Invesco Oppenheimer Intermediate Term Municipal Fund

Data updated: 2020-06-01

C000209307 — Invesco Oppenheimer Intermediate Term Municipal Fund. Intermediate Municipal - National Bond. Holdings, fees, performance and SEC filings.

C000209307 Fund Overview

Invesco Oppenheimer Intermediate Term Municipal Fund is a US mutual fund managed by Aim Tax-Exempt Funds (invesco Tax-Exempt Funds), categorised as Intermediate Municipal - National Bond. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

C000209307 Investment Objective and Strategy

Invesco Oppenheimer Intermediate Term Municipal Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Aim Tax-Exempt Funds (invesco Tax-Exempt Funds).

Investment objective

The Fund’s investment objective is to seek tax-free income.

Principal investment strategy

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 Funds 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 Funds 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 Funds 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 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, 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 issuers 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 can borrow money to purchase additional securities, creating leverage of up to one third of its total assets, as permitted under the Investment Company Act of 1940. The Fund will not invest in securities issued by U.S. territories and possessions or by their agencies, instrumentalities and authorities. The Fund seeks to maintain a dollar-weighted average effective portfolio maturity between three and seven years, 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 for temporary periods. The Fund will not invest more than 10% 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 40% of its total assets in securities, in the aggregate, that are rated below the top three investment grade categories or that are unrated. 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 Funds Adviser, Invesco Adviser, Inc. (Invesco or the Adviser), has changed its assessment of the securitys credit quality.

As a result, credit rating downgrades or other market fluctuations may cause the Funds holdings of these securities to exceed, at times significantly, these restrictions for an extended period of time. Investment-grade-securities are rated in one of the four highest rating categories of nationally recognized statistical rating organizations, such as S&P Global Ratings (or, in the case of unrated securities, determined by the Adviser to be comparable to securities rated investment-grade). 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.

There can be no assurance, nor is it intended, that the Advisers credit analysis process is consistent or comparable with the credit analysis process used by a nationally recognized statistical rating organization. The Fund will not invest more than 15% 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 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 subdivisions, or its 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. 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. In selecting investments for the Fund, the portfolio managers generally look for high current income; favorable credit characteristics; a wide range of issuers including different municipalities, agencies, sectors and revenue sources; unrated bonds or securities of smaller issuers that might be overlooked by other investors; and special situations that may offer high current income or opportunities for value.

The portfolio managers may consider selling a security if any of these factors no longer applies, but are not required to do so.

C000209307 Costs and Fees

C000209307 costs about $186 per $10,000 invested per year in fund expenses.

  • Net expense ratio: 1.86%
  • Gross expense ratio: 1.88%
  • Portfolio turnover: 7%
  • Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)

C000209307 Cashflows

Over the 12 months to 2020-03, Invesco Oppenheimer Intermediate Term Municipal Fund had net inflows of $634.72K, from monthly SEC N-PORT filings.

MonthNet flow
2020-03−$3.27M
2020-02$722.26K
2020-01$670.44K
2019-12$1.46M
2019-11$1.30M
2019-10$222.90K

C000209307 Debt Constituents

No individual debt constituents are reported in Invesco Oppenheimer Intermediate Term Municipal Fund's latest SEC N-PORT filing.

C000209307 Prospectus and SEC Filings

Official Invesco Oppenheimer Intermediate Term Municipal Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

Related Funds

Other Intermediate Municipal - National Bond funds tracked on ABC INVEST:

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.