower-rated and unrated securities. Some unrated securities may not have an active trading market or may trade less actively than rated securities, which means that the Fund might have difficulty selling them promptly at an acceptable price. Extension risk is the risk that an increase in interest rates could cause prepayments on a debt security to be repaid at a slower rate than expected. Extension risk is particularly prevalent for a callable security where an increase in interest rates could result in the issuer of that security choosing not to redeem the security as anticipated on the security’s call date. Such a decision by the issuer could have the effect of lengthening the debt security’s expected maturity, making it more vulnerable to interest rate risk and reducing its market value. Reinvestment risk is the risk that when interest rates fall the Fund may be required to reinvest the proceeds from a security’s sale or redemption at a lower interest rate. Callable bonds are generally subject to greater reinvestment risk than non-callable bonds. Prepayment risk is the risk that the issuer may redeem the security prior to the expected maturity or that borrowers may repay the loans that underlie these securities more quickly than expected, thereby causing the issuer of the security to repay the principal prior to the expected maturity. The Fund may need to reinvest the proceeds at a lower interest rate, reducing its income.

Fixed-Income Market Risks. The fixed-income securities market can be susceptible to increases in volatility and decreases in liquidity. Liquidity may decline unpredictably in response to overall economic conditions or credit tightening. During times of reduced market liquidity, the Fund may not be able to readily sell bonds at the prices at which they are carried on the Fund’s books and could experience a loss. If the Fund needed to sell large blocks of bonds to meet shareholder redemption requests or to raise cash, those sales could further reduce the bonds’ prices, particularly for lower-rated and unrated securities. An unexpected increase in redemptions by Fund shareholders (including requests from shareholders who may own a significant percentage of the Fund’s shares), which may be triggered by general market turmoil or an increase in interest rates, as well as other adverse market and economic developments, could cause the Fund to sell its holdings at a loss or at undesirable prices and adversely affect the Fund’s share price and increase the Fund’s liquidity risk, Fund expenses and/or taxable distributions. As of the date of this prospectus, interest rates in the U.S. are near historically low levels, increasing the exposure of bond investors to the risks associated with rising interest rates.

Economic and other market developments can adversely affect fixed-income securities markets in the United States, Europe and elsewhere. At times, participants in debt securities markets may develop concerns about the ability of certain issuers of debt securities to make timely principal and interest payments, or they may develop concerns about the ability of financial institutions that make markets in certain debt securities to facilitate an orderly market. Those concerns may impact the market price or value of those debt securities and may cause increased volatility in those debt securities or debt securities markets. Under some circumstances, as was the case during the latter half of 2008 and early 2009, those concerns could cause reduced liquidity in certain debt securities markets, reducing the willingness of some lenders to extend credit, and making it more difficult for borrowers to obtain financing on attractive terms (or at all). A lack of liquidity or other adverse credit market conditions may hamper the Fund’s ability to sell the debt securities in which it invests or to find and purchase suitable debt instruments.

Risks of Below-Investment-Grade Securities. As compared to investment-grade debt securities, below-investment-grade debt securities (also referred to as “junk” bonds), whether rated or unrated, may be subject to greater price fluctuations and increased credit risk, as the issuer might not be able to pay interest and principal when due, especially during times of weakening economic conditions or rising interest rates. 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. The market for below-investment-grade securities may be less liquid and therefore these securities may be harder to value or sell at an acceptable price, especially during times of market volatility or decline. Because the Fund can invest without limit in below-investment-grade securities, the Fund’s credit risks are greater than those of funds that buy only investment-grade securities. 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.

Municipal Securities Focus Risk. The Fund will not concentrate its investments in issuers in any one industry. The Securities and Exchange Commission has taken the position that investment of more than 25% of a fund’s total assets in issuers in the same industry constitutes concentration in that industry. Many types of municipal securities (such as general obligation, government appropriation, municipal leases, special assessment and special tax bonds) are not considered a part of any “industry” for purposes of this policy. Therefore, the Fund may invest more than 25% of its total assets in those types of municipal securities, subject to any applicable limits described in this prospectus. Those municipal securities may finance or pay interest from the revenues of projects that are subject to similar economic, business or political developments that could increase their credit risk. Legislation that affects the financing of a particular municipal project, or economic factors that have a negative impact on a project, would be likely to affect many other similar projects. States and municipalities are facing rising levels of unfunded pension and similar liabilities, which are increasing pressure on their budgets. These pressures may adversely affect their ability to meet their outstanding debt obligations, including with respect to investments held by the Fund. As a result, the marketability, liquidity, and performance of these investments may be negatively impacted. At times, the Fund may change the relative emphasis of its investments in securities issued by certain municipalities. If the Fund has a greater emphasis on investments in one or more particular municipalities, it may be subject to greater risks from adverse events affecting such municipalities than a fund that invests in different municipalities or that is more diversified.

