Summary

• Invesco Rochester® Municipal Opportunities Fund Class A shares at net asset value (NAV) underperformed its style-specific index, the Custom Invesco Rochester Municipal Opportunities Index.
• New municipal issuance reached $135 billion, 11% higher than the first quarter of 2025, likely driven by significant US infrastructure needs and reduced federal spending.
• The Fund has a constructive outlook on duration and is maintaining duration exposure, following the steepening of the municipal yield curve in 2025.
• The Fund maintains an overweight position in revenue bonds relative to state and local general obligation bonds, specifically in the dedicated tax, tobacco and airport sectors.
• Security selection in unrated bonds, along with holdings in the industrial development revenue/pollution control revenue sector, were the largest contributors to relative performance.

Key takeaways

1 Fund performanceInvesco Rochester® Municipal Opportunities Fund Class A shares at net asset value (NAV) underperformed its style-specific index, the Custom Invesco (IVZ) Rochester Municipal Opportunities Index.

2 Seeking attractive opportunities through collaborative