Invesco Rochester Municipal Opportunities Fund
Actively managed U.S. bond fund
As of its 2026 Q2 report, Invesco Rochester Municipal Opportunities Fund held 1,521 positions with $8.72B in net assets. Its ten largest holdings made up 9.5% of the fund. The ORNCX share class costs 2.02% a year. Over the 12 months to May 2026, ORNCX returned 6.4%, with dividends reinvested. In 2026 Q2 it added 74 new positions and exited 47.
The Funds investment objective is to seek tax-free income.
The fund invests at least 80% of assets in municipal securities whose income is exempt from federal and state income tax, with a focus on longer-term bonds and an intentional allocation of approximately 50% to 70% of total assets to below-investment-grade high-yield securities selected by the adviser based on relative value, credit fundamentals, and market opportunities. The fund may also employ leverage through inverse floating-rate securities (up to 35% of assets) and borrowings (up to one-third of assets), and may invest in derivatives and zero-coupon securities. Because the fund invests substantially in speculative below-investment-grade municipal debt without limit, credit deterioration or default among holdings can materially reduce returns.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
California (State of) County Tobacco Securitization Agency 0.00% · due 2050-06-01 | 1.39% | $121.45M | — |
Buckeye Tobacco Settlement Financing Authority 5.00% · due 2055-06-01 | 1.29% | $112.31M | — |
Children's Trust Fund 5.63% · due 2043-05-15 | 1.26% | $109.92M | — |
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport) 5.00% · due 2049-05-01 | 1.05% | $91.21M | — |
District of Columbia Tobacco Settlement Financing Corp. 0.00% · due 2055-06-15 | 0.91% | $79.75M | — |
Patriots Energy Group Financing Agency 5.25% floating · due 2031-08-01 | 0.80% | $69.74M | — |
Dawson Trails Metropolitan District No 1 0.00% · due 2033-12-01 | 0.77% | $67.28M | — |
Triborough Bridge & Tunnel Authority 5.00% · due 2051-05-15 | 0.70% | $60.67M | — |
Florida Development Finance Corp. (Brightline Florida Passenger Rail Expansion) 5.25% · due 2047-07-01 | 0.69% | $60.38M | — |
Philadelphia (City of), PA Authority for Industrial Development (Children's Hospital of Philadelphia) 5.50% · due 2053-07-01 | 0.62% | $53.71M | — |
The 200 largest of 1,521 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 | 111.93% |
| Stocks | 0.15% |
| Derivatives | 0.01% |
Look-through blends 2 underlying funds; 0.0% of NAV was not looked through and stays direct-classified.
How it has done
ORNCX share class · total returns with dividends reinvested
Volatility over the last 12 months: 5.27%. Past returns are a record, not a forecast.
The 5 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 2.02% | +6.35% | +11.34% | +0.13% | -8.44% | |
| 1.37% | +6.87% | +13.37% | +3.26% | -8.19% | |
| 1.12% | +7.14% | +14.22% | +4.66% | -8.26% | |
| 1.05% | +7.19% | +14.09% | +4.56% | -8.12% | |
| 1.05% | +7.21% | +14.43% | +5.01% | -8.09% |
These classes hold the same portfolio, so the 4.88pp spread over 5 years is the cost difference between them — roughly 0.98pp a year — not a difference in what they own.
Fees & fund details
Invesco Rochester Municipal Opportunities 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
- High yield
- Rate sensitivity
- Intermediate duration
- Expense ratio, by class
- 1.05% – 2.02%· ORNCX 2.02%
- Portfolio turnover
- 33.00% 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.
74 new· the largest 8
47 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 | 82.1% |
| Zero-coupon or unclassified | 10.0% |
| Floating rate | 7.9% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 1.9% |
| 1-3y | 1.3% |
| 3-5y | 1.1% |
| 5-10y | 8.3% |
| 10y+ | 87.5% |
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.
| High yield | +3.62 yr |
| Investment grade | +2.45 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 | 0.32 yr | 5% |
| 5 yr | 1.12 yr | 18% |
| 10 yr | 2.78 yr | 45% |
| 30 yr | 1.96 yr | 32% |
| 3 mo | 0.02 yr | 0% |
| 1 yr | 0.32 yr | 5% |
| 5 yr | 1.16 yr | 19% |
| 10 yr | 2.78 yr | 46% |
| 30 yr | 1.80 yr | 30% |
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 | +0.02 | $4.7k | $13.5k |
| 1 yr | +0.32 | +0.08 | +0.24 | $69.5k | $206.3k |
| 5 yr | +1.12 | +0.44 | +0.71 | $387.7k | $621.5k |
| 10 yr | +2.78 | +1.20 | +1.58 | $1.04m | $1.38m |
| 30 yr | +1.96 | +0.73 | +1.07 | $632.7k | $933.3k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Understand how this fund fits with the rest.
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