Risks of Investing in U.S. Territories, Commonwealths and Possessions. The Fund also invests in obligations of the governments of U.S. territories, commonwealths and possessions such as Puerto Rico, the U.S. Virgin Islands, Guam, and the Northern Mariana Islands to the extent such obligations are exempt from regular federal individual income taxes. Accordingly, the Fund may be adversely affected by local political, economic, social, and environmental conditions and developments, including natural disasters within these U.S. territories, commonwealths and possessions affecting the issuers of such obligations.

Certain of the municipalities in which the Fund invests, including Puerto Rico, currently experience significant financial difficulties. As a result, securities issued by certain of these municipalities are currently considered below-investment-grade securities. A credit rating downgrade relating to, default by, or insolvency or bankruptcy of, one or several municipal security issuers of a state, territory, commonwealth or possession in which the Fund invests could affect the payment of principal and interest, the market values and marketability of many or all municipal obligations of such state, territory, commonwealth or possession.

As of the date of this prospectus, the Fund expects to invest a significant percentage of its total assets in Puerto Rican municipal securities. In the past several years, securities issued by Puerto Rico and its agencies and instrumentalities have been subject to multiple credit downgrades as a result of Puerto Rico’s ongoing fiscal challenges, growing debt obligations and uncertainty about its ability to make full repayment on these obligations. More recently, certain issuers of Puerto Rican municipal securities have filed for bankruptcy or failed to make payments on obligations that have come due, and additional missed payments or defaults may be likely to occur in the future. Such developments could adversely impact the Fund’s performance. The outcome of any debt restructuring, both within and outside bankruptcy proceedings, any potential future restructuring is uncertain, and could adversely affect the Fund.

Risks of Land-Secured or “Dirt” Bonds. These bonds, which include special assessment, special tax, and tax increment financing bonds, are issued to promote residential, commercial and industrial growth and redevelopment. They are exposed to real estate development-related risks. The bonds could default if the developments failed to progress as anticipated or if taxpayers failed to pay the assessments, fees and taxes specified in the financing plans for a project.

Risks of Tobacco Related Bonds. In 1998, the largest U.S. tobacco manufacturers reached an out of court agreement, known as the Master Settlement Agreement (the MSA), to settle claims against them by 46 states and six other U.S. jurisdictions. The tobacco manufacturers agreed to make annual payments to the government entities in exchange for the release of all litigation claims. A number of the states have sold bonds that are backed by those future payments. The Fund may invest in two types of those bonds: (i) bonds that make payments only from a state’s interest in the MSA and (ii) bonds that make payments from both the MSA revenue and from an “appropriation pledge” by the state. An “appropriation pledge” requires the state to pass a specific periodic appropriation to make the payments and is generally not an unconditional guarantee of payment by a state.

The settlement payments are based on factors, including, but not limited to, annual domestic cigarette shipments, cigarette consumption, inflation and the financial capability of participating tobacco companies. Payments could be reduced if consumption decreases, if market share is lost to non-MSA manufacturers, or if there is a negative outcome in litigation regarding the MSA, including challenges by participating tobacco manufacturers regarding the amount of annual payments owed under the MSA.

The Fund can invest 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 MSA.

Risks of Borrowing and Leverage. The Fund can borrow up to one-third of the value of its total assets (including the amount borrowed) from banks, as permitted by the Investment Company Act of 1940. It can use those borrowings for a number of purposes, including for purchasing securities, which can create “leverage.” In that case, changes in the value of the Fund’s investments will have a larger effect on its share price than if it did not borrow. Borrowing results in interest payments to the lenders and related expenses. Borrowing for investment purposes might reduce the Fund’s return if the yield on the securities purchased is less than those borrowing costs. The Fund may also borrow to meet redemption obligations, for temporary and emergency purposes, or to unwind or contribute to trusts in connection with the Fund’s investment in inverse floaters (instruments also involving the use of leverage, as discussed below). The Fund currently participates in a line of credit with other Invesco Oppenheimer funds for its borrowing.

The Fund can invest in reverse repurchase agreements. A reverse repurchase agreement is the sale by the Fund of a debt obligation to a party for a specified price, with the simultaneous agreement by the Fund to repurchase that debt obligation from that party on a future date at a higher price. Similar to a borrowing, reverse repurchase agreements provide the Fund with cash for investment and operational purposes. When the Fund engages in reverse repurchase agreements, changes in the value of the Fund’s investments will have a larger effect on its share price than if it did not engage in these transactions due to the effect of leverage. Reverse repurchase agreements create fund expenses and require that the Fund have sufficient cash available to repurchase the debt obligation when required. Reverse repurchase agreements also involve the risk that the market value of the debt obligation that is the subject of the reverse repurchase agreement could decline significantly below the price at which the Fund is obligated to repurchase the security.

