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Trending ETFs

Name

As of 04/12/2024

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

$3.72

$1.67 B

3.23%

$0.12

0.74%

Vitals

YTD Return

0.3%

1 yr return

2.0%

3 Yr Avg Return

0.8%

5 Yr Avg Return

1.2%

Net Assets

$1.67 B

Holdings in Top 10

14.7%

52 WEEK LOW AND HIGH

$3.7
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.74%

SALES FEES

Front Load N/A

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 04/12/2024

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

$3.72

$1.67 B

3.23%

$0.12

0.74%

ORSTX - Profile

Distributions

  • YTD Total Return 0.3%
  • 3 Yr Annualized Total Return 0.8%
  • 5 Yr Annualized Total Return 1.2%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 0.59%
DIVIDENDS
  • Dividend Yield 3.2%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Invesco Short Term Municipal Fund
  • Fund Family Name
    OppenheimerFunds
  • Inception Date
    Dec 06, 2010
  • 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. The policy stated in the foregoing sentence is a fundamental policy of the Fund and 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 (Investment Company Act of 1940 or 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. The Fund will not invest more than 5% of its net assets in securities that produce income subject to the federal alternative minimum tax (AMT).
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 seeks to maintain a dollar-weighted average effective portfolio maturity of two years or less; however, it can buy securities that have short, intermediate or long maturities. A substantial percentage of the securities the Fund buys may be “callable,” meaning that the issuer can redeem them before their maturity date. Because of events affecting the bond markets and interest rate changes, the maturity of the portfolio might not meet that target at all times. The foregoing maturity target is not guaranteed and the portfolio managers may deviate from such target in their discretion.
The Fund will not invest more than 5% of its total assets in securities that are rated below investment grade (sometimes referred to as “junk bonds”). The Fund also will not invest more than 15% of its total assets in securities rated below the top three investment grade categories. Each of these restrictions 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 these securities to exceed, at times significantly, these restrictions 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. Medium- and lower-grade municipal securities are securities rated by S&P or Fitch, Inc. (Fitch) as BBB+ through D (inclusive) for bonds or SP-2 or lower for notes; by Moody’s as Baa1 through D (inclusive) for bonds or MIG3 or VMIG3 or lower for notes; or unrated municipal securities determined by the Adviser to be of comparable quality, each at the time of purchase. 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 will not invest more than 5% of its total assets in unrated securities. For purposes of the limitations described above regarding “unrated securities,” such securities do not include securities that are not rated but that the Fund’s Adviser determines to be comparable to securities of the same issuer that are rated by a nationally recognized statistical rating organization.
The Fund will not invest more than 15% of its total assets in municipal securities issued by the government of a single state, its political sub-divisions, or the District of Columbia, U.S. territory, commonwealth or possession, or their agencies, instrumentalities and authorities. Notwithstanding this limitation, the Fund may invest up to 25% of its total
assets in municipal securities issued by each of California, New York, and Texas, or their respective agencies, instrumentalities and authorities. In addition, the Fund will not invest more than 15% of its total assets in a single sector, as determined by the Adviser. This limitation does not apply to investments in the general obligations sector.
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 may 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.
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 Adviser buys and sells securities for the Fund’s portfolio with a view towards seeking a high level of interest income exempt from federal income tax and selects securities that the Adviser believes entail reasonable credit risk considered in relation to the investment policies of the Fund.As a result, the Fund will not necessarily invest in the highest yielding municipal securities permitted by its investment policies if the Adviser determines that market risks or credit risks associated with such investments would subject the Fund’s portfolio to undue risk.
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ORSTX - Performance

Return Ranking - Trailing

Period ORSTX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.3% -5.0% 13.8% 7.82%
1 Yr 2.0% -8.1% 36.6% 26.12%
3 Yr 0.8%* -11.3% 2.7% 3.50%
5 Yr 1.2%* -6.2% 1102.0% 21.54%
10 Yr 1.2%* -0.3% 248.1% 72.48%

* Annualized

Return Ranking - Calendar

Period ORSTX Return Category Return Low Category Return High Rank in Category (%)
2023 0.3% -1.4% 41.0% 98.77%
2022 -1.3% -39.7% 0.3% 1.58%
2021 -0.5% -5.6% 6.9% 49.83%
2020 1.3% -2.6% 310.0% 67.91%
2019 0.8% 0.0% 26.0% 97.23%

Total Return Ranking - Trailing

Period ORSTX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.3% -5.0% 13.8% 7.82%
1 Yr 2.0% -8.1% 36.6% 26.12%
3 Yr 0.8%* -11.3% 2.7% 3.50%
5 Yr 1.2%* -6.2% 1102.0% 21.54%
10 Yr 1.2%* -0.3% 248.1% 72.48%

