OPTAX
Mutual Fund
Invesco AMT-Free Municipal Income Fund
Fixed Income
US Fixed Income
Ticker: ORNAX (Class A)
Invesco Rochester® Municipal Opportunities Fund
Seeks to generate highly attractive levels of tax-free income for long-term investors.
2024 LSEG Lipper Fund Award – Best Fixed Income Group
Recognized among large U.S. investment managers for outstanding overall performance.2
Reasons to invest
The Invesco Rochester® Municipal Opportunities Fund seeks higher levels of tax-free income by opportunistically purchasing high yield and investment grade municipal bonds that are exempt from federal personal income taxes. As the second-largest high yield municipal bond manager¹, we use our size and deep experience to provide investors consistent access to bond issues.
★★★★★
5-star Morningstar rating - High Yield Muni Category
As of 9/30/2024 the Fund had an overall rating, based on risk-adjusted returns, of 5 stars out of 184 funds and was rated 4 stars out of 185 funds, 5 stars out of 177 funds and 5 stars out of 118 funds for the 3-, 5- and 10-year periods, respectively.
Rigorous credit research
We assign forward-looking internal ratings to every holding and conduct site visits on all high yield and non-rated deals.
Experience that matters
We use our knowledge and relationships across the $4 trillion municipal market to uncover and capitalize on relative value opportunities.
Maximize income potential
We endeavor to provide competitive monthly distribution yields with our time-tested risk aware investment process.
FAQ
Get timely answers to important questions regarding this product.
Municipal opportunities funds generally use flexible approaches to seek opportunities across the municipal bond market.
The income produced by municipal bonds is typically exempt from income taxes at the federal level. Municipal bonds may also be exempt from state and local taxes based on where the investor resides.
Our high conviction approach to investing aims to deliver a highly competitive yield by exploiting anomalies that exist in the high yield municipal market. The Invesco Municipal Bond team employs a bottom-up, research-oriented approach to generate income-driven total return. Our experienced credit research staff works to uncover value in non-rated bonds, which may offer the potential for higher yield and total return.
Municipalities have two main reasons for issuing bonds without a credit rating. First, some issues are of higher quality but the rating is foregone because the size or placement of the issue makes it uneconomical to pay for the rating. Second, many non-rated bonds would not meet the rating criteria of the rating agencies, or, if rated, would fall below investment grade (below triple-B).
The following share classes are offered for this fund: Class A, Class C, Class R5, Class R6, Class Y.
Explore related funds
To learn more about our municipal fixed income offerings, explore the funds below.
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Footnotes
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The Fund’s investment objective is to seek tax-free income.
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1
Source: Simfund, as September 30, 2024. Invesco is the 2nd largest high yield municipal fund manager out of 46 municipal portfolio managers.
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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. ©2024 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.
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2
Source: LSEG Lipper Fund Awards. © 2024 LSEG Lipper. All The LSEG Lipper Fund Awards, granted annually, highlight funds and fund companies that have excelled in delivering consistently strong risk-adjusted performance relative to their peers. The LSEG Lipper Fund Awards are based on the Lipper Leader for Consistent Return rating, which is an objective, quantitative, risk-adjusted performance measure calculated over 36, 60 and 120 months. The fund with the highest Lipper Leader for Consistent Return (Effective Return) value in each eligible classification wins the LSEG Lipper Fund Award. For more information, see lipperfundawards.com. Although LSEG Lipper makes reasonable efforts to ensure the accuracy and reliability of the data used to calculate the awards, their accuracy is not guaranteed. LSEG Lipper Inc. is a major independent mutual fund tracking organization.