Risks of Derivative Investments. Derivatives may involve significant risks. Derivatives may be more volatile than other types of investments, may require the payment of premiums, may increase portfolio turnover, may be illiquid, and may not perform as expected. Derivatives are subject to counterparty risk and the Fund may lose money on a derivative investment if the issuer or counterparty fails to pay the amount due. Some derivatives have the potential for unlimited loss, regardless of the size of the Fund’s initial investment. As a result of these risks, the Fund could realize little or no income or lose money from its investment, or a hedge might be unsuccessful. In addition, pursuant to rules implemented under financial reform legislation, certain over-the-counter derivatives are required to be executed on a regulated market and/or cleared through a clearinghouse. Entering into a derivative transaction with a clearinghouse may entail further risks and costs.

Inverse Floaters. The Fund invests in inverse floating rate securities (inverse floaters) because, under ordinary circumstances, they offer higher yields and thus provide higher income than fixed-rate municipal bonds of comparable maturity and credit quality. Because inverse floaters are leveraged instruments, the value of an inverse floater will change more significantly in response to changes in interest rates and other market fluctuations than the market value of a conventional fixed-rate municipal security of comparable maturity and credit quality, including the municipal bond underlying an inverse floater. During periods of rising interest rates, the market values of inverse floaters will tend to decline more quickly than those of fixed-rate securities.

An inverse floater is created when a fixed-rate municipal bond is contributed to a trust. The trust issues two separate classes of securities: short-term floating rate securities with a fixed principal amount that represent a senior interest in the underlying municipal bond, and the inverse floater that represents a residual, subordinate interest in the underlying municipal bond. The trust issues and sells the short-term floating rate securities to third parties and the inverse floater to the Fund. The short-term floating rate securities generally bear short-term rates of interest. When interest is paid on the underlying municipal bond to the trust, such proceeds are first used to pay interest owing to holders of the short-term floating rate securities, with any remaining amounts being paid to the Fund, as the holder of the inverse floater. Accordingly, the amount of such interest paid to the Fund is inversely related to the rate of interest on the short-term floating rate securities. Inverse floaters produce less income when short-term interest rates rise (and, in extreme cases, may pay no income) and more income when short-term interest rates fall. Thus, if short-term interest rates rise after the issuance of the inverse floater, any yield advantage to the Fund is reduced and may be eliminated. Additionally, because the principal amount of the short-term floating rate security is fixed and is not adjusted in response to changes in the market value of the underlying municipal bond, any change in the market value of the underlying municipal bond is reflected entirely in a change to the value of the inverse floater. Upon the occurrence of certain adverse events, a trust may be collapsed and the underlying municipal bond liquidated, and the Fund could lose the entire amount of its investment in the inverse floater and may, in some cases, be contractually required to pay the negative difference, if any, between the liquidation value of the underlying municipal bond and the principal amount of the short-term floating rate securities.

The Fund will not expose more than 35% of its total assets to the effects of leverage from its investments in inverse floaters.

Alternative Minimum Tax Risk. A portion of the Fund’s otherwise tax-exempt income may be taxable to those shareholders subject to the federal alternative minimum tax.

Taxability Risk. The Fund’s investments in municipal securities rely on the opinion of the issuer’s bond counsel that the interest paid on those securities will not be subject to federal income tax. Tax opinions are generally provided at the time the municipal security is initially issued. However, tax opinions are not binding on the Internal Revenue Service or any court, and after the Fund buys a security, the Internal Revenue Service or a court may determine that a bond issued as tax-exempt should in fact be taxable and the Fund’s dividends with respect to that bond might be subject to federal income tax. In addition, income from tax-exempt municipal securities could be declared taxable because of unfavorable changes in tax laws, adverse interpretations by the Internal Revenue Service, or a court, or the non-compliant conduct of a bond issuer.
as of 10/17/2019

ORNAX

NAV Change ($)
$7.89 -0.01
N/As may appear until data is available. Data is usually updated between 3 and 6 p.m. CST.
as of 10/17/2019

Yield 

  • Distribution Yield
    with Sales Charge 4.08%
  • Distribution Yield
    without Sales Charge 4.26%
  • SEC 30-Day Yield 2.73%
  • Unsub. 30-day yield 2.72%

Fund Details

  • Distribution Frequency Monthly
  • NASDAQ ORNAX
  • WSJ Abrev. N/A
  • CUSIP 00141W505
  • Fund Type Tax-Free Bond
  • Geography Type Domestic
  • Inception Date 10/01/1993
  • Fiscal Year End 07/31
  • Min Initial Investment $1,000
  • Subsequent Investment $50
  • Min Initial IRA Investment $250
  • Fund Number 1482
  • Tax ID 13-3725974