Invesco California Municipal Fund
Actively managed U.S. bond fund
As of its 2026 Q2 report, Invesco California Municipal Fund held 673 positions with $2.11B in net assets. Its ten largest holdings made up 15.2% of the fund. The OPCAX share class costs 1.22% a year. Over the 12 months to May 2026, OPCAX returned 7.7%, with dividends reinvested. In 2026 Q2 it added 25 new positions and exited 18.
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.
What you own
| Company | Weight | 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 Authority 5.25% · 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 University 5.25% · due 2056-11-01 | 1.54% | $32.37M | — |
Regents of the University of California Medical Center 5.00% · 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 Center 4.00% · due 2053-05-15 | 1.10% | $23.22M | — |
North Orange County Community College District 4.00% · due 2047-08-01 | 1.03% | $21.66M | — |
The 200 largest of 673 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| 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.
How it has done
OPCAX share class · total returns with dividends reinvested
Volatility over the last 12 months: 5.50%. Past returns are a record, not a forecast.
The 4 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 1.22% | +7.70% | +12.14% | +2.94% | -7.45% | |
| 0.97% | +7.97% | +12.85% | +4.23% | -7.26% | |
| 1.97% | +6.92% | +9.51% | -0.84% | -7.55% | |
| 0.91% | +8.02% | +13.03% | +4.66% | -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.
Fees & fund details
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
- Expense ratio, by class
- 0.91% – 1.97%· OPCAX 1.22%
- Portfolio turnover
- 31.00% a year · as of 2026 Q2
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
25 new· the largest 8
18 exited· the largest 8
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.
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