Invesco California Municipal Fund
AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) · 4 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
Invesco California Municipal Fund is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- Mixed credit
- Rate sensitivity
- Long duration
Fund profile
As filed in the prospectus · 2026 Q2
The Funds investment objective is to seek tax-free income.
The fund invests at least 80% of its net assets in California municipal securities whose interest is exempt from federal and California state income tax, with portfolio managers selecting securities based on relative value, credit fundamentals, and market opportunities rather than tracking an index. The fund may hold up to 25% in below-investment-grade securities and can use leverage through inverse floating rate bonds and borrowings up to one-third of assets to enhance yields. Because credit ratings can deteriorate after purchase, holdings of below-investment-grade securities may exceed the 25% limit for extended periods.
| Share class | Expense ratio |
|---|---|
| OPCAX | 1.22% |
| OCAYX | 0.97% |
| OCACX | 1.97% |
| IORCX | 0.91% |
Portfolio turnover 31.00% · as of 2026 Q2
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 109.48% |
| Derivatives | 0.00% |
These positions come to 109.48% of the fund's net assets. This counts only what the fund reported holding — the holdings disclosure covers assets, not liabilities such as borrowings — so it is not expected to reconcile to 100%.
Derivatives are shown at market value, not notional exposure.
Latest quarter
What changed since the fund's previous filing
Largest new: San Diego (County of), CA Regional Airport Authority, California (State of) Enterprise Development Authority (Riverside County-Mead Valley Wellness Village), California Community Choice Financing Authority, University of California, State of California, Oak Grove School District, Nuveen California AMT-Free Quality Municipal Income Fund, Santa Clara County Financing Authority
Largest exited: California (State of) Community Choice Financing Authority (Clean Energy) (Green Bonds), University of California, South Orange (County of), CA Public Financing Authority (County of Orange Sheriff-Coroner), Irvine Ranch Water District, San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), San Diego (County of), CA Regional Airport Authority, West Contra Costa Unified School District, Southern California Tobacco Securitization Authority (San Diego County Asset Securitization Corp.)
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| +5.91% | +10.43% | +2.90% | 5.72% | -7.45% | |
| +6.18% | +11.27% | +4.19% | 5.72% | -7.26% | |
| +4.99% | +7.96% | -0.88% | 5.77% | -7.55% | |
| +6.09% | +11.31% | +4.62% | 5.78% | -7.34% |
These classes hold the same portfolio, so the 5.50pp spread over 5 years is the cost difference between them — roughly 1.10pp a year — not a difference in what they own.
May 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-05-31
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 84.1% |
| Zero-coupon or unclassified | 9.2% |
| Floating rate | 6.7% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 0.8% |
| 1-3y | 0.8% |
| 3-5y | 1.7% |
| 5-10y | 8.4% |
| 10y+ | 88.3% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
Most of this fund’s sensitivity is to interest rates, with credit spreads carrying nearly as much.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Interest rates | 51% |
| Credit spreads | 49% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +4.95 yr |
| High yield | +2.59 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.02 yr | 0% |
| 1 yr | 0.33 yr | 4% |
| 5 yr | 1.42 yr | 18% |
| 10 yr | 3.51 yr | 46% |
| 30 yr | 2.43 yr | 32% |
| 3 mo | 0.02 yr | 0% |
| 1 yr | 0.32 yr | 4% |
| 5 yr | 1.48 yr | 20% |
| 10 yr | 3.54 yr | 47% |
| 30 yr | 2.19 yr | 29% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.02 | +0.01 | +0.01 | $2.0k | $1.5k |
| 1 yr | +0.33 | +0.19 | +0.13 | $40.3k | $26.7k |
| 5 yr | +1.42 | +0.98 | +0.49 | $206.6k | $104.2k |
| 10 yr | +3.51 | +2.51 | +1.03 | $528.0k | $217.9k |
| 30 yr | +2.43 | +1.27 | +0.92 | $266.7k | $194.7k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| — | San Francisco (City & County of), CA Airport Commission (San Francisco International Airport)5.00% · due 2049-05-01 | 2.27% | $47.88M | — |
| — | San Diego Public Facilities Financing Authority5.25% · due 2055-10-15 | 1.90% | $40.02M | — |
| — | San Francisco (City & County of), CA Public Utilities Commission (Green Bonds)5.00% · due 2054-10-01 | 1.71% | $36.10M | — |
| — | California (State of) County Tobacco Securitization Agency (Alameda County Tobacco Asset Securitization Corp.)0.00% · due 2055-06-01 | 1.59% | $33.51M | — |
| — | California State University5.25% · due 2056-11-01 | 1.54% | $32.37M | — |
| — | Regents of the University of California Medical Center5.00% · due 2047-05-15 | 1.51% | $31.91M | — |
| — | California (State of) County Tobacco Securitization Agency (Fresno County Tobacco Funding Corp.)0.00% · due 2055-06-01 | 1.42% | $29.91M | — |
| — | California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center)4.00% · due 2048-08-15 | 1.17% | $24.53M | — |
| — | Regents of the University of California Medical Center4.00% · due 2053-05-15 | 1.10% | $23.22M | — |
| — | North Orange County Community College District4.00% · due 2047-08-01 | 1.03% | $21.66M | — |
Top 10 positions are 15.25% of net assets, top 25 28.02%, across 379 issuers.
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