* Annualized

Total Return Ranking - Calendar

Period ORSTX Return Category Return Low Category Return High Rank in Category (%)
2023 3.3% -1.3% 41.0% 94.24%
2022 -0.3% -39.7% 1.1% 1.58%
2021 0.0% -4.8% 23761504.0% 86.85%
2020 2.8% -1.5% 17057.9% 79.86%
2019 1.8% 0.2% 3514.6% 98.34%

NAV & Total Return History


ORSTX - Holdings

Concentration Analysis

ORSTX Category Low Category High ORSTX % Rank
Net Assets 1.67 B 3.22 M 71.9 B 20.30%
Number of Holdings 572 2 13067 22.28%
Net Assets in Top 10 254 M -317 M 3.4 B 14.10%
Weighting of Top 10 14.73% 1.9% 100.4% 63.85%

Top 10 Holdings

  1. Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Thomas Jefferson University), Series 2015 B, VRD RB 2.62%
  2. Rib Floater Trust, Series 2022-006, VRD RB 2.10%
  3. Main Street Natural Gas, Inc., Subseries 2018 D, RB 1.74%
  4. Nuveen AMT-Free Quality Municipal Income Fund 1.33%
  5. Texas (State of) Transportation Commission, Series 2014 B, VRD RB 1.28%
  6. Mizuho Floater/Residual Trust, Series 2020-MIZ9027, VRD Revenue Ctfs. 1.23%
  7. New York Transportation Development Corp. (American Airlines, Inc.), Series 2016, Ref. RB 1.17%
  8. New York City Municipal Water Finance Authority, Series 2022, RB 1.16%
  9. Main Street Natural Gas, Inc., Subseries 2018 C, RB 1.10%
  10. Citizens Property Insurance, Inc., Series 2015 A-1, RB 1.00%

Asset Allocation

Weighting Return Low Return High ORSTX % Rank
Bonds
100.44% 0.00% 150.86% 11.00%
Stocks
0.00% 0.00% 99.81% 75.80%
Preferred Stocks
0.00% 0.00% 0.52% 71.47%
Other
0.00% -8.54% 33.35% 69.03%
Convertible Bonds
0.00% 0.00% 0.93% 71.36%
Cash
0.00% -50.86% 50.09% 95.17%

Bond Sector Breakdown

Weighting Return Low Return High ORSTX % Rank
Municipal
97.12% 44.39% 100.00% 65.42%
Corporate
0.01% 0.00% 9.41% 19.13%
Derivative
0.00% -8.54% 23.38% 68.06%
Cash & Equivalents
0.00% 0.00% 48.02% 88.02%
Securitized
0.00% 0.00% 5.93% 72.01%
Government
0.00% 0.00% 52.02% 74.34%

Bond Geographic Breakdown

Weighting Return Low Return High ORSTX % Rank
US
100.44% 0.00% 142.23% 10.17%
Non US
0.00% 0.00% 23.89% 73.15%

ORSTX - Expenses

Operational Fees

ORSTX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.74% 0.01% 20.65% 50.29%
Management Fee 0.38% 0.00% 1.20% 33.66%
12b-1 Fee 0.25% 0.00% 1.00% 54.49%
Administrative Fee N/A 0.01% 0.44% N/A

Sales Fees

ORSTX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.50% 4.75% 78.91%
Deferred Load N/A 0.25% 5.00% N/A

Trading Fees

ORSTX 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.

ORSTX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 0.00% 283.00% 96.69%

ORSTX - Distributions

Dividend Yield Analysis

ORSTX Category Low Category High ORSTX % Rank
Dividend Yield 3.23% 0.00% 14.54% 34.30%

Dividend Distribution Analysis

ORSTX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Annual Monthly Monthly

Net Income Ratio Analysis

ORSTX Category Low Category High ORSTX % Rank
Net Income Ratio 0.59% -0.53% 5.33% 94.98%

Capital Gain Distribution Analysis

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

Distributions History

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ORSTX - 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.

Julius Williams


Start Date

Tenure

Tenure Rank

Dec 20, 2019

2.45

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

Dec 20, 2019

2.45

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."

Rebecca Setcavage


Start Date

Tenure

Tenure Rank

Dec 20, 2019

2.45

2.5%

Rebecca Setcavage, Portfolio Manager, has been associated with Invesco and/or its affiliates since 2019. Prior to that, Ms. Setcavage was associated with OppenheimerFunds, a global asset management firm, since 2017. From 2004 to 2017, she was employed by T. Rowe Price where she last served as a Portfolio Investment Analyst.

Michael Magee


Start Date

Tenure

Tenure Rank

Jul 30, 2021

0.84

0.8%

Michael Magee, Portfolio Manager, who has been responsible for the Fund since 2021 and has been associated with Invesco and/or its affiliates since 2010.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 35.05 7.36 1.58